Deutsche PfandbriefBank AG : T2 2023 en-deçà des attentes & préoccupant sur l’opérationnel underlying
>Opinion Neutre réitérée – OC ramené à 8.9 € (vs 10.2 €) - Nous réitérons notre recommandation Neutre sur le titre PBB après la publication des chiffres au T2 2023. L’évolution des performances opérationnelles du groupe nous incitent à rester prudents sur les perspectives du groupe (quasi-absence de sensibilité positive au contexte de hausse des taux couplé à la pression inflationniste sur les coûts/investissement, et hausse attendue du coût du risque lié au contexte ...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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