Deutsche PfandbriefBank AG : Q4 2022 & medium-term strategic update: solid but lacking catalysts
>Neutral rating maintained – target price raised to € 10.8 (vs € 9.2) - We maintain our Neutral rating on PBB following its Q4/full-year 2022 figures (though they were respectable) and its medium-term strategic update (new guidance) which is broadly credible. Despite its solid balance sheet and its niche positioning, we still think the group’s operating outlook (marked by a virtual absence of positive sensitivity to rising rates but also by still uncertain/challenging...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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