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1. Company Snapshot

1.a. Company Description

Deutsche Pfandbriefbank AG provides commercial real estate and public investment finance products.Its commercial real estate financing activities include financing instruments, such as financing investment projects, development finance, cross-border portfolio financing, investment bridge finance facilities, standby/backup facilities, and derivatives.The company primarily finances offices, retail, and logistic real estate companies, as well as residential properties targeting real estate companies, institutional investors, real estate funds, and medium-sized and regionally orientated clients.


It is also involved in the public investment financing activities, such as financing for public sector facilities, municipal and residential buildings, utilities, infrastructure, medical and geriatric care facilities, and administration and insurance facilities.In addition, the company operates a digital platform for public sector borrowers and institutional investors under the CAPVERIANT name.Deutsche Pfandbriefbank AG has offices in four locations in Eschborn, Düsseldorf, Hamburg, and Berlin in Germany; and five locations in London, Madrid, Paris, Stockholm, and New York City.


The company was formerly known as Hypo Real Estate Bank AG and changed its name to Deutsche Pfandbriefbank AG in June 2009.Deutsche Pfandbriefbank AG is headquartered in Garching, Germany.

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1.b. Last Insights on PBB

Deutsche Pfandbriefbank AG's recent performance was negatively impacted by cautious sentiment around its future prospects, reflected in a downward adjustment of its consensus analyst price target from €5.98 to €5.68. Rising funding costs and softer loan demand are key concerns. However, the bank has underwritten a €78 million investment facility for AB Tewox's Polish retail park portfolio, demonstrating its continued role in financing commercial real estate. The Q3 2025 earnings call highlighted significant growth in commercial real estate financing and strategic acquisitions.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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What The Latest Analyst Downgrades Mean For Deutsche Pfandbriefbank’s Changing Story

Nov -28

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Investment company AB Tewox secures €78 million financing for its Polish retail park portfolio

Nov -20

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How Recent Developments Are Shaping the Deutsche Pfandbriefbank Investment Story

Nov -14

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Deutsche Pfandbriefbank AG (PBBGF) Q3 2025 Earnings Call Highlights: Strategic Transformation ...

Nov -13

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How Recent Developments Are Shaping the Investment Story for Deutsche Pfandbriefbank

Oct -31

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European Market Insights Bénéteau And Two Other Stocks Possibly Priced Below Value Estimates

Oct -03

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Credit Fuels the AI Boom — and Fears of a Bubble

Aug -23

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Deutsche Pfandbriefbank AG (WBO:PBB) Q2 2025 Earnings Call Highlights: Strategic Shifts and ...

Aug -14

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (11.40%)

6. Segments

Real Estate Finance

Expected Growth: 12%

Deutsche Pfandbriefbank AG's 12% growth in Real Estate Finance is driven by increasing demand for commercial property, low interest rates, and a strong German economy. Additionally, the bank's focus on sustainable lending and ESG-compliant investments has attracted environmentally conscious investors, further boosting growth.

Non-core

Expected Growth: 8%

Deutsche Pfandbriefbank AG's non-core segment growth of 8% is driven by strategic divestments, improved risk management, and a favorable interest rate environment. Additionally, the bank's focus on cost reduction and efficiency measures has led to increased profitability, contributing to the segment's growth.

Consolidation & Adjustments

Expected Growth: 10%

Deutsche Pfandbriefbank AG's 10% growth in Consolidation & Adjustments is driven by increased mortgage lending, robust commercial real estate demand, and strategic acquisitions. Additionally, the bank's focus on cost optimization, digitalization, and risk management has improved operational efficiency, contributing to the growth.

7. Detailed Products

Mortgage Pfandbriefe

Deutsche Pfandbriefbank AG issues Mortgage Pfandbriefe, a type of covered bond, which are backed by a pool of mortgages and public sector assets.

Public Pfandbriefe

Deutsche Pfandbriefbank AG issues Public Pfandbriefe, a type of covered bond, which are backed by a pool of public sector assets.

Ship Pfandbriefe

Deutsche Pfandbriefbank AG issues Ship Pfandbriefe, a type of covered bond, which are backed by a pool of ship mortgages and other maritime assets.

Aircraft Pfandbriefe

Deutsche Pfandbriefbank AG issues Aircraft Pfandbriefe, a type of covered bond, which are backed by a pool of aircraft mortgages and other aviation-related assets.

Real Estate Financing

Deutsche Pfandbriefbank AG provides financing solutions for real estate investors and developers, including construction financing and investment financing.

Commercial Real Estate Investment

Deutsche Pfandbriefbank AG provides investment solutions for commercial real estate, including property acquisition and management.

Asset Management

Deutsche Pfandbriefbank AG provides asset management services for institutional investors, including portfolio management and risk management.

8. Deutsche Pfandbriefbank AG's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Deutsche Pfandbriefbank AG is medium due to the presence of alternative investment options for customers, such as other banks and financial institutions.

Bargaining Power Of Customers

The bargaining power of customers for Deutsche Pfandbriefbank AG is low due to the bank's strong brand reputation and customer loyalty.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Deutsche Pfandbriefbank AG is medium due to the bank's dependence on a few large suppliers for its operations.

Threat Of New Entrants

The threat of new entrants for Deutsche Pfandbriefbank AG is low due to the high barriers to entry in the banking industry, including regulatory hurdles and capital requirements.

Intensity Of Rivalry

The intensity of rivalry for Deutsche Pfandbriefbank AG is high due to the competitive nature of the banking industry, with many established players competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 90.48%
Debt Cost 10.03%
Equity Weight 9.52%
Equity Cost 11.57%
WACC 10.18%
Leverage 950.22%

11. Quality Control: Deutsche Pfandbriefbank AG passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Value: 6.2

Growth: 5.3

Quality: 7.4

Yield: 10.0

Momentum: 7.5

Volatility: 10.0

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A-Score: 7.4/10

Value: 8.2

Growth: 8.7

Quality: 6.6

Yield: 8.1

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Valiant Holding

A-Score: 6.6/10

Value: 5.9

Growth: 3.8

Quality: 4.9

Yield: 6.2

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Hoist Finance

A-Score: 5.2/10

Value: 6.6

Growth: 8.2

Quality: 5.8

Yield: 1.9

Momentum: 6.5

Volatility: 2.0

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Mortgage Advice Bureau

A-Score: 5.1/10

Value: 4.1

Growth: 5.9

Quality: 8.0

Yield: 5.6

Momentum: 5.0

Volatility: 2.0

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pbb

A-Score: 5.0/10

Value: 8.0

Growth: 2.1

Quality: 4.0

Yield: 7.5

Momentum: 4.0

Volatility: 4.3

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

4.62$

Current Price

4.62$

Potential

-0.00%

Expected Cash-Flows