Vonovia: more opportunities than risks ahead

Abstract

This thesis evaluates Vonovia’s financial and strategic performance and focuses on its growth outlook, valuation, and response to market challenges. The analysis incorporates key drivers like disposals, developments, and liquidity generation, alongside a detailed review of the macroeconomic environment and German real estate industry dynamics. An ESG analysis highlights Vonovia’s leadership in sustainability and lower CO₂ tax burden compared to peers. A comprehensive valuation using DCF, APV, and peer comparisons reveals significant upside potential. These findings support a BUY recommendation for the stock and reflect Vonovia’s ability to deliver long-term value despite current economic headwinds.