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Deutsche Pfandbriefbank

XTRA:PBB
Snowflake Description

Average dividend payer with mediocre balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
PBB
XTRA
€2B
Market Cap
  1. Home
  2. DE
  3. Banks
Company description

Deutsche Pfandbriefbank AG, a specialist bank, provides real estate and public investment finance in Europe and the United States. The last earnings update was 23 days ago. More info.


Add to Portfolio Compare Print
  • Deutsche Pfandbriefbank has significant price volatility in the past 3 months.
PBB Share Price and Events
7 Day Returns
11%
XTRA:PBB
4.8%
Europe Mortgage
2.5%
DE Market
1 Year Returns
-6.4%
XTRA:PBB
4.2%
Europe Mortgage
-6.7%
DE Market
PBB Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Deutsche Pfandbriefbank (PBB) 11% 10.3% 27.1% -6.4% 36.9% -
Europe Mortgage 4.8% 5% 13.9% 4.2% 37.8% 21%
DE Market 2.5% 3.3% 9.2% -6.7% 9% 13.5%
1 Year Return vs Industry and Market
  • PBB underperformed the Mortgage industry which returned 4.2% over the past year.
Price Volatility
PBB
Industry
5yr Volatility vs Market
Related Companies

PBB Value

 Is Deutsche Pfandbriefbank undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Deutsche Pfandbriefbank to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Deutsche Pfandbriefbank.

XTRA:PBB Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 5 analysts.
= Stable Book Value * Return on Equity
= €23.06 * 4.4%
€1.02
Book Value of Equity per Share Weighted future Book Value estimates from 4 analysts. €23.06
Discount Rate (Cost of Equity) See below 12.1%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for XTRA:PBB
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Mortgage Unlevered Beta Simply Wall St/ S&P Global 0.9
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.896 (1 + (1- 30%) (1767.26%))
8.36
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
2
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (2 * 5.96%)
12.15%

Discounted Cash Flow Calculation for XTRA:PBB using Excess Returns Model Model

The calculations below outline how an intrinsic value for Deutsche Pfandbriefbank is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

XTRA:PBB Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (4.4% – 12.15%) * €23.06)
€-1.78
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= €-1.78 / (12.15% - 0.23%)
€-14.93
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= €23.06 + €-14.93
€8.12
XTRA:PBB Discount to Share Price
Calculation Result
Value per share (EUR) From above. €8.12
Current discount Discount to share price of €12.31
= -1 x (€12.31 - €8.12) / €8.12
-51.5%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Deutsche Pfandbriefbank is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Deutsche Pfandbriefbank's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Deutsche Pfandbriefbank's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
XTRA:PBB PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in EUR €1.24
XTRA:PBB Share Price ** XTRA (2019-04-18) in EUR €12.31
Europe Mortgage Industry PE Ratio Median Figure of 14 Publicly-Listed Mortgage Companies 9.11x
Germany Market PE Ratio Median Figure of 421 Publicly-Listed Companies 19.69x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Deutsche Pfandbriefbank.

XTRA:PBB PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= XTRA:PBB Share Price ÷ EPS (both in EUR)

= 12.31 ÷ 1.24

9.91x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Deutsche Pfandbriefbank is overvalued based on earnings compared to the Europe Mortgage industry average.
  • Deutsche Pfandbriefbank is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Deutsche Pfandbriefbank's expected growth come at a high price?
Raw Data
XTRA:PBB PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 9.91x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts
-8.8%per year
Europe Mortgage Industry PEG Ratio Median Figure of 6 Publicly-Listed Mortgage Companies 0.99x
Germany Market PEG Ratio Median Figure of 270 Publicly-Listed Companies 1.58x

*Line of best fit is calculated by linear regression .

XTRA:PBB PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 9.91x ÷ -8.8%

-1.12x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Deutsche Pfandbriefbank earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Deutsche Pfandbriefbank's assets?
Raw Data
XTRA:PBB PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in EUR €24.22
XTRA:PBB Share Price * XTRA (2019-04-18) in EUR €12.31
Europe Mortgage Industry PB Ratio Median Figure of 17 Publicly-Listed Mortgage Companies 0.74x
Germany Market PB Ratio Median Figure of 570 Publicly-Listed Companies 1.87x
XTRA:PBB PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= XTRA:PBB Share Price ÷ Book Value per Share (both in EUR)

= 12.31 ÷ 24.22

0.51x

* Primary Listing of Deutsche Pfandbriefbank.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Deutsche Pfandbriefbank is good value based on assets compared to the Europe Mortgage industry average.
X
Value checks
We assess Deutsche Pfandbriefbank's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Mortgage industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Mortgage industry average (and greater than 0)? (1 check)
  5. Deutsche Pfandbriefbank has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

PBB Future Performance

 How is Deutsche Pfandbriefbank expected to perform in the next 1 to 3 years based on estimates from 8 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-8.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Deutsche Pfandbriefbank expected to grow at an attractive rate?
  • Deutsche Pfandbriefbank's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Deutsche Pfandbriefbank's earnings are expected to decrease over the next 1-3 years, this is below the Germany market average.
  • Deutsche Pfandbriefbank's revenues are expected to decrease over the next 1-3 years, this is below the Germany market average.
Annual Growth Rates Comparison
Raw Data
XTRA:PBB Future Growth Rates Data Sources
Data Point Source Value (per year)
XTRA:PBB Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts -8.8%
XTRA:PBB Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 8 Analysts -0.6%
Europe Mortgage Industry Earnings Growth Rate Market Cap Weighted Average 10.6%
Europe Mortgage Industry Revenue Growth Rate Market Cap Weighted Average 7.8%
Germany Market Earnings Growth Rate Market Cap Weighted Average 11.7%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
XTRA:PBB Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
XTRA:PBB Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 452 123 4
2020-12-31 445 146 8
2019-12-31 443 150 8
XTRA:PBB Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2018-12-31 457 -245 167
2018-09-30 426 194
2018-06-30 422 -15 194
2018-03-31 411 183
2018-01-01 443 -1,869 182
2017-09-30 319 136
2017-06-30 435 -87 216
2017-03-31 409 201
2016-12-31 375 -1,193 197
2016-09-30 482 276
2016-06-30 375 -3,094 208
2016-03-31 394 225

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Deutsche Pfandbriefbank's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Deutsche Pfandbriefbank's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
XTRA:PBB Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below

All data from Deutsche Pfandbriefbank Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

XTRA:PBB Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 1.10 1.34 0.91 3.00
2020-12-31 1.04 1.28 0.75 6.00
2019-12-31 1.06 1.26 0.84 6.00
XTRA:PBB Past Financials Data
Date (Data in EUR Millions) EPS *
2018-12-31 1.24
2018-09-30 1.39
2018-06-30 1.44
2018-03-31 1.36
2018-01-01 1.35
2017-09-30 1.01
2017-06-30 1.61
2017-03-31 1.50
2016-12-31 1.46
2016-09-30 2.05
2016-06-30 1.55
2016-03-31 1.67

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Deutsche Pfandbriefbank is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Deutsche Pfandbriefbank's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Deutsche Pfandbriefbank has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

PBB Past Performance

  How has Deutsche Pfandbriefbank performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Deutsche Pfandbriefbank's growth in the last year to its industry (Mortgage).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Deutsche Pfandbriefbank's year on year earnings growth rate has been positive over the past 5 years.
  • Deutsche Pfandbriefbank's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Deutsche Pfandbriefbank's 1-year earnings growth is negative, it can't be compared to the Europe Mortgage industry average.
Earnings and Revenue History
Deutsche Pfandbriefbank's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Deutsche Pfandbriefbank Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

XTRA:PBB Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 457.00 167.00 207.00
2018-09-30 426.00 194.00 203.00
2018-06-30 422.00 194.00 206.00
2018-03-31 411.00 183.00 207.00
2018-01-01 443.00 182.00 213.00
2017-09-30 319.00 136.00 195.00
2017-06-30 435.00 216.00 197.00
2017-03-31 409.00 201.00 193.00
2016-12-31 375.00 197.00 190.00
2016-09-30 482.00 276.00 204.00
2016-06-30 375.00 208.00 203.00
2016-03-31 394.00 225.00 204.00
2015-12-31 401.00 230.00 207.00
2015-09-30 299.00 37.00 222.00
2015-06-30 311.00 18.00 221.00
2015-03-31 301.50 6.00 237.00
2014-12-31 305.00 4.00 251.00
2014-09-30 434.50 167.50 257.00
2014-06-30 442.00 193.00 280.00
2014-03-31 428.00 176.50 296.00
2013-12-31 414.00 160.00 312.00
2013-09-30 431.00 117.50 310.00
2013-06-30 430.00 75.00 321.00
2013-03-31 450.50 72.00 325.00
2012-12-31 471.00 69.00 329.00
2012-09-30 464.50 72.00 344.00
2012-06-30 458.00 75.00 347.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Deutsche Pfandbriefbank has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Deutsche Pfandbriefbank used its assets less efficiently than the Europe Mortgage industry average last year based on Return on Assets.
  • Unable to establish if Deutsche Pfandbriefbank improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess Deutsche Pfandbriefbank's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Mortgage industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Deutsche Pfandbriefbank has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

PBB Health

 How is Deutsche Pfandbriefbank's financial position? (This company is analysed differently as a bank or financial institution)

This company is a bank or financial institution.

Fundamentally a bank's business is based upon borrowing and lending money, for this reason they typically have high levels of debt and we analyse them differently.
Net Worth
Balance sheet
This treemap shows a more detailed breakdown of Deutsche Pfandbriefbank's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Deutsche Pfandbriefbank Company Filings, last reported 3 months ago.

XTRA:PBB Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 3,257.00 29,255.00 5,852.00
2018-09-30 3,223.00 29,500.00 7,634.00
2018-06-30 3,195.00 29,293.00 7,551.00
2018-03-31 2,996.00 28,710.00 7,038.00
2018-01-01 2,967.00 28,520.00 6,594.00
2017-09-30 2,782.00 46,289.00 1,235.00
2017-06-30 2,740.00 48,618.00 5,885.00
2017-03-31 2,810.00 48,621.00 1,575.00
2016-12-31 2,814.00 49,521.00 4,583.00
2016-09-30 2,799.00 51,394.00 2,218.00
2016-06-30 2,687.00 53,487.00 8,065.00
2016-03-31 2,754.00 54,200.00 2,575.00
2015-12-31 2,746.00 52,749.00 6,561.00
2015-09-30 2,638.00 53,313.00 7,420.00
2015-06-30 3,566.00 54,891.00 8,729.00
2015-03-31 3,512.00 60,336.00 8,465.00
2014-12-31 3,512.00 60,336.00 8,465.00
2014-09-30
2014-06-30 3,587.00 60,721.00 7,622.00
2014-03-31 3,587.00 60,721.00 7,622.00
2013-12-31 3,485.00 58,631.00 6,243.00
2013-09-30 3,480.00 57,916.00 6,243.00
2013-06-30 3,333.00 59,956.00 8,683.00
2013-03-31 3,333.00 59,956.00 8,683.00
2012-12-31 3,283.00 71,762.00 10,146.00
2012-09-30 3,329.00 71,762.00 10,146.00
2012-06-30 3,165.00 75,605.00 11,635.00
BANK ANALYSIS

This company is a bank or financial institution, which is analysed accordingly below.

Below we check the amount of loans the bank has, how many of those are bad, and its ability to cover any bad loans.
  • Deutsche Pfandbriefbank has an acceptable proportion of non-loan assets held.
  • Deutsche Pfandbriefbank's liabilities are made up of primarily higher risk sources of funding.
  • Deutsche Pfandbriefbank has advanced significantly more loans than the customer deposits it holds (i.e. bank has borrowed additional funds to lend).
  • Deutsche Pfandbriefbank's level of assets compared to its equity is moderate (i.e. an appropriate level of borrowing to fund lending).
  • Deutsche Pfandbriefbank has a low allowance for bad loans.
  • Deutsche Pfandbriefbank has an acceptable level of bad loans (less than 2%).
X
Financial health checks
We assess Deutsche Pfandbriefbank's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Deutsche Pfandbriefbank has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

PBB Dividends

 What is Deutsche Pfandbriefbank's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
8.12%
Current annual income from Deutsche Pfandbriefbank dividends. Estimated to be 6.73% next year.
If you bought €2,000 of Deutsche Pfandbriefbank shares you are expected to receive €162 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Deutsche Pfandbriefbank's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.44%).
  • Deutsche Pfandbriefbank's dividend is above the markets top 25% of dividend payers in Germany (3.74%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
XTRA:PBB Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
Europe Mortgage Industry Average Dividend Yield Market Cap Weighted Average of 13 Stocks 5.2%
Germany Market Average Dividend Yield Market Cap Weighted Average of 324 Stocks 3%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.9%
Germany Bottom 25% Dividend Yield 25th Percentile 1.4%
Germany Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

XTRA:PBB Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.80 5.00
2020-12-31 0.83 9.00
2019-12-31 0.84 9.00
XTRA:PBB Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-03-26 1.000 8.918
2019-02-28 1.000 9.203
2018-03-27 1.070 9.129
2018-03-07 1.070 8.148
2017-03-28 1.050 8.443
2017-03-08 1.050 9.438
2016-03-18 0.430 4.710
2016-03-02 0.430 4.602

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Deutsche Pfandbriefbank has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Deutsche Pfandbriefbank only paid a dividend in the past 3 years.
Current Payout to shareholders
What portion of Deutsche Pfandbriefbank's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.3x coverage).
X
Income/ dividend checks
We assess Deutsche Pfandbriefbank's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Deutsche Pfandbriefbank afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Deutsche Pfandbriefbank has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

PBB Management

 What is the CEO of Deutsche Pfandbriefbank's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Andreas Arndt
COMPENSATION €1,444,000
AGE 60
TENURE AS CEO 4.5 years
CEO Bio

Mr. Andreas Arndt has been the Chief Executive Officer and Chairman of Management Board at Deutsche Pfandbriefbank AG since May 12, 2016 and has been its Chief Financial Officer since October 2014. Mr. Arndt served as the Co-Chairman of the Management Board at Deutsche Pfandbriefbank AG since October 1, 2014 until May 12, 2016 and also its Co-Chief Executive Officer until May 12, 2016. He served as Co-Chief Executive Officer of Hypo Real Estate Holding AG since October 1, 2014 and its Member of the Management Board since April 2014. He served as the Chief Financial Officer of Hypo Real Estate Holding AG from April 2014 to March 2015 and served as its Co-Chairman of the Management Board from October 2014 to March 2015. He served as a Member of the Management Board at Hypo Real Estate Holding AG from April 2014 to September 2014. He served as Member of the Managing Board of NAVENSIS Zahlungsverkehrsabwicklungs GmbH. He served as Senior Advisor of Roland Berger Strategy Consultants, Munich from January 2010 to September 2010. From 1994 to 2009, he was employed at Deutsche Bank Group. He served as Member of the Management Board and Chief Financial Officer at BAWAG P.S.K. from October 1, 2010 to February 2014. He spent many years in managerial positions in the Deutsche Bank group, including a tenure on the board of Deutsche Bank Privatund Geschäftskunden AG. Mr. Arndt served as Member of Supervisory Board at Aragon Aktiengesellschaft from June 2, 2008 to October 10, 2008. He served as a Member of the Management Board and Chief Financial Officer of Deutsche Pfandbriefbank AG, from April 2014 to September 2014. He served as a Member of the Management Board and Chief Financial Officer of BAWAG P.S.K AG, Vienna from October 2010 to February 2014. He was a Member of the Management Board at Deutsche Bank Privat- und Geschäftskunden AG, Frankfurt (100% Subsidiary Deutsche Bank AG) from September 2002 to December 2009. He served as Managing Director und Chief Operating Officer at Deutsche Bank AG, Frankfurt Corporate & Real Estate in Deutschland from April 1999 to August 2002. He served as Regional Head MidCap Corporates Asia Pacific at Deutsche Bank AG Asia Pacific, Singapore from October 1997 to April 1999. He served as Deputy General Manager responsible for Corporate Banking, Trade Finance, Controlling and Finance at Deutsche Bank AG Asia Pacific, Bangkok from May 1995 to September 1997. He was Department Head Corporate Clients at Deutsche Bank AG, Brunswick from January 1994 to April 1995. He served as Managing Director of George Werkzeuge und Werkzeugmaschinen, Hildesheim/Magdeburg from January 1990 to December 1993. He worked at Deutsche Bank AG, Hamburg from 1985 to 1990. Mr. Arndt served as Deputy Branch Manager of Altona at Deutsche Bank AG from March 1988 to December 1989 and also served as Management Trainee, then interim Branch Manager Cuxhaven from August 1985 to February 1988.

CEO Compensation
  • Andreas's compensation has been consistent with company performance over the past year.
  • Andreas's remuneration is about average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Deutsche Pfandbriefbank management team in years:

4.8
Average Tenure
50
Average Age
  • The tenure for the Deutsche Pfandbriefbank management team is about average.
Management Team

Andreas Arndt

TITLE
Chairman of Management Board
COMPENSATION
€1M
AGE
60
TENURE
4.5 yrs

Thomas Köntgen

TITLE
Dep. Chairman of Mgmt. Board and Dep. CEO of Real Estate Finance & Public Investment Finance
COMPENSATION
€1M
AGE
51

Andreas Schenk

TITLE
Chief Risk Officer & Member of Management Board
COMPENSATION
€1M
AGE
47
TENURE
5.1 yrs

Marcus Schulte

TITLE
Treasurer & Member of Management Board
AGE
49
TENURE
0.3 yrs

Michael Heuber

TITLE
Head of Investor Relations / Rating Agency Relations

Walter Allwicher

TITLE
Head of Communications
TENURE
9.7 yrs

Gehard Meitinger

TITLE
Head of Real Estate Finance Germany
Board of Directors Tenure

Average tenure and age of the Deutsche Pfandbriefbank board of directors in years:

4.7
Average Tenure
58
Average Age
  • The tenure for the Deutsche Pfandbriefbank board of directors is about average.
Board of Directors

Günther Bräunig

TITLE
Supervisory Board Chairman
COMPENSATION
€167K
AGE
63
TENURE
4.7 yrs

Dagmar Kollmann

TITLE
Supervisory Board Deputy Chairman
COMPENSATION
€120K
AGE
54
TENURE
9.7 yrs

Joachim Plesser

TITLE
Supervisory Board Member
COMPENSATION
€95K
AGE
71
TENURE
4.7 yrs

Georg Kordick

TITLE
Employee Representative Supervisory Board Member
COMPENSATION
€39K
AGE
58
TENURE
9.8 yrs

Heike Theißing

TITLE
Employee Representative Supervisory Board Member
COMPENSATION
€54K
AGE
58
TENURE
7.8 yrs

Christian Gebauer-Rochholz

TITLE
Employee Representative Supervisory Board Member
COMPENSATION
€39K
AGE
53
TENURE
6.4 yrs

Thomas Duhnkrack

TITLE
Supervisory Board Member
COMPENSATION
€54K
AGE
64
TENURE
3.8 yrs

Oliver Puhl

TITLE
Supervisory Board Member
COMPENSATION
€53K
AGE
54
TENURE
2.9 yrs

Jutta. Dönges

TITLE
Supervisory Board Member
COMPENSATION
€36K
AGE
45
TENURE
0.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Deutsche Pfandbriefbank's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Deutsche Pfandbriefbank has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

PBB News

Simply Wall St News

Introducing Deutsche Pfandbriefbank (ETR:PBB), A Stock That Climbed 21% In The Last Three Years

For example, the Deutsche Pfandbriefbank AG (ETR:PBB) share price is up 21% in the last three years, clearly besting than the market return of around 8.5% (not including dividends). … One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement. … During the three years of share price growth, Deutsche Pfandbriefbank actually saw its earnings per share (EPS) drop 10% per year.

Simply Wall St -

What Kind Of Shareholder Owns Most Deutsche Pfandbriefbank AG (ETR:PBB) Stock?

A look at the shareholders of Deutsche Pfandbriefbank AG (ETR:PBB) can tell us which group is most powerful. … Institutions will often hold stock in bigger companies, and we expect to see insiders owning a noticeable percentage of the smaller ones. … Deutsche Pfandbriefbank has a market capitalization of €1.5b, so we would expect some institutional investors to have noticed the stock.

Simply Wall St -

One Thing To Remember About The Deutsche Pfandbriefbank AG (ETR:PBB) Share Price

If you're interested in Deutsche Pfandbriefbank AG (ETR:PBB), then you might want to consider its beta (a measure of share price volatility) in order to understand how the stock could impact your portfolio. … Beta is a widely used metric to measure a stock's exposure to market risk (volatility). … A stock with a beta below one is either less volatile than the market, or more volatile but not corellated with the overall market.

Simply Wall St -

What Did Deutsche Pfandbriefbank AG's (ETR:PBB) CEO Take Home Last Year?

This report will, first, examine the CEO compensation levels in comparison to CEO compensation at companies of similar size. … How Does Andreas Arndt's Compensation Compare With Similar Sized Companies. … Our data indicates that Deutsche Pfandbriefbank AG is worth €1.4b, and total annual CEO compensation is €1.5m.

Simply Wall St -

Is Deutsche Pfandbriefbank AG (ETR:PBB) A Smart Choice For Dividend Investors?

Deutsche Pfandbriefbank AG (ETR:PBB) has recently paid dividends to shareholders, and currently yields 9.1%. … Does Deutsche Pfandbriefbank tick all the boxes of a great dividend stock? … See our latest analysis for Deutsche Pfandbriefbank

Simply Wall St -

Does The Deutsche Pfandbriefbank AG (ETR:PBB) Share Price Fall With The Market?

Modern finance theory considers volatility to be a measure of risk, and there are two main types of price volatility. … Beta is a widely used metric to measure a stock's exposure to market risk (volatility). … Before we go on, it's worth noting that Warren Buffett pointed out in his 2014 letter to shareholders that 'volatility is far from synonymous with risk.' Having said that, beta can still be rather useful.

Simply Wall St -

Will Deutsche Pfandbriefbank AG (ETR:PBB) Continue To Underperform Its Industry?

Deutsche Pfandbriefbank AG (ETR:PBB) delivered an ROE of 6.14% over the past 12 months, which is relatively in-line with its industry average of 7.58% during the same period. … Today I will look at how components such as financial leverage can influence ROE which may impact the sustainability of PBB's returns … View our latest analysis for Deutsche Pfandbriefbank

Simply Wall St -

Does Deutsche Pfandbriefbank AG's (ETR:PBB) PE Ratio Warrant A Buy?

Deutsche Pfandbriefbank AG (ETR:PBB) trades with a trailing P/E of 9.8x, which is lower than the industry average of 14.7x. … While PBB might seem like an attractive stock to buy, it is important to understand the assumptions behind the P/E ratio before you make any investment decisions. … I will explain what the P/E ratio is as well as what you should look out for when using it

Simply Wall St -

Does Deutsche Pfandbriefbank AG (ETR:PBB) Have A Place In Your Portfolio?

A large part of investment returns can be generated by dividend-paying stock given their role in compounding returns over time. … Over the past 2 years, Deutsche Pfandbriefbank AG (ETR:PBB) has returned an average of 7.00% per year to shareholders in terms of dividend yield. … Let's take a look at Deutsche Pfandbriefbank in more detail.

Simply Wall St -

What Is Deutsche Pfandbriefbank AG's (ETR:PBB) Share Price Doing?

received a lot of attention from a substantial price movement on the XTRA over the last few months, increasing to €13.88 at one point, and dropping to the lows of €12.17. … A question to answer is whether Deutsche Pfandbriefbank's current trading price of €12.17 reflective of the actual value of the? … Let’s take a look at Deutsche Pfandbriefbank’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change

Simply Wall St -

PBB Company Info

Description

Deutsche Pfandbriefbank AG, a specialist bank, provides real estate and public investment finance in Europe and the United States. Its real estate financing activities include a range of 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 office buildings, retail properties, residential buildings, and logistics properties targeting real estate companies, institutional investors, and real estate funds. 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. The company’s lending products include investment loans and export finance, as well as PPP-lending for public goods investments and infrastructure comprising project finance. In addition, the company provides advisory services. It has offices in four locations within 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. The company is headquartered in Unterschleissheim, Germany.

Details
Name: Deutsche Pfandbriefbank AG
PBB
Exchange: XTRA
Founded:
€1,655,391,041
134,475,308
Website: http://www.pfandbriefbank.com
Address: Deutsche Pfandbriefbank AG
Freisinger Strasse 5,
Unterschleissheim,
Bavaria, 85716,
Germany
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
XTRA PBB Ordinary Shares XETRA Trading Platform DE EUR 02. Jan 1992
OTCPK PBBG.F Ordinary Shares Pink Sheets LLC US USD 02. Jan 1992
DB PBB Ordinary Shares Deutsche Boerse AG DE EUR 02. Jan 1992
LSE 0R9K Ordinary Shares London Stock Exchange GB EUR 02. Jan 1992
SWX PBB Ordinary Shares SIX Swiss Exchange CH CHF 02. Jan 1992
WBAG PBB Ordinary Shares Wiener Boerse AG AT EUR 02. Jan 1992
Number of employees
Current staff
Staff numbers
726
Deutsche Pfandbriefbank employees.
Industry
Thrifts and Mortgage Finance
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/18 22:20
End of day share price update: 2019/04/18 00:00
Last estimates confirmation: 2019/04/01
Last earnings filing: 2019/03/26
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.