Deutsche Wohnen (Real Estate)
AlphaValue
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Note: This is a daily stock update and the information stands true as of 19/12/24, 09:00 CET.
Company Update: We release a detailed paper this morning regarding the fairness (or lack thereof) of the Vonovia bid on Deutsche Wohnen. We have gone through the 133 p fairness assessment report by the expert and the 271p contract report. Both documents primarily use a discounted cash flow method, excluding asset value. Certain conceptual choices significantly increase Vonovia’s valuation while decreasing Deutsche Wohnen’s. We suspect the proposed exchange ratio is inappropriate.
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AlphaValue, founded in 2007 by Pierre-Yves Gauthier and André Le Grand, has become the leading provider of independent European equity and credit risk research. We offer agnostic analysis of business models and valuations, helping clients assess their investment risks and opportunities.