Deutsche Pfandbriefbank AG (PBB.DE) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-3504.2%

-€94.57

vs €2.78 price

Levered DCF

-€135.96

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

-0.08

Distress zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-1.83×	9.98×	11.92×	5.72×	6.69×	11.43×	12.13×	7×
P/B	0.2×	0.19×	0.24×	0.29×	0.45×	0.39×	0.67×	0.39×
P/S	0.25×	1.72×	2.09×	0.6×	0.89×	0.74×	1.07×	0.62×
EV / EBITDA	-79.88×	161.68×	233.68×	127.72×	104.02×	154.39×	0×	0×
Gross margin	1.2%	100.0%	100.0%	29.7%	32.1%	100.0%	100.0%	24.4%
Operating margin	-11.1%	29.7%	31.5%	13.2%	15.5%	9.4%	11.7%	12.0%
Net margin	-12.6%	24.1%	23.3%	11.5%	14.4%	7.6%	8.9%	8.9%
Current ratio	0.28×	0.1×	151.56×	0.11×	1.23×	1.33×	0.19×	0.2×
Debt / equity	6.87×	6.31×	8.14×	8.79×	10.52×	10.11×	8.87×	8.82×
Interest coverage	-0.14×	0.04×	0.05×	0.19×	0.25×	0.14×	0.16×	0.16×
Dividend yield	3.5%	0.0%	15.7%	16.3%	5.5%	0.0%	6.8%	12.3%
Payout ratio	-7.0%	0.0%	140.7%	84.6%	34.1%	0.0%	82.7%	86.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-10.1%	2.6%	2.7%	5.5%	7.3%	4.0%	5.5%	5.6%
Return on invested capital	-0.6%	0.3%	0.2%	0.4%	0.4%	0.2%	0.3%	0.3%
Return on assets	-0.7%	0.2%	0.2%	0.4%	0.4%	0.2%	0.3%	0.3%
Free cash flow yield	-24.7%	-344.5%	48.7%	-3.3%	15.0%	-21.7%	18.5%	17.0%
Earnings yield	-50.0%	14.0%	11.1%	19.2%	16.1%	10.2%	8.3%	14.3%
Enterprise value	€18.3B	€20.2B	€25.5B	€30B	€27.7B	€26.1B	€29.2B	€28.7B
Net debt / EBITDA	-77.41×	156.53×	226.18×	123.56×	98.67×	147.39×	0×	0×
Cash conversion cycle (days)	3	0	0	0	-11	0	0	-8