Money Vonovia earns more and confirms profit forecast - Vonovia share with record high

12:22  05 august  2020
12:22  05 august  2020 Source:   finanzen.net

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Vonovia , Germany's biggest residential property company, raised its full-year profit guidance on Tuesday as it reported a forecast -beating 20 percent rise in first-quarter earnings , boosted by acquisitions in Sweden and Austria. Since going public in 2013, Vonovia has grown by swallowing up

Germany's largest real estate group Vonovia earned significantly more in the first half of 2020 thanks to billion-dollar acquisitions abroad and higher rental income.

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In addition, the DAX 30 group benefited from its housing stock, from new buildings and roof extensions, but also from its building services. Vonovia confirmed the outlook for the current year.

"We have come through the Corona crisis well so far," said company boss Rolf Buch when the half-yearly figures were presented on Wednesday. So far, only one percent of the approximately 350,000 tenants in Germany have asked Vonovia to defer their rent. Vonovia develops individual solutions such as long-term installment payments for tenants in financial difficulties. According to earlier information, after modernizations, the group will also forego rent increases until September.

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Vonovia confirmed its forecast for the year as a whole. The company expects to achieve FFO 1 of between 1.05 billion euros and 1.07 billion euros Vonovia plans to propose a dividend in the amount of 1.44 euros per share at the Annual General Meeting in May 2019. This corresponds to an increase

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However, increased safety precautions also slowed down construction work slightly in the second quarter due to the corona pandemic. The projects in new buildings and modernizations would now pick up speed again, said Buch. Vonovia completed 617 apartments in the first six months. According to earlier information, Vonovia is planning to complete more than 1,600 apartments for the year as a whole.

For the full year 2020, the management board is still aiming for an operating profit (FFO) of around 1.275 to 1.325 billion euros. That would be an increase of up to 9 percent over the previous year. Rental income is expected to rise by around 10 percent to around 2.3 billion euros. Vonovia is also planning investments in modernization and new construction of up to 1.6 billion euros.

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Vonovia is a real estate company based in Bochum, North Rhine-Westphalia, Germany. Its history goes back to Deutsche Annington, which merged with GAGFAH and was subsequently renamed Vonovia .

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In the first six months, the operating result (FFO) rose year-on-year by 11 percent to 676.3 million euros, as announced by the company in Bochum, which is listed in the Dax. The purchase of the Stockholm residential property group Hembla, but also the construction of new apartments and modernizations, contributed to this.

With the vacancy rate remaining low, rental income grew by around 12 percent to 1.13 billion euros. The rent increased on average to 7.03 euros per square meter - that was 5.9 percent more than a year earlier. The monthly rent in Germany was 6.88 euros per square meter at the end of June, it said. At the same time, Vonovia invested around 860 million euros more in modernization, new construction and maintenance in the first six months.

Business for Vonovia has been going well for years thanks to rising rents in the big cities. Like others in the industry, the landlord benefits above all from modernized apartments. The corporations partly pass the costs on to the tenants, who then have to pay higher rents. Vonovia is also relying on new construction and adding storeys to buildings.

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The residential real estate group has also been growing for a long time through takeovers at home and recently also abroad, for example from rivals such as Gagfah, Süddeutsche Wohnen (Südewo), Franconia and Wiener Conwert. In 2018, Buwog from Austria and Victoria Park from Sweden were added, and in 2019 also the Stockholm residential property group Hembla AB. Vonovia took over the project developer Bien-Ries at the beginning of the second quarter of the year. Vonovia recently entered the Dutch market with a stake in the real estate investor Vesteda Residential Fund. Vonovia now owns around 415,000 apartments.

The focus is currently primarily on the Berlin housing market because of the rent cap. With this, rents for 1.5 million apartments in the capital that were built before 2014 were frozen for five years. Upper limits apply to new rentals. This particularly affects real estate groups such as Deutsche Wohnen and Ado Properties, which mainly own properties in Berlin. Vonovia owns around 42,000 apartments in Berlin, around ten percent of its own portfolio.

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Most recently, the Berlin district court questioned part of the rent cap in the capital. With the rent cap, the Berlin Senate wants to curb the recent sharp rise in rents in the capital. Lawsuits against the law are pending before the regional and federal constitutional courts.

In other respects, too, the large residential property corporations in Germany are facing stronger headwinds. In view of the continuing shortage of apartments, the Bundestag recently extended the rent brake by five years and tightened it. In future, tenants will be able to reclaim excess rent retrospectively for up to two and a half years.

Vonovia share with record high

After the previous day's record, Vonovia shares reacted to the real estate company's quarterly figures with another high on Wednesday. In the morning they rose to 58.98 euros and were last 3.55 percent firmer at 58.36 euros.

analyst Kai Klose from the private bank Berenberg spoke of solid figures that exceeded his expectations. He positively highlighted the higher ratings for living space as well as the lower debt and the confirmed annual outlook.

His colleague Julian Livingston-Booth from the analysis company RBC also described the figures as solid with only a slight negative impact from the Covid-19 pandemic. Thomas Rothäusler from the analysis company Jefferies said that the solid first half of the year gave the real estate company's outlook more security.

The revaluations of housing were clearly positive and the growth-oriented annual targets were maintained, praised analyst Neil Green of the US bank JPMorgan. Vonovia shares are one of his "Top Ideas".

The company has long benefited from the expansion course and the real estate boom, which keeps rents rising. In the current year, the papers are among the most attractive DAX stocks with a plus of 21 percent to date. Since the IPO in mid-2013 - at that time still under the name of Deutsche Annington - the price has increased almost three and a half times.

In the course of the Corona crash, the shares had dropped below the 37 euro mark in mid-March. In addition to the virus panic, there was also an urgent application against the Berlin rent cap that was rejected by the Federal Constitutional Court. From this crisis low, the papers have since recovered strongly.BOCHUM (dpa-AFX) / dpa-AFX Broker

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