Vonovia SE Shs Unsponsored American Depositary Receipt Repr 1/2 Sh (VONOY)
OTHER OTC:VONOY
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Vonovia SE Shs Unsponsored American Depositary Receipt Repr 1/2 Sh
(OTC:VONOY)
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Rating:59Neutral
Price Target:
$13.50
▼(-9.21% Downside)
Action:Reiterated
Date:05/13/26
The score is driven primarily by improving but still mixed fundamentals (profit rebound and positive FCF offset by volatility, leverage, and uneven cash conversion). Earnings-call commentary is moderately supportive due to confirmed guidance and solid rental/value-add momentum, while technicals are a notable drag given broad weakness vs moving averages and negative MACD. Valuation is helped by the strong dividend yield but tempered by a mid-range P/E.
Positive Factors
Resilient rental operations
High occupancy and rent collection plus 4% organic rent growth indicate stable, recurring rental cash flows. This core rental resilience supports predictable EBITDA, underpins dividend capacity and reduces downside revenue volatility across the next 2–6 months.
Negative Factors
Elevated leverage
Meaningful leverage leaves the company sensitive to rate moves and refinancing risk. Elevated debt constrains strategic flexibility, increases interest expense exposure and makes earnings and cash returns more cyclical if market or funding conditions tighten over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Resilient rental operations
High occupancy and rent collection plus 4% organic rent growth indicate stable, recurring rental cash flows. This core rental resilience supports predictable EBITDA, underpins dividend capacity and reduces downside revenue volatility across the next 2–6 months.
Read all positive factors
Vonovia SE Shs Unsponsored American Depositary Receipt Repr 1/2 Sh (VONOY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$21.62B
Dividend Yield4.68%
Average Volume (3M)1.94K
Price to Earnings (P/E)21.5
Beta (1Y)0.33
Revenue Growth-13.79%
EPS GrowthN/A
CountryUS
Employees12,306
SectorReal Estate
Sector Strength53
IndustryReal Estate - Services
Share Statistics
EPS (TTM)2.05
Shares Outstanding1,696,856,800
10 Day Avg. Volume0
30 Day Avg. Volume1,937
Financial Highlights & Ratios
PEG Ratio-0.01
Price to Book (P/B)0.74
Price to Sales (P/S)4.25
P/FCF Ratio16.16
Enterprise Value/Market Cap2.70
Enterprise Value/Revenue9.94
Enterprise Value/Gross Profit17.78
Enterprise Value/Ebitda14.60
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)1.16
Revenue Forecast (FY)$4.16B
Vonovia SE Shs Unsponsored American Depositary Receipt Repr 1/2 Sh Business Overview & Revenue Model
Company Description
Vonovia SE operates as an integrated residential real estate company in Europe. It operates through five segments: Rental, Value-Add, Recurring Sales, Development, and Deutsche Wohnen. The company offers property management services; apartments an...
How the Company Makes Money
Vonovia primarily makes money by operating as a long-term owner and landlord of residential properties. Its main revenue stream is rental income from tenants across its apartment portfolio, typically earned through monthly rent payments under resi...
Vonovia SE Shs Unsponsored American Depositary Receipt Repr 1/2 Sh Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 05, 2026
Earnings Call Sentiment Positive
The call conveyed a broadly constructive operational picture: core Rental performance remained robust (occupancy, rent collection, organic rent growth) and Value‑Add accelerated strongly, supporting near‑term earnings momentum. Group adjusted EBITDA showed solid underlying growth once Q1 phasing effects are adjusted. Management confirmed 2026 guidance and reiterated 2028 objectives, and they announced strategic partnerships and operational levers (serial construction, energy rollout) that should drive future growth. Offsetting factors include lower sales/disposal volumes in Q1 due to timing, higher interest expense (≈EUR 20m), short‑term operating free cash flow pressure from investments (~EUR 250m combined effect), and leverage that, while improving, remains above target levels. Macro/financing risk from geopolitical tensions and some dependence on opportunistic land sales for capital release are notable cautions. Overall, positives and visible operational momentum outweigh the transitory and financial headwinds.Positive Updates
Strong Rental Segment Performance
Adjusted EBITDA in the Rental segment grew 6.3% to EUR 630 million despite ~4,000 fewer units year-over-year; supported by ~4% organic rent growth, ~98% occupancy and >99% rent collection.
Negative Updates
Lower Disposal Volume and Q1 Phasing Effects
Recurring Sales and Development comparatives were weakened by phasing: Q1 2025 included spill‑over closings and a very large land sale (EUR 53m of 2026's EUR 75m Development guidance was Q1 weighted in 2025), leading to lower year‑on‑year reported contributions in Q1 2026 (roughly 250 fewer closed transactions vs the comparable period).
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Rental Segment Performance
Adjusted EBITDA in the Rental segment grew 6.3% to EUR 630 million despite ~4,000 fewer units year-over-year; supported by ~4% organic rent growth, ~98% occupancy and >99% rent collection.
Read all positive updates
Company Guidance
The company confirmed its 2026 guidance and remains on track for its 2028 objectives, reporting group adjusted EBITDA of EUR 712m (+1.4% YoY; ~+10% adjusted for Q1 phasing), Rental adj. EBITDA of EUR 630m (+6.3%), Q1 organic rent growth 4%, ~98% occupancy and >99% rent collection, Value‑Add EBITDA EUR 50m (+30% YoY) and expected to help lift non‑rental contribution to 9–12% by 2028, Recurring Sales Q1 margin 42% with a 2026 sales volume target of 3,000–3,500 units and step‑up guidance 30%+, Development FY EBITDA target ~EUR 75m (EUR 53m or 70% came in Q1 from a large land sale) with further ramp‑up and opportunistic land sales weighted to H2, net valuation gains of ~2–4% expected (excluding CapEx), adjusted EBT per share reported -7% but +~4% adjusted, adjusted shareholder earnings ~+3% adjusted, interest expense ~EUR 20m higher, taxes EUR 8m lower, operating free cash flow affected by ~EUR 50m lower recurring‑sales contribution and ~EUR 200m higher working capital (Manage‑to‑Green ramp), EPRA NTA EUR 46.57 (up ~60bps), net debt/EBITDA 13.7x (down 0.1x), LTV 45.1% (down 30bps) with a 2028 LTV target of ~43% (and net debt/EBITDA expected well below <12x), an EBITDA growth run‑rate of ~EUR 200m p.a., disposals of mid‑single‑digit billion envisaged to support deleveraging, and operational targets including serial construction full cost ~EUR 3,500 and sensitivity to swap rate moves (10‑yr ~4.4%, ~+40bps since the crisis).Vonovia SE Shs Unsponsored American Depositary Receipt Repr 1/2 Sh Financial Statement Overview
Summary
Income Statement
64
Positive
Balance Sheet
53
Neutral
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.88B | 4.78B | 5.94B | 5.23B | 5.15B | 3.62B |
| Gross Profit | 3.29B | 2.39B | 2.25B | 2.47B | 2.86B | 2.23B |
| EBITDA | 4.01B | 2.96B | 408.00M | -7.90B | 1.26B | 9.81B |
| Net Income | 3.44B | 3.58B | -896.00M | -6.29B | -669.40M | 2.68B |
Balance Sheet | ||||||
| Total Assets | 92.10B | 93.22B | 90.24B | 92.00B | 101.39B | 105.91B |
| Cash, Cash Equivalents and Short-Term Investments | 1.80B | 3.26B | 2.02B | 1.59B | 1.20B | 1.32B |
| Total Debt | 41.72B | 43.29B | 43.21B | 43.49B | 45.69B | 47.69B |
| Total Liabilities | 59.69B | 61.06B | 62.11B | 62.05B | 66.95B | 69.78B |
| Stockholders Equity | 27.68B | 27.45B | 24.00B | 25.68B | 31.33B | 33.29B |
Cash Flow | ||||||
| Free Cash Flow | 1.83B | 1.26B | 2.40B | 1.90B | 1.86B | 1.47B |
| Operating Cash Flow | 1.85B | 1.59B | 2.40B | 1.90B | 2.08B | 1.82B |
| Investing Cash Flow | -698.50M | -387.38M | -187.60M | -825.90M | 938.20M | -19.12B |
| Financing Cash Flow | -1.58B | 182.69M | -1.82B | -961.00M | -3.15B | 18.13B |
Vonovia SE Shs Unsponsored American Depositary Receipt Repr 1/2 Sh Technical Analysis
Negative
14.87
Price Trends
13.27
Negative
14.12
Negative
14.78
Negative
Market Momentum
-0.21
Positive
39.74
Neutral
12.43
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For VONOY, the sentiment is Negative. The current price of 14.87 is above the 20-day moving average (MA) of 13.22, above the 50-day MA of 13.27, and above the 200-day MA of 14.78, indicating a bearish trend. The MACD of -0.21 indicates Positive momentum. The RSI at 39.74 is Neutral, neither overbought nor oversold. The STOCH value of 12.43 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for VONOY.
Vonovia SE Shs Unsponsored American Depositary Receipt Repr 1/2 Sh Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $13.40B | 22.41 | 12.35% | ― | 11.23% | 68.38% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
62 Neutral | $38.19B | 31.35 | 15.35% | ― | 14.77% | 34.03% | |
62 Neutral | $2.54B | 47.47 | 9.81% | 0.68% | 23.00% | 105.99% | |
59 Neutral | $21.62B | 21.53 | 13.06% | 4.68% | -13.79% | ― | |
58 Neutral | $13.56B | 1,388.37 | 0.30% | ― | 21.33% | -78.82% | |
58 Neutral | $2.96B | -56.63 | 3.79% | ― | 10.40% | -54.85% |
* Real Estate Sector Average
VONOY
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.