Deutsche Wohnen’s EBT underperformed during the quarter, core business was stable
- Deutsche Wohnen’s Q3 2024 adjusted EBT fell 32% y/y to €103 million (calculated), mainly driven by impairment on interest receivables for interest income in the amount of €26.2 million (page 12, 9M report) and a drop in adjusted EBITDA development by €10 million (page 11) .
- Adjusted EBITDA rental was up 2.6% to €159 million, in-place rent at the end of September was up 3.3% y/y to €7.91, NAV per share was down 2.2% y/y to €41.84 while the vacancy rate 0.1 basis points y/y to 1.6%.
Assessment
Overall, the core business was stable during the quarter. However, given that the adjusted EBT metric will be an important factor in valuations during the DPLTA, it’s not good to see that it dropped during the quarter while that of Vonovia was up 0.5% to €477 million. Dt. Wohnen shares are up 0.9% 10 minutes after market open.