Deutsche PfandbriefBank AG : Profit warning in Q3, 2023 guidance lowered and medium-term guidance challenged
>Downgraded to Underperform (vs Neutral) – target price cut to € 7.5 (vs € 8.9) - We downgrade our rating on PBB to Underperform (vs Neutral) after the Q3/9M 2023 earnings release. The group's operating performances lead us to accentuate our already cautious stance on the group’s outlook (low positive NII sensitivity to higher rates, inflationary pressure on costs/strategic investments, and a significant and bigger-than-expected increase in the cost of risk reflecting...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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