Investor Relations Activities

In the first three months of 2018, Vonovia participated in a total of five investors’ conferences and organized six roadshows in the most important European and North American 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

At the end of the first quarter of 2018, 31 national and international analysts were covering Vonovia. Four of these brokers have currently suspended their coverage of Vonovia due to the ongoing BUWOG takeover. The average target share price was € 43.80, with 63% of analysts issuing a “buy” recommendation, 33% issuing a “hold” recommendation and 4% issuing a “sell” recommendation.

In connection with the BUWOG takeover offer, 73.8% of all shares in BUWOG have been tendered in the course of the first phase of takeover. The mandatory grace period in accordance with the Austrian Takeover Act (Übernahmegesetz – ÜbG) began on March 16, 2018, and will end on June 18, 2018.