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Deutsche Pfandbriefbank AG (PBB) fair value: what the stock is really worth

As of Sep 25, 2026: fair value of Deutsche Pfandbriefbank AG €2.10, price €3.15, upside -33.3%, quality 35 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Financial Services · DE · ISIN DE0008019001

DP Thin data Sep 27, 2026

Deutsche Pfandbriefbank AG

PBB · XETRA

Weak valuationQuality is weak on top of the rich price.

!Fair value €2.10 · Overvalued (−33.3%)
!Quality 35/100
!Mixed Growth (revenue 5y +7.2 %/yr)
!Loss-making · -12.6% net margin (FY2025)
!High debt · negative free cash flow
!Trails peers (1/10)
!Narrow moat 23/100
!Evidence only low, so the estimate is less certain
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

€8.22 €2.76 Fair Value €2.10 Jul 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.

How to read this chart

60‑month range €2.76 – €8.22 · fair‑value band €1.16 – €2.90 · the €3.15 price screens above the €2.10 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 27, 2026.

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Company profile

Deutsche Pfandbriefbank AG provides commercial real estate and public investment finance. It operates through Real Estate Finance and Non-Core segments.

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Deutsche Pfandbriefbank AG provides commercial real estate and public investment finance. It operates through Real Estate Finance and Non-Core segments. The Real Estate Finance segment provides financing for professional property investors, which includes national and international property companies, institutional investors, property funds, and medium-sized companies, as well as regionally oriented customers to finance properties comprising office buildings, residential properties, retail and logistics properties, and business hotels. The Non-Core segment offers financing eligible for Pfandbrief cover for the provision and improvement of public infrastructure and non-earmarked financing to the public sector. It operates in Germany, France, Austria, the United States, Poland, Other Europe, the United Kingdom, Spain, Sweden, Finland, Italy, Czech Republic, Portugal, Hungary, and internationally. Deutsche Pfandbriefbank AG was incorporated in 1997 and is headquartered in Garching bei Munchen, Germany.

Stock analysis

Deutsche Pfandbriefbank AG (PBB) currently trades at €3.15, while our model-based Fair Value estimate is €2.10, implying the stock looks roughly 49.9% overvalued today.

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Valuation

Bull case: the Asset-Based group reads highest at a median of €13.98 per share, and 1 of the 3 models we run sit above the €3.15 price.

Bear case: the Dividend Discount group reads lowest at €1.90, and 2 of the 3 models stay below the price. Evidence for this calculation is low.

Scenario range: €1.16 (bear) to €2.90 (bull), the price of €3.15 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 35/100 (below-average quality), in the Financial Services sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

Deutsche Pfandbriefbank AG reported revenue of €2.3B in FY2025 versus €1.6B in FY2021, a compound +9.1%/yr. Reported net income was −€284M in FY2025.

Key figures

Market cap €466M · EPS (TTM) €−2.44 · Dividend yield 4.3% · Net margin −12.6% · Return on equity −9.3% · Return on assets (EBIT) 0.1% · Operating margin 8.0% · Revenue (TTM) −€5.0M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 39 out of 100 (low confidence).

What moves the price

The share trades about 39% below its 52-week high and 14% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at 22% fair-value upside, at −33%, PBB screens richer than that median.

Fair Value models

Bear €1.16 Fair Value €2.10 Bull €2.90
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
Gordon GGM €1.16 €2.08 €2.87 68
DDM Multi-Stage €1.16 €1.90 €2.22 67
NCAV (Graham) €10.43 €13.98 €20.87 54
All 3 models by family
Dividend Discount
Gordon GGM €1.16 €2.08 €2.87 68
DDM Multi-Stage €1.16 €1.90 €2.22 67
Asset-Based
NCAV (Graham) €10.43 €13.98 €20.87 54

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Quality Score breakdown

Overall quality 35/100

Of which business quality 31 · Market factors (momentum, volatility) 32

Profitability 4
Margins and returns on capital today
Quality Growth 43
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 13
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 53
Calm price path (market factor)
Momentum 33
Price trend over the last 3–12 months (market factor)
52W Momentum 8
Distance to the 52-week high (market factor)
Net Issuance 82
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 19/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+501.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.1%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.2%
Start year 2020 (pandemic). Over 10 years: +16.1% a year
Revenue growth 16 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.2%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
9.4% (2020) → −11.1% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

PBB screens 50% overvalued. Compare with Federal Home Loan Mortgage Corporation →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Mortgage Finance · 92 stocks

Beats the industry median on 1/9 measures
Overall it trails its industry peers.
Valuation
Quality Score 37 · Bottom 25%
Fair Value upside −33.3% · Below median
Profitability
Return on assets −0.7% · Bottom 25%
Net margin (TTM) −12.6% · Bottom 25%
Operating margin (TTM) 8.0% · Bottom 25%
Growth and dividend
Revenue growth −18.5% · Bottom 25%
Dividend yield (TTM) 4.3% · Below median
Balance sheet
Debt / equity 4.65× · Highest 25%

Valuation Multiplesvs Mortgage Finance median · lower = cheaper

P/B 0.19× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 0
FUTURE (revenue growth)0 · sector 100
PAST (return on equity)0 · sector 39
HEALTH (low debt)0 · sector 25
DIVIDEND (yield)86 · sector 100

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Mortgage Finance stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Federal Home Loan Mortgage Corporation FMCCT $12.00 $24.00 +100%
Rocket Companies, Inc RKT $12.17 $2.81 −77%
Federal National Mortgage Association FNMAS $8.40 $2.00 −76%
Bajaj Housing Finance Limited BAJAJHFL ₹83.14 ₹25.20 −70%
PennyMac Financial Services, Inc PFSI $65.46 $125.45 +92%
UWM Holdings UWMC $1.22 $0.2100 −83%
LIC Housing Finance Limited LICHSGFIN ₹566.00 ₹1,132 +100%
PNB Housing Finance Limited PNBHOUSING ₹1,095 ₹1,330 +22%
Aadhar Housing Finance Limited AADHARHFC ₹444.50 ₹584.64 +32%
Walker & Dunlop, Inc WD $37.98 $32.25 −15%

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€2.10 −50%Fair Value
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Cite: Fair Value Calculator (2026). "Deutsche Pfandbriefbank AG Fair Value". https://www.fairvalue-calculator.com/stock/PBB

Frequently asked questions

Is Deutsche Pfandbriefbank AG (PBB) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of €2.10 versus a price of €3.15, about −33% upside (overvalued).
What is the fair value of PBB?
Our model-based fair value for Deutsche Pfandbriefbank AG is €2.10 (as of Sep 27, 2026), built from audited fundamentals. The current price: €3.15.
What is the quality score of PBB?
Deutsche Pfandbriefbank AG has a Quality Score of 35/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Deutsche Pfandbriefbank AG (PBB)?
Our model-based price target is the fair value of €2.10 (as of Sep 27, 2026) from 3 valuation models. Cautious scenario €1.16, optimistic scenario €2.90. It is a calculation from audited fundamentals, not an analyst target.
What is the Deutsche Pfandbriefbank AG stock forecast for 2026?
Our models put fair value at €2.10, about −33% upside versus a price of €3.15 (overvalued). Cautious scenario €1.16, optimistic scenario €2.90. The calculation is refreshed regularly with new filings.
Does Deutsche Pfandbriefbank AG pay a dividend?
Deutsche Pfandbriefbank AG currently shows a dividend yield of about 4.29% relative to its recent price (as of Sep 27, 2026).
What is the intrinsic value of Deutsche Pfandbriefbank AG (PBB)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Deutsche Pfandbriefbank AG it is €2.10 per share (as of Sep 27, 2026), against a price of €3.15. It is the blended result of 3 valuation models (cash flow, earnings, asset, dividend).
Is Deutsche Pfandbriefbank AG stock overvalued or undervalued in 2026?
As of Sep 27, 2026, PBB trades above its calculated fair value: price €3.15, fair value €2.10, a gap of about −33% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of PBB?
No. The price is what the market pays today (€3.15); the fair value is what the company's own numbers justify (€2.10). For Deutsche Pfandbriefbank AG the two are €1.05 per share apart. That gap is exactly why we show both numbers side by side.
How much is Deutsche Pfandbriefbank AG worth?
The market values Deutsche Pfandbriefbank AG at about €466M (market capitalisation, as of Sep 27, 2026). Per share that is €3.15; our models calculate a fair value of €2.10 per share.
What do the bullish and bearish scenarios say about PBB?
Our models span a range for Deutsche Pfandbriefbank AG: cautious scenario €1.16, base €2.10, optimistic €2.90 per share (as of Sep 27, 2026, price €3.15). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Deutsche Pfandbriefbank AG (PBB)?
Balance-sheet figures for Deutsche Pfandbriefbank AG (as of Sep 27, 2026): return on equity −9.3%, debt of 4.65 per unit of equity. They feed the Quality Score of 35/100, which measures business quality independently of the share price.
How far is PBB from its 52-week high?
Deutsche Pfandbriefbank AG trades at €3.15, about 39% below its 52-week high of €5.14 and 14% above the low of €2.76 (as of Sep 25, 2026). Distance from the high says nothing about value: that is what the fair value of €2.10 is for.
Which stocks are comparable to Deutsche Pfandbriefbank AG?
From the same area (Financial Services) we also value Federal Home Loan Mortgage Corporation, Rocket Companies, Inc, Federal National Mortgage Association, Bajaj Housing Finance Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Deutsche Pfandbriefbank AG stock attractive at the current price?
The data as of Sep 27, 2026: price €3.15, calculated fair value €2.10 (−33%), Quality Score 35/100, from 3 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of PBB calculated?
We run Deutsche Pfandbriefbank AG through 3 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €2.10, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.9 % above its aggregate fair value. Deutsche Pfandbriefbank AG itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Deutsche Pfandbriefbank AG (PBB)?
The closing price on Sep 25, 2026 was €3.15. Our model-based fair value is €2.10, about −33% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Deutsche Pfandbriefbank AG right now?
The price sits above even our optimistic bull case (€2.90). The favourable scenario is already priced in. Weak quality (35/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (€1.16 to €2.90) leaves room in how you read the outcome.
Where does the earnings growth of Deutsche Pfandbriefbank AG (PBB) come from?
Earnings per share at Deutsche Pfandbriefbank AG grew −5.3 % a year from 2014 to 2025. Broken into its drivers: revenue per share −3.0 %, EBIT margin −25.5 %, tax rate +2.1 %, residual (interest, one-offs) +28.4 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of Deutsche Pfandbriefbank AG

How large is the market capitalisation of Deutsche Pfandbriefbank AG (PBB)?
The market capitalisation of Deutsche Pfandbriefbank AG is €466M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What are the earnings per share of Deutsche Pfandbriefbank AG (PBB)?
Earnings per share at Deutsche Pfandbriefbank AG are €−2.44. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Deutsche Pfandbriefbank AG (PBB)?
The dividend yield of Deutsche Pfandbriefbank AG is 4.3%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Deutsche Pfandbriefbank AG (PBB)?
The net margin of Deutsche Pfandbriefbank AG is −12.6% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Deutsche Pfandbriefbank AG (PBB)?
The return on equity (ROE) of Deutsche Pfandbriefbank AG is −9.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Deutsche Pfandbriefbank AG (PBB)?
On an EBIT basis the return on assets of Deutsche Pfandbriefbank AG is 0.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Deutsche Pfandbriefbank AG (PBB)?
The operating margin of Deutsche Pfandbriefbank AG is 8.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How much revenue does Deutsche Pfandbriefbank AG (PBB) generate?
Deutsche Pfandbriefbank AG generates revenue of −€5.0M (last twelve months). Revenue of the last twelve months (TTM), the most recent full year, not the calendar year.
How fast is revenue growing at Deutsche Pfandbriefbank AG (PBB)?
Revenue at Deutsche Pfandbriefbank AG is growing −18.5% versus a year earlier (3y avg +11.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Deutsche Pfandbriefbank AG (PBB)?
Earnings per share at Deutsche Pfandbriefbank AG are growing −66.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Deutsche Pfandbriefbank AG (PBB) generate?
The free cash flow of Deutsche Pfandbriefbank AG is −€140M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Deutsche Pfandbriefbank AG (PBB) carry?
The net debt of Deutsche Pfandbriefbank AG is €17.7B (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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