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Deutsche Wohnen SE (DWNI) Fair Value & Analysis

Real Estate · DE · Market cap €7.3B

DW Deutsche Wohnen SE DWNI · XETRA
Price€18.42
Fair Value€22.11
Upside+20.0%
Quality55/100
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Weak Growth
Highly profitable · 67.1% net margin
Low debt · generates free cash flow
0.22% dividend yield
Mixed vs. peers (7/15)
Moderate moat 64/100
Evidence: High Range €16.58 – €33.68 Share as image

Fair value as of: Jul 16, 2026

From 22 valuation models · updated 22 days ago

Share price −4.9% over the past month.

A solid business, screening 20% undervalued on our models.

What matters now

  • Solid quality (55/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (€16.58 to €33.68) leaves room in how you read the outcome.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
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Price vs Fair Value (5 years)

€52.50 €16.54 Fair Value €22.11 Jun 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 16, 2026.

How to read this chart

60‑month range €16.54 – €52.50 · fair‑value band €16.58 – €33.68 · the €18.42 price screens below the €22.11 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 16, 2026.

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Analysis

Deutsche Wohnen SE (DWNI) currently trades at €18.42, while our model-based Fair Value estimate is €22.11, implying the stock looks roughly 20.0% undervalued today. We read business quality at 55/100 (solid quality), in the Real Estate sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Deutsche Wohnen SE generated revenue of €1.7B at a net margin of 67.1%. Revenue declined 39.7% year over year. It earns a return on equity of 7.9%. Net debt stands at €7.6B. Fundamentals as of Jul 16, 2026

Our scenario range runs from €16.58 (bear case) to €33.68 (bull case); at €18.42, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 25% below its 52-week high, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -2% fair-value upside, at 20%, DWNI screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Growth DCF €2.82 €17.18 €41.13 80
Residual Income €29.14 €31.00 €34.77 76
Rev-Margin DCF €5.38 74
All 22 models by family
DCF Models
FCF DCF €3.19 €19.58 €48.41 38
Owner Earnings €32.05 €73.65 €146.80 31
5Y Revenue Exit €4.93 39
5Y EBITDA Exit €11.98 €27.34 41
5Y P/E Exit €17.83 €50.24 €88.85 38
10Y Revenue Exit €2.47 €11.03 36
10Y EBITDA Exit €0.8700 €12.27 €30.03 37
10Y P/E Exit €12.65 €40.25 €82.18 35
Earnings-Based
Graham-Dodd €19.64 €102.80 €142.24 54
Lynch FV €28.21 €40.29 €52.38 50
PEG = 1.0 €28.21 €40.29 €52.38 46
Dividend Discount
Gordon GGM €0.3700 €0.7300 €1.10 70
DDM Multi-Stage €0.3700 €0.6300 €0.7700 61
Multiples
P/E Multiple €43.33 €57.77 €72.21 63
P/S Multiple €6.38 €8.50 €10.63 58
P/B Multiple €36.83 €49.10 €61.38 55
EV/EBITDA €4.38 €9.37 54
Asset-Based
NCAV (Graham) €17.84 €23.91 €35.68 50
Growth DCF
Growth DCF €2.82 €17.18 €41.13 80
Rev-Margin DCF €5.38 74
Economic Profit
Residual Income €29.14 €31.00 €34.77 76
Growth Earnings
Growth-Adj P/E €41.00 €58.56 €76.13 68

Widest divergence: Growth Earnings (€58.56) versus Dividend Discount (€0.6300). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) €1.7B
Revenue growth (YoY) -39.7%
Net margin 67.1%
Return on equity 7.9%
Free cash flow €580M FY2025
P/E ratio 6.8
More key figures
Operating margin 33.3%
EPS (TTM) €2.71
Dividend yield 0.2%
EPS growth (YoY) +1,208%
Net debt €7.6B FY2025

Figures from reported company fundamentals · as of Jul 16, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 55/100

Of which business quality 61 · Market factors (momentum, volatility) 34

Profitability 36
Margins and returns on capital today
Quality Growth 64
Are margins and returns improving?
Cashflow 73
Earnings quality: real cash, not paper profit
Fin. Strength 42
Balance sheet, leverage, solvency risk
Investment 93
Disciplined investing over empire-building
Low Volatility 64
Calm price path (market factor)
Momentum 27
Price trend over the last 3–12 months (market factor)
52W Momentum 13
Distance to the 52-week high (market factor)
Net Issuance 79
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Deutsche Wohnen SE develops and manages residential properties in Germany. It operates through the Rental, Value-add, Recurring Sales, and Development segment. The Rental segment offers value-enhancing management to residential real estate portfolio. The Value-add segment engages in the core business of rental.

Full company description

Deutsche Wohnen SE develops and manages residential properties in Germany. It operates through the Rental, Value-add, Recurring Sales, and Development segment. The Rental segment offers value-enhancing management to residential real estate portfolio. The Value-add segment engages in the core business of rental. This segment includes multimedia services and the supply of energy. The Recurring Sales segment includes sales of individual condominiums and single-family homes. The Development segment includes project development to develop build new homes. Deutsche Wohnen SE was founded in 1863 and is headquartered in Berlin, Germany. Deutsche Wohnen SE operates as a subsidiary of Vonovia SE.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Deutsche Wohnen SE reported revenue of €1.4B in FY2025 versus €1.1B in FY2021, a compound +4.5%/yr. Reported net income was €1.1B in FY2025, compounding +6.9%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
€1.4B
Latest YoY
+14.5%
Avg. growth/yr (3Y)
+15.9%
Avg. growth/yr (5Y)
−13.1%
Avg. growth/yr (23Y)
+10.8%
Revenue +4.5%/yr
FY21 €1.1B
FY22 €866M
FY23 €1.1B
FY24 €1.2B
FY25 €1.4B
Net income +6.9%/yr
FY21 €877M
FY22 −€434M
FY23 −€2.7B
FY24 −€591M
FY25 €1.1B

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Cite: Fair Value Calculator (2026). "Deutsche Wohnen SE Fair Value". https://www.fairvalue-calculator.com/stock/DWNI

Peer Group

Real Estate Services · 522 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 56 · Above median
Fair Value upside +20% · Above median
Return on equity (TTM) 8% · Above median
Return on assets 1% · Below median
Net margin (TTM) 67% · Top 25%
Operating margin (TTM) 33% · Above median
Revenue growth -40% · Bottom 25%
Dividend yield (TTM) 0.2% · Below median
Debt / equity 0.47× · Higher than median

Valuation Multiples vs Real Estate Services median · lower = cheaper

P/E (TTM) 6.8× · Cheaper than 75% of peers
P/B 0.59× · Cheaper than median
P/S (TTM) 4.92× · Pricier than median
P/FCF 14.5× · Pricier than 75% of peers
EV/EBITDA 52.2× · Pricier than 75% of peers
PEG 1.92× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 60 · sector 40
FUTURE 0 · sector 10
PAST 32 · sector 16
HEALTH 77 · sector 85
DIVIDEND 4 · sector 49

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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PT Metropolitan Kentjana Tbk MKPI 20,975 IDR 19,160 IDR -9%
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Frequently asked questions

Is Deutsche Wohnen SE (DWNI) overvalued or undervalued?
As of Jul 16, 2026, our model estimates a fair value of €22.11 versus a price of €18.42, about +20% (undervalued).
What is the fair value of DWNI?
Our model-based fair value for Deutsche Wohnen SE is €22.11 (as of Jul 16, 2026), built from audited fundamentals. The current price is €18.42.
What is the quality score of DWNI?
Deutsche Wohnen SE has a Quality Score of 55/100. It combines two groups: business quality (profitability, growth, cash flow, balance-sheet strength) and market factors (price momentum, distance to the 52-week high, volatility). Both subtotals are shown separately in the detail view.
What is the revenue of Deutsche Wohnen SE (DWNI)?
Deutsche Wohnen SE reported trailing-twelve-month revenue of about €1.7B (latest available figure, as of Jul 16, 2026).
What is the net profit margin of DWNI?
The net profit margin of Deutsche Wohnen SE is about 67.1%, meaning it keeps roughly 67.1% of revenue as net income. Based on the latest reported figures.
Does Deutsche Wohnen SE pay a dividend?
Deutsche Wohnen SE currently shows a dividend yield of about 0.21% relative to its recent price (as of Jul 16, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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