This topic summarizes and discusses Deutsche Wohnen’s Q2 2024 Earnings.
- At €140.1 million, Deutsche Wohnen’s Q2 adjusted EBT was stable quarter-over-quarter (Q1: €141.3 million or +3.2% y/y), that’s according to preliminary results.
- However, its NAV per share decline by 2% quarter-over-quarter to € 42.01.
2 Likes
Deutsche Wohnen H2 2024 full results indicate that;
- Q2 2024 adjusted EBT was flat at €140.1 million, adjusted EBITDA rental fell 8.7% to €153.8 million, vacancy rate stood at 1.7% (Q2 2023: 1.90%), in-place rent per sqm grew 3.3% y/y to 7.8 while LTV was at 30%(unchanged from prior quarter).
- Deutsche Wohnen said the KPIs developed in-line with their expectations.
Assessment
Deutsche Wohnen’s financial performance in Q2 2024 was stable. However, the trajectory of EBITDA rental doesn’t look good given that y/y, in-place rent was up, vacancy rate was down while the number of residential units were unchanged. The only explanation I can think of is that operating expenses in the rental business might have rose significantly during the quarter.
Did you arrive at Q2 2024 numbers by subtracting Q1 from H1 2024? If yes it would be great if you could share your calculations so that we make every step transparent. (I think the ideal format for this calculation is the valuation model)
Did you already study the full release? I would assume that we can find all information in it of how the business is developing and reach an assessment of the situation.
By comparing adjusted H1 2023 numbers with H1 numbers from the H1 2023 from last year we might also be able to understand and highlight the change in their reporting methodology better.
Overall I would say this topic is not as urgent as preparing well for Sixt and to some degree 1&1 because the business is more stable and no change in position is planned but we would like to reach a good assessment for it as well once there is time.
1 Like
Positive statements from LEG Immobilien Q2 earnings lift European real estate shares with Deutsche Wohnen up 4%.
*After a long time, the overall market is also giving us a tailwind again. The devaluation cycle is coming to an end in the foreseeable future and we are seeing a revival on the transaction market. Based on our own successes and positive market trends we are raising our profit forecast for 2024," its CEO Lars von Lackum said.
1 Like
This is in line with my findings for the overall industry, prices stabilized during the quarter, and investment transaction volumes increased.
1 Like