VNNVF - Vonovia: Debt-Related Fears Have Been Addressed Upside Remains
2024-05-23 08:24:33 ET
Summary
- Vonovia, the largest apartment landlord in Germany, has been mispriced by the stock market.
- Operational performance remains strong, with low vacancy, high collections, and increasing rents.
- Debt repayment fears have been addressed through significant disposals, putting Vonovia in a strong financial position.
Dear readers,
Vonovia ( OTCPK:VONOY ) is the biggest apartment landlord in Germany, with about 500 ths. units. I'm deeply familiar with the company, as well as the market because back in my real estate private equity days, I worked on a number of deals in Germany and analyzed many of Vonovia's buildings directly. I believe this gives me an edge in estimating the value of Vonovia's portfolio of properties, and has led me to believe that the company has been mispriced by the stock market....
Vonovia: Debt-Related Fears Have Been Addressed, Upside Remains