Reviewed listing: XETR:VNA · Analysis dated Oct 26, 2026
It has not been confirmed whether the basis of this analysis still holds today. Read it as a dated earlier assessment; it does not establish a current buying opportunity.
How does the company make money?
Vonovia owns and rents out apartments and earns mainly from rents. The company also provides services related to apartments and modernizes its portfolio.
What supports the business?
In the first half of 2026, adjusted earnings from rental operations increased by 3.5 percent compared with the same period a year earlier. This shows that the core business generated more despite a slightly smaller housing portfolio.
What could improve?
High demand for rental apartments and a low vacancy rate of 2.3 percent could support further rental income. This assumes that demand continues and costs do not rise faster than revenue.
How is the stock price assessed?
This assessment refers to the analysis and its quoted price shown here. It is not a live quote or a personal recommendation to buy.
At 16.58 euros, the stock appears reasonable: This is well below the reported real estate value of 46.22 euros per share. That value is based on estimates and is not a guaranteed sale price—a good company is not worth every price.
What is the main risk?
Vonovia has high debt: adjusted debt was 14 times adjusted annual earnings from operations. Falling property values or higher interest rates could further reduce financial flexibility.
What is the overall assessment?
At 16.58 euros, the growing rental business and the substantial discount to reported real estate value support a conditional opportunity. However, high debt and possible changes in property values could materially worsen this picture.
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