We have updated our model on Vonovia’s FY numbers. As a reminder, the group published positive numbers, with FFO 1 increased to €780m (from €747m yoy), vacancy rate down to 2.4%, EPRA NAV up 21% yoy to €36.58, and the group’s GAV gaining 12% to €27bn yoy. Management announced a dividend of €1.12/share, or a 70% payout and a 3.6% yield. For FY17, management now sees an FFO at around €830-850m (excluding Conwert). Additionally, in line with the group&rs
