Vonovia, Desert Gold and Deutsche Telekom: A Closer Look at Stocks with Scarce Assets and Key Catalysts

Vonovia: Housing under pressure, Veveus as a second pillar

In Berlin, politicians are targeting large property companies. According to a report published on 18 October, a document outlining the results of exploratory talks between the SPD, Greens and Left Party proposes transferring the housing portfolios of companies with more than 10,000 residential units into public ownership. Compensation would be capped at EUR 16 billion. Under the current plans, a bill would be submitted to the Berlin House of Representatives in mid-2028 and could take effect as early as mid-2029. Vonovia considers the proposal unconstitutional, as reported on October 19, and expects the courts to strike it down. A decision is still a long way off, but the proposal is creating uncertainty.

At the same time, Vonovia is expanding a second pillar of its business. On October 5, the group unveiled its new Veveus brand at Expo Real. The brand brings together investment, asset, property and facility management for institutional owners and investors under one roof, while the rental business remains under the Vonovia brand. This is not a start from scratch. Vonovia already manages around 75,000 homes for third parties, and the Value Add segment generated EUR 79.2 million in external revenue in the first half of 2026, up 13.8% from the prior-year period. By 2028, business beyond rental income is expected to account for 20 to 25% of adjusted EBITDA.

The group is taking a more cautious stance on new construction. According to media reports dated October 10, chief executive Luka Mucic is considering not starting any further projects in the capital for the time being, after the roughly 1,000 homes currently being built in Berlin. He cites political uncertainty as the reason. Bringing housing into public ownership would not create a single new home, he said on September 21, and offered talks with a new state government. Should reliable framework conditions emerge, new construction in Berlin could pick up again. On November 4, the Bochum-based group will present its figures for the first nine months.

Desert Gold: Barani - Plant on site, first gold production in sight

The equipment for the gravity plant has arrived at the construction site in western Mali. On September 16, the Canadian company reported that the gravity plant with a capacity of 200 tonnes per day and the 650 kVA generator had arrived at the Barani site. The generator reached the port of Dakar in July, and the plant followed in mid-August. In addition to assembly, supplier Benhope Services SARL is also handling commissioning and staff training. The main access road from Bourdala to the mine has been repaired, and the roads between the camps are also being maintained during the rainy season. The components are ready.

The timetable is now what matters. At the company presentation at the International Investment Forum (IIF) on October 7, CEO Jared Scharf stated that all plant components and consumables are on site, and the foundations for the large components have been poured. Commissioning of the gravity plant is scheduled to begin in November. Once the ground has hardened after the rainy season, Desert Gold intends to open the first pit in December. The CEO is targeting full operation at 200 tonnes per day by the end of the first quarter of 2027. The permits for the small mine are in place, as are the export licence, insurance and environmental licences. The start of gold production marks a new chapter in the company's history.

At the same time, attention is turning to new discoveries. Desert Gold is planning a 20,000 m drilling programme in Mali for the beginning of 2027, and the Senegal Mali Shear Zone (SMSZ) project covers more than 440 km² of contiguous land. In Côte d'Ivoire, the company owns another project, Tiegba, covering 297 km², which was previously discovered by Newcrest. According to Desert Gold, the gold-in-soil anomaly there is just under 5 km long and just under 2 km wide and has never been drilled. Initial drilling is planned. Positive results there would give Desert Gold a second pillar of its business.

Deutsche Telekom: European Corporations Vie for Scarce Satellite Frequencies

The Bonn-based group is reaching for orbit. Together with Vodafone, Telefónica and Orange, Telekom intends to apply for frequencies for mobile satellite services. As announced on October 19, the four groups have signed a memorandum of understanding to that end. The aim is to establish connections between satellites and standard smartphones, including in remote areas, and to protect critical communications. Ground infrastructure and control are to be located in Europe. The frequencies are expected to become usable in 2029. Who will supply the satellites? There is no partner yet. With this, the Europeans intend to challenge Starlink's ambitions.

Telekom is also relying on artificial intelligence to cut costs and grow. At its AI Investor Day in Bonn on October 5, the group set out new targets. Revenue from artificial intelligence outside the US is expected to rise from around EUR 250 million in 2026 to around EUR 800 million by 2030. In terms of indirect costs, Telekom aims to save approximately EUR 2.5 billion by 2030, compared with 2023. For 2027, the group expects gross savings of around EUR 1.1 billion outside the US. Deutsche Telekom confirmed its guidance and medium-term targets. The bar is therefore set high.

Initial figures show what this looks like in practice. The “Frag Magenta” chatbot handled around 2.6 million customer service calls in the first half of 2026. In the US, customer calls fell by 55%, and AI agents handle 40% of contacts there. During major network events, response times fell from several hours to around one minute. More than 100,000 employees have been trained in using the technology. The third-quarter figures on November 5 will show whether the effort is paying off.

Conclusion

Scarce assets attract interest, and that is precisely what makes these three companies worth examining. Vonovia faces political headwinds in Berlin, but is expanding its Veveus business beyond rental income and will report its figures on November 4. Desert Gold has the plant and generator on site in Barani, plans to begin commissioning in November and open the first pit in December, while in Côte d'Ivoire, Tiegba represents another exploration target. Deutsche Telekom is joining Vodafone, Telefónica and Orange in pursuing satellite frequencies and is banking on artificial intelligence.