VNNVF - Vonovia: 50% Discount To Net Assets Forward Yield Of 6% German Residential Apartments
- Vonovia's share price dropped precipitously in recent months due to rising rates in the Eurozone.
- Vonovia now trades at less than 0.5x of Net Tangible Assets with a forward dividend of ~6%.
- The high cost of incremental debt is forcing it to change its business model from a debt-funded acquisition model to a capital-light owner/operator.
- Management is unlocking shareholders' value with near-term actions.
- Vonovia is a strong buy at the current share price.
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Vonovia: 50% Discount To Net Assets, Forward Yield Of 6%, German Residential Apartments