Vonovia SE (VNNVF) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Vonovia SE $40.34, price $19.89, upside +102.9%, quality 49 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? Yes
- Good quality? No
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Vonovia SE
VNNVF · USCheap, value-trap riskThe stock looks deeply undervalued, but low quality raises value-trap risk.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 3, 2026.
How to read this chart
60‑month range $13.41 – $51.38 · fair‑value band $32.18 – $40.34 · the $19.89 price screens below the $40.34 fair value. Dashed = 300-day average. As of Oct 3, 2026.
Company profile
Vonovia SE operates as an integrated residential real estate company in Europe. The company operates through Rental, Value-Add, Recurring Sales, and Development segments.
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Vonovia SE operates as an integrated residential real estate company in Europe. The company operates through Rental, Value-Add, Recurring Sales, and Development segments. It offers property management services; property-related services; and value-added services, including maintenance and modernization of properties, craftsmen and residential environment organization, multimedia, energy supply, metering, condominium administration, and insurance services. The company is also involved in the sale of individual condominiums and single-family houses; and project development activities to build new homes. In addition, it engages in construction of owner-occupied and rented apartments; sale of projects to investors; and construction of new properties on existing land held in the portfolio. The company was formerly known as Deutsche Annington Immobilien SE and changed its name to Vonovia SE in August 2015. Vonovia SE was founded in 1998 and incorporated in October 10th, 2017 is headquartered in Bochum, Germany.
Stock analysis
Vonovia SE (VNNVF) currently trades at $19.89, while our model-based Fair Value estimate is $40.34, implying the stock looks roughly 50.7% undervalued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of $44.02 per share, and 4 of the 8 models we run sit above the $19.89 price.
Bear case: the Multiples group reads lowest at $5.49, and 4 of the 8 models stay below the price. Evidence for this calculation is high.
Scenario range: $32.18 (bear) to $40.34 (bull), the price of $19.89 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 49/100 (below-average quality), in the Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Vonovia SE reported revenue of €5.0B in FY2025 versus €3.6B in FY2021, a compound +8.2%/yr. Reported net income was €3.7B in FY2025, compounding +8.6%/yr from FY2021.
Key figures
Market cap $19.9B · P/E ratio 4.4 · P/S ratio 3.27 · EPS (TTM) $4.55 · Dividend yield 6.3% · Net margin 74.8% · Return on equity 12.6% · Return on assets (EBIT) 2.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 36% below its 52-week high and 7% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −32% fair-value upside, at 103%, VNNVF screens cheaper than that median.
Fair Value models
All 13 models by family
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Set up alert →Quality Score breakdown
Of which business quality 46 · Market factors (momentum, volatility) 13
Revenue & earnings trend
Growth Forecast
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Earlier news
- Vonoya SE (VNNVF) (H1 2026) Earnings Call Highlights: Strong Rental Growth and Strategic ...
- There Are Some Holes In Vonovia's (ETR:VNA) Solid Earnings Release
- Vonovia (ETR:VNA) Is Posting Solid Earnings, But It Is Not All Good News
- How The Vonovia (XTRA:VNA) Story Is Shifting As Analysts Recalibrate Upside And Risks
Compare Vonovia SE with another stock
Price, fair value, quality and upside side by side.
Peer Groupⓘ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.Real Estate Services · 530 stocks
Valuation Multiplesvs Real Estate Services median · lower = cheaper
Context: sector, industry, market
- Is the Real Estate sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: Real Estate
- Undervalued stocks: US Stocks
- Valuation of the USA market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Real Estate Services stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Vingroup Joint Stock Company VIC | 232,000 VND | 25,731 VND | −89% |
| CBRE Group CBRE | $134.55 | $91.06 | −32% |
| KE Holdings 2423 | HK$42.92 | HK$17.16 | −60% |
| Swire Properties Limited 1972 | HK$24.32 | HK$13.39 | −45% |
| Cellnex Telecom, S.A CLNX | €23.99 | €23.94 | +0% |
| Jones Lang LaSalle Incorporated JLL | $308.07 | $540.65 | +75% |
| Wharf Real Estate Investment Company 1997 | HK$30.54 | HK$27.42 | −10% |
| CoStar Group CSGP | $26.95 | $6.19 | −77% |
| China Resources Mixc Lifestyle Services Limited 1209 | HK$37.00 | HK$56.36 | +52% |
| CapitaLand Investment Limited 9CI | 2.60 SGD | 0.5600 SGD | −78% |
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Key figures of Vonovia SE
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