Deutsche PfandbriefBank AG : Processus CT de ‘recovery’ confirmé… mais objectifs MT (trop) ambitieux
>Opinion Neutre réitérée – OC porté à 6.0 € (vs 5.6 €) - Nous maintenons notre opinion Neutre sur PBB après la publication des chiffres T3/9M 2024. Malgré un ‘mix underlying’ mitigé, l’opérationnel continue globalement de rassurer peu à peu (évolution de la topline, des coûts et du coût du risque). Le processus de rerating observé depuis mars 2024 reste d’actualité avec cette nouvelle publication trimestrielle (à titre indicatif le titre a regagné ~40% depuis son poin...Deutsche Pfandbriefbank is the parent company of Deutsche Pfandbriefbank Group. Through its subsidiaries, Co. is engaged as a bank for real estate finance and public investment finance. Co. structures medium to large financing transactions for real estate investors in office, retail, residential and logistics properties. Co. finances public sector investment in infrastructure projects such as public housing, utilities and waste disposal, health care and nursing care properties, as well as child care and educational facilities. Co. also provides government-backed export finance. Co. operates in Germany, the U.K., France, the Nordic countries as well as Central and Eastern European countries.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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