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Vonovia (Baa1/BBB+): FY Results

REAL ESTATE

Neutral for spreads, all very much in line.


  • Adj. EBITDA and FFO were both in line with consensus.
  • LTV at 47.3% and vacancy rate at 2% both close to expected, fractionally better.
  • Asset value 2% ahead of expectations.
  • Dividend increase rather than the expected cut is not in itself material, but maybe isn’t a great look to credit investors.
  • Sees 2024 adj. EBITDA ~2.55-2.65bn, marginally down on 2023.
  • Company aims to realise €3bn in disposals in 2024, also stepping up investments to around €1bn.
  • Call https://services.choruscall.it/DiamondPassRegistra...

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