We confirm our positive stance on Vonovia. FY24 has started well with a satisfying number of disposals and, more importantly, at prices substantially in line with latest valuations. Organic growth guidance has been marginally revised upwards and regulation uncertainties are removed at least until end-2025. The value decline continues to lose steam, and this is key for the LTV management and to start thinking about what comes next. We change our estimates only marginally and confirm our BUY ratin...
BHP's bid for Anglo American has confirmed interest from miners in copper in the context of increasingly challenged production and difficulties in fully completing projects. Anglo’s (Neutral) prospects in copper are now better valued and this is also the case for BHP (Neutral vs Underperform) although not so for Rio Tinto (Outperform vs Neutral). Downstream, Nexans and Montana Aerospace are our Top Picks (Outperform) vs Aurubis, Rexel and Prysmian (Neutral). - ...
L’offre de BHP sur Anglo American a confirmé l’intérêt des minières pour le cuivre dans un contexte de tensions croissantes sur la production et de difficultés à faire aboutir les projets. Les perspectives d’Anglo (Neutre) dans le cuivre sont désormais mieux valorisées, c’est aussi le cas de BHP (Neutre vs Sous-performance) mais pas encore assez, selon nous, sur Rio Tinto (Surperformance vs Neutre). En aval, Nexans et Montana Aerospace sont nos valeurs préférées (Surperformance) vs Au...
>Adj. EBT was weaker than we expected in Q1 but outlook confirmed for FY24e - Vonovia (VNA) this morning published Q1 2024 figures which were overall a bit below our estimates. However, VNA confirmed its adj. EBT guidance for FY24e of € 1.7bn-1.8bn and increased its FY24e guidance for its l-f-l growth to 3.8%-4.1% with additional irrevocable rent increase claim of c.2.0% (before: 3.4%-3.6% with additional irrevocable rent increase claim of >2.0%).Rental income in...
EQS-News: Vonovia SE / Key word(s): Quarter Results Good operating results for Vonovia at the start of the year – Prestigious SBTi sustainability rating – Sales programme is moving ahead 30.04.2024 / 07:02 CET/CEST The issuer is solely responsible for the content of this announcement. Q1 2024 results Good operating results for Vonovia at the start of the year – Prestigious SBTi sustainability rating – Sales programme is moving ahead Rental as core segment of Vonovia continued to develop positively during first quarter – 2024 forecast confirmed. Bonds issued successful...
EQS-News: Vonovia SE / Schlagwort(e): Quartalsergebnis Vonovia startet operativ gut ins Jahr, erhält renommiertes SBTi-Rating für Nachhaltigkeitsziele und schreitet mit Verkaufsprogramm voran 30.04.2024 / 07:02 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Ergebnis zum 1. Quartal 2024 Vonovia startet operativ gut ins Jahr, erhält renommiertes SBTi-Rating für Nachhaltigkeitsziele und schreitet mit Verkaufsprogramm voran Kerngeschäft Bewirtschaftung entwickelt sich im 1. Quartal erneut positiv; Prognose 2024 bestätigt. Bond-Emiss...
Azelis: Strong margin performance in weak trading results in 3% EBITA beat. BE Semiconductor Industries: 1Q24 results; prolonged downcycle. Coca-Cola Europacific Partners plc: Messy but good. DWS: Record breaking. Flow Traders: Crypto Kings. Fugro: Here we go again. Kinepolis: Weak start to the year, but a bit better than feared. UCB: Changes in the group executive committee. Unilever: Heading in the right direction. Vonovia: Disposal of 4,500 apartments for €700m. Wolters Kl...
EQS-News: Vonovia SE / Key word(s): Sustainability/Rating Vonovia: SBTi confirms climate targets align with 1.5-degree target of Paris Climate Agreement 18.04.2024 / 13:26 CET/CEST The issuer is solely responsible for the content of this announcement. Vonovia: SBTi confirms climate targets align with 1.5-degree target of Paris Climate Agreement Vonovia is one of six companies in Germany's property sector to be validated by the Science Based Targets initiative (SBTi). According to the CDP, Vonovia is recognised as one of the world’s leading companies in climate prot...
EQS-News: Vonovia SE / Schlagwort(e): Nachhaltigkeit/Rating SBTi bestätigt: Klimaziele von Vonovia im Einklang mit 1,5-Grad-Ziel des Pariser Klimaschutzabkommens 18.04.2024 / 13:26 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. SBTi bestätigt: Klimaziele von Vonovia sind im Einklang mit 1,5-Grad-Ziel des Pariser Klimaschutzabkommens Vonovia ist eines von sechs Unternehmen im Immobiliensektor in Deutschland, das durch die Science Based Targets initiative (SBTi) validiert wurde. Laut CDP gehört Vonovia zu den weltweit führenden...
EQS-News: Vonovia SE / Schlagwort(e): Anleiheemission Vonovia emittiert erneut Social Bond in Höhe von insgesamt 850 Mio. € und einer Laufzeit von 10 Jahren 03.04.2024 / 18:45 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Vonovia emittiert erneut Social Bond in Höhe von insgesamt 850 Mio. € und einer Laufzeit von 10 Jahren Unbesicherter Social Bond mit einem Volumen von 850 Mio. € und einer Laufzeit von 10 Jahren emittiert. Philip Grosse, CFO von Vonovia: „Zeigt, dass wir unsere soziale Verantwortung mit unserem hervorragenden Zug...
EQS-News: Vonovia SE / Key word(s): Issue of Debt Vonovia again issues social bond with a total volume of € 850 million and a maturity of 10 years 03.04.2024 / 18:45 CET/CEST The issuer is solely responsible for the content of this announcement. Vonovia again issues social bond with a total volume of € 850 million and a maturity of 10 years Unsecured social bond with a volume of € 850 million and a maturity of 10 years issued. Philip Grosse, CFO of Vonovia: “Shows that we can combine our social responsibility with our excellent access to the capital market.” In additio...
As we move into 2Q, we take a look back at real estate credit markets in the furst quarter of the year. EUR-denominated real estate bonds performed well with a 181bp total return at the index level. This marginally underperformed EUR BBs but outperformed broader credit markets as spreads broadly held on to the rally from the end of last year.
A director at Vonovia SE bought 13,872 shares at 25.289EUR and the significance rating of the trade was 85/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly sh...
We are downgrading our recommendation on Vidrala to Underperform from Neutral and set our target price at € 96 (+4% vs previous € 92, DCF: 8.4x implied EV/EBITDA 2024e vs historical average of 9.2x and 6.1x of peer group). While the group will be able to outgrow the industry thanks to the consolidation of Vidroporto in Brazil (16% of the group’s EBITDA) and despite the divestment in Italy (8% of 2023 EBITDA), we believe its organic earnings profile will slightly deteriorate considerin...
We are downgrading our recommendation on Vidrala to Underperform from Neutral and set our target price at € 96 (+4% vs previous € 92, DCF: 8.4x implied EV/EBITDA 2024e vs historical average of 9.2x and 6.1x of peer group). While the group will be able to outgrow the industry thanks to the consolidation of Vidroporto in Brazil (16% of the group’s EBITDA) and despite the divestment in Italy (8% of 2023 EBITDA), we believe its organic earnings profile will slightly deteriorate considerin...
>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...
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