Vonovia SE : KPI change not well perceived but good rental business, debt management and decelerating devaluations are reassuring
>Group FFO will be discontinued and substituted by adj. EBT from FY24e onwards - Last Friday, VNA held a long FY23 earnings conference call. A prominent topic was the substitution of Group FFO as its earnings guidance by a new KPI, i.e. adj. EBT. It will discontinue Group FFO and link VNA´s dividend payout ratio to adj. EBT. In VNA’s view, Group FFO is no longer adequate in terms of earnings and liquidity management, i.e. capital allocation, but the KPI change was not...Vonovia is a residential real estate company based in Germany. Co. maintains 357,117 residential units and a portfolio worth approximately Euro24.1 billion in cities and regions throughout Germany. Co. manages residential units, garages and parking spaces as well as commercial units. Co. focuses on customer orientation and tenant satisfaction, offering tenants affordable, attractive and livable homes, as well as offering additional real estate-related services. Co.'s residential units are located in contiguous settlements at approximately 770 locations in Germany.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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