Vonovia Safe concrete gold or historic billioneuro grave

Since in the last vote $VNA (-0.33%) has won, here is the post :)

🏰 Moat (competitive advantages): 2/5 points

Clear number 1 in Europe and high barriers to change for tenants (housing shortage).
No pricing power!
Politics (rent index, brake) dictates income.

📈 Growth: 0/5 points

While sales are rising, massive property devaluations have pushed the operating result (EBIT) deep into the red at times.
No scalable margin in sight.

⚠️ Risk: 2/5 points

The business model is crisis-proof (always used to it).
Extreme regulatory risks in Germany.
Net debt is 15.5 times EBITDA!

⭐ Special points: 2/2 points

Attractive dividend (~5%)
Share buybacks

Overall conclusion: 6 out of 17 points

The company / share is therefore currently not an investment option for me.

As always, you can find my complete analysis with all the sub-items on YouTube:

https://youtu.be/urTkEncTIWE

What will be watched next will of course be decided by voting again.

Nikos@Stryke

What is the situation with real estate companies in terms of cash flow? Sure, depreciation and write-downs depress earnings. But this doesn't have a direct impact on cash flow, which is why it's not quite so blatant for a dividend share - is it?
Of course, write-downs have an impact on interest and, in the case of sales, a negative impact on cash flow.

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ETF-DIY@ETF-DIY

@Stryke Correct, the operating cash flow remains stable.
The problem is more with the balance sheet.
Devaluations increase the debt ratio.
This means higher risk and higher interest costs in the future.
In the long term, this can also jeopardize the dividend.

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🏠 Vonovia: Safe "concrete gold" or historic billion-euro grave?