Investor Relations Activities

In the first nine months 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. We also responded to one of the suggestions made during these discussions and decided to refer to our housing-related service business as the “Value-add Business”, as opposed to the “Extension” segment.

In the first nine months of 2017, Vonovia participated in a total of 20 investors’ conferences and 13 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. Active participation in various shareholder association forums is also a key component of our IR work.

In order to provide information the Investor Relations team and their colleagues from the operational areas once again gave numerous property tours to interested members of the financial community.

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.

Analyst Assessments

Within the first nine months of 2017, 30 national and international analysts published studies on Vonovia. The average target share price was € 39.50, with 62% of analysts issuing a “buy” recommendation and 38% issuing a “hold” recommendation. No “sell” recommendation was issued for Vonovia’s shares.