Deutsche PfandbriefBank AG : Short-term recovery process confirmed … but mid-term guidance (too) ambitious
>Neutral rating maintained – target price raised to € 6.0 (vs € 5.6) - We maintain our Neutral rating on PBB following its Q3/9M 2024 figures. Despite a contrasting underlying mix, operating trends continue to provide reassurance little by little (top line trend, costs and CoR). The re-rating process seen since March 2024 remains in play with this latest set of quarterly numbers (the stock has recovered ~40% since its low early March but continues to underperform the ...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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