Vonovia SE : Robust rental business and further fair value growth in the cards – We increase our target price to € 53.00 from € 51.00
>Solid Q1 2020 results were not affected by COVID-19 crisis - Yesterday (5 May), Vonovia (VNA) published solid Q1 2020 results which came in broadly as expected and were not affected by COVID-19. Rental income increased by +12.3% y-o-y to € 564.0m, slightly above our € 550.0m estimate and the consensus of € 556.8m. Income from property management increased by +9.3% y-o-y to € 778.1m, in line with our € 776.5m estimate. Unadjusted Group FFO I p/s rose +5.8% y-o-y to € ...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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