12-month performance: +31% Insider activity: Bullish Insider buying pattern: purchases from multiple insiders including CEO Recent news: Good H1 results
Vonovia is a German real estate company. The company owns and manages around 400,000 residential units throughout Germany and Austria, and also manages approximately 60,000 units for third parties. It is listed on the XETRA and currently has a market capitalisation of €32 billion.
Good H1 results
Vonovia issued a good set of H1 results last week. For the period, adjusted EBITDA increased by 8% to €942 million while group FFO (operating earnings) rose by 11% to €676 million. The value of its real estate portfolio, after stripping out liabilities, grew by 5.4% to €29.7 billion. "We have weathered the coronavirus crisis well so far," said CEO Rolf Buch. "This means that we can do a lot for our tenants and live up to our social responsibility," he added.
Source: 2iQ Research
Insider buying: multiple insiders are going long
What stands out to us here is that last week, the CEO,Buch purchased a large number of Vonovia shares. On 7 August, Mr Buch purchased 5,500 VNA shares at a price of €58.53 per share, spending a total of €321,915 on stock. This comes after two other insiders, including CFO Helene Von Roeder, purchased large amounts of stock in early July. Combined, these insider purchases represent the largest amount of insider buying activity at Vonovia in a quarter in several years. We see this pattern of buying as bullish. The fact that insiders are buying at higher prices suggests that they are confident about the future.
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