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Analyses on Deutschland
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Deutsche Wohnen: The Guaranteed Dividend With an Asset Kicker
A 6.5% coupon, legally enforceable, owed by an investment-grade debtor. The squeeze-out floor sits above the share price. The catch: Vonovia owns the clock.
Heidelberg Materials: Defending the Capital Base, Not Growing It
Recalculated after the 2026 half-year report: ROIC 10.4% above WACC, EV/EBITDA 7.7x, fair value around €184. A cash-return stock, not a growth stock.
CHAPTERS Group: The Loss Is Accounting, the Price Is the Problem
HGB accounting forces a book loss while cash grows 64% a year. Still: watchlist, not a core position. At 20x EBITDA there is no margin of safety.