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    VNA   DE000A1ML7J1

VONOVIA SE

(VNA)
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Vonovia Targets $9 Billion Capital Increase After Deutsche Wohnen Deal

11/22/2021 | 01:42am EST

By Joshua Kirby

German real-estate company Vonovia SE said it plans to raise some eight billion euros ($9 billion) through a subscription-rights issue, with the proceeds going toward the recently agreed-upon acquisition of peer Deutsche Wohnen SE.

Vonovia said Sunday that it plans to issue just over 200 million new shares with a notional value of EUR1. The new shares will be offered to existing shareholders through an indirect subscription right at a ratio of 20 existing shares to seven new ones, and a subscription price of EUR40.00, it said. Shares in Vonovia last closed at EUR55.72.

The capital raise should allow the company to generate gross proceeds of around EUR8 billion, which will be used to partially repay a loan taken out to pay for the acquisition of Deutsche Wohnen. The deal was agreed to last month on Vonovia's third bid of EUR53 for each Deutsche Wohnen share.

Subject to regulatory approval, the subscription period will begin Wednesday and last until Dec. 7, both inclusive, Vonovia said. Any unsubscribed shares will then be sold on the market or via private placement at a price at least equal to the subscription price, the company said.

The rights issue is a "shareholder-friendly" means of raising equity since it allows existing investors to acquire new shares at an attractive price, the company's chief financial officer, Helene von Roeder, said.

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

(END) Dow Jones Newswires

11-22-21 0142ET

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Analyst Recommendations on VONOVIA SE
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Financials
Sales 2021 3 239 M 3 675 M 3 675 M
Net income 2021 4 889 M 5 545 M 5 545 M
Net Debt 2021 45 461 M 51 566 M 51 566 M
P/E ratio 2021 3,98x
Yield 2021 3,59%
Capitalization 37 059 M 42 032 M 42 036 M
EV / Sales 2021 25,5x
EV / Sales 2022 20,1x
Nbr of Employees 16 051
Free-Float 100,0%
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Consensus
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Mean consensus BUY
Number of Analysts 17
Last Close Price 47,72 €
Average target price 62,71 €
Spread / Average Target 31,4%
EPS Revisions
Managers and Directors
Rolf Buch Chairman-Management Board & CEO
Philip Grosse Chief Financial Officer
JŘrgen Fitschen Chairman-Supervisory Board
Marcel Kleifeld Head-Human Resources & Technical Services
Klaus Rauscher Independent Member-Supervisory Board
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