Deutsche Pfandbriefbank is a Munich-based specialist lender that originates and funds commercial real estate loans, plus public-sector and shipping finance, and issues Pfandbriefe, the covered bonds backed by that loan book. The franchise rests on the Pfandbrief label and a long record in German real estate lending, though the shrinking book and negative return on equity show that the franchise is currently being run down rather than grown. The catalyst is the planned wind-down of the non-core portfolio, which should release capital and cut the loan book, but that also means revenue is falling, with the most recent year down 18.5 percent. The stock trades at a forward P/E of 5.9 against a 12.7 percent operating margin, a valuation that reflects the market doubting how much of the earnings base is durable. ROE of -0.9 percent and the absence of index membership mean this is a low-visibility name, so a deeper look should focus on loan-book run-off, asset quality, and whether the operating margin holds as revenue contracts.
Plain-English pros, cons, and what to watch. Pro feature.
See what each model says, the assumptions behind it, the bad, normal and good cases, and why the fair value changed.
The full quality picture: a reason under every score, how the scores moved, and the conviction breakdown.
The full analyst picture: the price-target distribution against the current price, forward consensus estimates, and how ACCE's own models compare.
Trades are only made public after a delay. We show the delay so you know how old the news is.
Follow the informed money: 13F position changes, insider and Congress trades, and 13D activist filings.
| Date | Type | New | Previous | Price |
|---|---|---|---|---|
| 23 Oct 2026, 01:52 CEST | ACCE price target | €3.10 | first publication | €2.85 |
Answered from Deutsche Pfandbriefbank AG fundamentals + recent valuations. Every number shows its source and date.
| Company | Price | Fair value | vs fair value | P/E | ROE | Quality | Score |
|---|---|---|---|---|---|---|---|
| PBB.DE Deutsche Pfandbriefbank AG | €2.83 | - | - | - | -0.9% | 38 | 26 |
| HBLN.SW Hypothekarbank Lenzburg AG | CHF 4160.00 | CHF 5446 | 24% below | 14.0x | 3.6% | 59 | 54 |
| BETR Better Home & Finance Holding Company Class A Common Stock | $16.72 | - | - | - | -250.4% | 29 | 27 |
| VEL Velocity Financial Inc. Common Stock | $15.30 | $31 | 51% below | 5.6x | 16.3% | 72 | 47 |
| LDI loanDepot Inc. Class A Common Stock | $0.61 | - | - | - | -26.7% | 29 | 24 |
| ONIT Onity Group Inc. Common Stock | $25.70 | - | - | 1.7x | 23.8% | 74 | 51 |
| WD Walker & Dunlop Inc Common Stock | $34.16 | $48 | 29% below | 28.9x | 2.4% | 45 | 33 |
Where PBB.DE ranks against its sector peers on each metric.