Deutsche Pfandbriefbank AG

PBB.DE

Banks · Financial Services

Price

€3.21

-0.15 (-4.46%)

Market Cap

€432.2M

Exchange

Frankfurt Stock Exchange

Winston Score

–

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Winston Score History

The full picture

Deutsche Pfandbriefbank AG, known as pbb, is a German bank that specializes in lending money for large commercial real estate projects and public investment financing. Its main customers are property developers, real estate investors, and government-related borrowers across Europe. The bank is one of Germany's leading issuers of Pfandbriefe, which are a type of highly regulated, secured bond that has existed in Germany for over 200 years.

pbb makes money primarily by charging interest on the loans it provides, funded largely by issuing Pfandbriefe bonds to investors. It operates mainly in Germany and other European markets, with a balance sheet of roughly €30 billion in assets. The bank's main competitive advantage is its specialization and its license to issue Pfandbriefe, which are considered very safe instruments. However, the negative operating margin reflects serious pressure from rising loan losses, particularly tied to struggling commercial real estate markets in Europe and the United States, which remains the central risk the bank must navigate.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+960.7% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+100.8% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

€0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

0.0%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Position

Cash flow positive

€38.8B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Deutsche Pfandbriefbank AG grew revenue 961% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 134.5M (2021) → 134.5M (2025)

Score breakdown

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Bank Quality

Not applicable for this business.

Growth

Sales growth

Sales YoY

>+1,000%

Fast-growing sales (>+1,000% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Capital Strength

Not applicable for this business.

Asset Quality

Not applicable for this business.

Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

4.67%

Healthy income — 4.67% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

-36.6%

Dividend cut (-36.6% YoY) — warning sign

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