1Sem.·

Returning to Vonovia

$VNA (-1,18 %) Given the stock price following today's interest rate hikes, I gave in.

In my view, the long-term opportunities arising from the huge gap between net asset value and market value outweigh the risk associated with managing interest expense.

10.09

Vonovia

Acheté x800 à 17,96 €

14 368,00 €

20 Commentaires

Kurz@MrKurt89

1Sem.

I get it 👌🏻 Congratulations on your purchase!

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🏊🏻‍♂️ • 🚴• 🏃‍♂️ Endurance Life@MozartsGeist

1Sem.

Great start! 👍

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Carsten B.@mrvalue

1Sem.

@MozartsGeist I hope so, too... My first time buying more would be at the initial issue price 😅.

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Keineui@Keineui

1Sem.

Unfortunately, it's not just a matter of managing interest expense, but above all a write-down on the real estate and thus a loss on the balance sheet. I don't buy any of it. Best regards

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Carsten B.@mrvalue

1Sem.

@Keineui You're absolutely right—the changing interest rate environment has led to significant price declines in recent years, and the stock's performance has reflected that... but I now consider this issue to be largely a thing of the past... we'll see...

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Smudo@Smudeo

1Sem.

Did you miss out on Börse Online?
Hardly any statement on the stock market has likely cost investors more money than the claim that a stock is far too cheap. Those who make this claim usually have the numbers on their side—and yet, not infrequently, they’ve still lost money. Vonovia is a prime example. The book value per share is 46.22 euros, while the market price is less than 19. That’s a discount of about 60 percent off what’s on the balance sheet. On paper, it looks like a gift. In fact, that’s where what you might call “balance-sheet romanticism” begins.

You can read the full editorial by our deputy editor-in-chief, Benjamin Heimlich, in the current issue of BÖRSE ONLINE.
@mrvalue

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Carsten B.@mrvalue

1Sem.

@Smudeo We'll see 😉. There are plenty of counterexamples where, sooner or later, the market value converges back toward intrinsic value... If things were to turn out differently for Vonovia, I'd be very surprised—otherwise, I wouldn't be investing in the first place... especially since the value—that is, the residential real estate portfolio in Germany—is certainly much more tangible than other assets that make it onto the asset side of a company’s balance sheet. But every editor is entitled to their opinion😌.

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Smudo@Smudeo

1Sem.

@mrvalue Good morning. Best of luck—I hope the dividend stays the same.

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Kurz@MrKurt89

1Sem.

@Smudeo Just like Airbus in 2020, Exxon in 2021, BAT and Ping An in 2023, Rio Tinto in 2025, Microsoft 4 months ago… let’s see😉

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der F.@Fabrikarbeiter

1Sem.

I think the biggest risk lies with the elections in Berlin next week!

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Carsten B.@mrvalue

@Fabrikarbeiter Yeah, absolutely... as we've seen... Let's see how long the turmoil surrounding the expropriation scenario lasts. It all depends on a political ally, but I don't see one (yet)... 🙈.

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der F.@Fabrikarbeiter

@mrvalue I find Vonovia quite attractive at 17.5 euros; I've opened a small position to stay on top of things

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Carsten B.@mrvalue

@Fabrikarbeiter Yeah... I'm keeping a little bit of powder dry, too... good luck!

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Raketentoni@Raketentoni

1Sem.

The ECB's rising interest rate will likely weigh on real estate values for the time being. But of course, I still wish you the very best of luck.

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Carsten B.@mrvalue

1Sem.

@Raketentoni Yeah, I also don't think we'll see any new ATHs anytime soon 😅, but the discount and the estimated yield of around 7% are definitely appealing for my investment strategy (turnaround potential + dividend growth potential).

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Raketentoni@Raketentoni

1Sem.

@mrvalue I'm enrolled in " $CIBUS," so that will be a financial burden for now.

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Keineui@Keineui

1Sem.

@mrvalue My prediction is that the dividend will be cut next year. That argument will then no longer apply.

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Carsten B.@mrvalue

1Sem.

@Keineui That certainly applies to you and your personal investment decision... From a purely objective standpoint, I currently see little to no basis for your forecast... but as always... we'll see... 😉👍!

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Carsten B.@mrvalue

1Sem.

@Raketentoni Thanks for the tip—I added it to my watchlist right away. That said, I don't have much experience with the "retail" usage type yet. I still have a bit of work to do there 😅.

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Raketentoni@Raketentoni

1Sem.

@mrvalue So Cibus has leased 99% of its real estate to grocery stores such as Rema1000, Brugsen, etc.—in other words, the largest grocery chains in Scandinavia.

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