Vonovia: Largest Listed Property Fund in Germany, with Earnings Levers

Oliver Sherman of Northern Trust presented his in-depth investment thesis on Vonovia (Germany: VNA) at European Investing Summit 2018.

Thesis Summary:

Vonovia is the largest listed property fund in Germany. The business has been performing well post-crisis, with much of the net asset value (and related share price performance) driven by external macroeconomic factors that Oliver believes are set to continue over the coming years. Principally, this is a “lower for longer” interest rates environment in the Eurozone.

Apart from a low-rates macro play, Oliver sees the ability of Vonovia to leverage scale as a homebuilder and landlord via the provision of peripheral goods and services as a long-term, quality earnings stream that is not adequately reflected in the valuation, which recent stood at a small premium to (conservatively calculated) NAV per share.

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About the instructor:

Oliver Sherman works as a sector generalist within the stock selection and publication process for the Research Team, with a focus on European Financials. He is ACA qualified and experienced in Financial Statements Analysis. Prior to joining Aviate Global in November 2012 he held multiple roles in a Bank, a multi-billion dollar Family Office and latterly as an Equity Analyst in a UK Long/Short Hedge Fund with Octopus Investments. Oliver has obtained a BSc in Mathematics from The University of Edinburgh, trained as a Chartered Accountant with KPMG and is a CFA Charterholder.