Vonovia at 16.30 EUR against an EPRA NTA of 46.22 EUR is a total mispricing. Even with the ECB holding off on rate cuts for now, the refinancing scare is overblown because Vonovia already locked in its medium term financing conditions. The expropriation noise in Berlin is off the table, between federal legal blocks and unworkable compensation costs, it wont happen.
Rates will eventually come down, but right now you are buying 530,000 prime apartments at a 65% asset discount with 4% organic rent growth and a dividend yield over 7.5%. I wouldn't count that the dividend stays at this level in the short term but the mispricing of their assets is what counts here.
CEO Rolf Buch picking up long-dated call options at a 36 EUR strike price alongside insider buys confirms how big this gap is between the stock price and real property value.