Vonovia SE : Ongoing value growth prospects – We increase our target price to € 67.0 from € 53.0
>We have updated our model to factor in VNA´s value growth prospects - We have updated our model considering Vonovia´s (VNA) ongoing value growth prospects confirmed in its Q3 2020 earnings conference call which took place yesterday (Wednesday, 4 November). Based on VNA´s confident statements on value developments of German residential real estate, we raise our property valuation result estimates by 40% for 2020e to € 3,843m, by 37.6% to € 3,042m for 2021e and by 20.2...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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