Annual Report 2020

Investor Relations Activities, Analyst Assessments and Dividend

Investor Relations Activities

In 2020, Vonovia participated in a total of 31 investors’ conference days and organized 27 roadshow days. In addition, Vonovia took part in various investor forums and numerous one-on-one meetings with investors and analysts to keep them informed of current developments and special issues. In 2020, we spoke to around 410 analysts and investors. In addition to the coronavirus pandemic and its impact on Vonovia’s business model, our talks with the capital market covered the topics of sustainability, rent regulation in Germany and national and international acquisition targets particularly frequently.

After we were forced to suspend our annual Capital Markets Day for institutional investors and analysts in 2020, our upcoming Capital Markets Day is expected to take place as a hybrid event on September 29, 2021. You can find more details on our website:

We will also continue to communicate openly with the capital market in 2021. Various roadshows, conferences and investor forums have already been planned. Information can be found in the Financial Calendar on our Investor Relations website:

Positive Analyst Assessments

As of December 31, 2020, 28 analysts were publishing studies on Vonovia on a regular basis (figure as of December 31, 2020). The average target share price was € 62.10 per share as of December 31, 2020, with 67.9% of analysts issuing a “buy” recommendation, 28.6% issuing a “hold” recommendation and 3.6% issuing a “sell” recommendation.

For the current consensus as well as information on the banks that report on Vonovia and value its shares, please visit our website: information/analysts-and-consensus

Attractive Dividend

The continuity of our business model is also reflected in our dividend policy. Our aim is to distribute around 70% of our Group FFO to our shareholders. As far as the 2020 fiscal year is concerned, we plan to propose a dividend per share of € 1.69 to the Annual General Meeting, which represents an increase of € 0.12 per share as against 2019 and corresponds to a dividend yield of 2.8% based on the closing price of the company’s shares of € 59.76 as of December 31, 2020. Our shareholders have the option of choosing between being paid the dividend in cash or being granted shares. Last year, 40.7% of our shareholders opted for the scrip dividend, which we interpret as evidence that our shareholders also want to participate in Vonovia’s success in the long run.

Attractive Dividend

Attractive Dividend (Bar chart)
Group FFO
Group FFO reflects the recurring earnings from the operating business. In addition to the adjusted EBITDA for the Rental, Value-add, Recurring Sales and Development segments, Group FFO allows for recurring current net interest expenses from non-derivative financial instruments as well as current income taxes. This key figure is not determined on the basis of any specific international reporting standard but is to be regarded as a supplement to other performance indicators determined in accordance with IFRS.