Vonovia Safe concrete gold or historic billioneuro grave

Since in the last vote $VNA (-4.39%) 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

2Mon

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