Investor Relations Activities

In the first half of 2017, communication with investors focused on the following issues, in particular: property valuation, the investment program, innovative property management, the immunity of Vonovia SE’s business model to macroeconomic fluctuations, the importance of acquisitions and organic growth, and the takeover of conwert Immobilien Invest SE.

In the first half of 2017, Vonovia participated in a total of fifteen investors’ conferences and nine roadshows in key European, North American, and Asian financial centers. In addition, our company representatives held numerous one-on-one meetings and teleconferences with investors and analysts to keep them informed of current developments and special issues.

In order to provide information for interested members of the financial community, the Investor Relations team once again carried out numerous property tours with colleagues from the operational areas of the company.

We will continue to communicate openly with the capital market as this year progresses. Various roadshows and conferences have already been planned. Information can be found in the Financial Calendar on our Investor Relations website. http://investors.vonovia.de

Capital Markets Day

This year’s Capital Markets Day was held on June 20, 2017, in the “Vonovia Ruhrstadion” stadium in Bochum with more than 50 participants from Germany, Europe and the U.S.

The motto of the event was “A glance into the engine room” (Blick in den Maschinenraum). Topics covered included modular construction, operational platform and customer service-, as well as property-related services. The event was rounded off by a visit to the modular construction project on Imigstrasse in Dortmund and a visit to the customer service center in Duisburg.

Analysts' Assessments

Within the first half of the year, 30 national and international analysts published studies on Vonovia. The average target share price was € 37.80, with 55 % of analysts issuing a “buy” recommendation and 45 % issuing a “hold” recommendation. No “sell” recommendation was issued for Vonovia’s shares.