Vonovia SE : Still some more property devaluation possible, however, rental business running rock solid and progress in debt management
>FY 2023e FFO guidance confirmed but too early for H2 2023e valuation outlook - In August, Vonovia (VNA) published Q2 2023 figures which were broadly in line with our estimates and confirmed its group FFO guidance (unadjusted) for FY 2023e of € 1.75bn-1.95bn.VNA´s rental business remains rock solid with accelerating rent growth, low vacancy, and full rent collection. However, due to higher interest rates, VNA´s portfolio value declined by -€ 6.1bn in H1 2023 bei...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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