Vonovia: Buy Europe's Biggest Landlord At Half Of NAV

Vonovia SE trades at a steep 0.48x Price/NTA, reflecting market skepticism over NAV reliability and balance sheet leverage. Core operating metrics are robust: 98% occupancy, >99% rent collection, and 4% organic rent growth in Q1 2026 support a Buy rating. Deleveraging progress and asset sales are key; management targets debt/property value reduction from 45% to 43%, with further upside possible. Risks remain from appraisal-based NAV, refinancing costs, and capex needs, but the current valuation offers a 34%+ upside to a moderate 0.65x NTA rerating.

Vonovia SE ( VONOY ) ( VNNVF ) is the largest landlord in Europe, owning more than 500,000 residential apartments, among other income-generating assets such as garages, commercial units, etc., with the majority in Germany.