After the sale of Stern’s operational activities to Hedin, PB Holding only holds a 5.1% stake in insurance company Bovemij, a loss compensation and €1.8m cash.
More PB Holding content >Investment summary
After the sale of Stern’s operational activities to Hedin and the payment of the €14.50/share super dividend, Stern has been renamed PB Holding. Strategic options for the remaining 5.1% stake in car insurance company Bovemij will be assessed. The stake has a book value of €3.43 per share and might be valued up to €5.16 per PB Holding share based on peer valuations. In light of the transaction, we have suspended our forecasts.
Y/E Dec |
Revenue (€m) |
EBITDA (€m) |
PBT (€m) |
EPS (c) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2019A | 876.8 | 26.4 | (1.4) | 29.13 | 11.0 | 1.5 |
| 2020A | 751.1 | 27.8 | 0.8 | (85.41) | N/A | N/A |
| 2021E | N/A | N/A | N/A | N/A | N/A | N/A |
| 2022E | N/A | N/A | N/A | N/A | N/A | N/A |
Industry outlook
Bovemij is an insurance company for the Dutch mobility sector where a company can arrange car insurance for itself, its employees or its clients. In addition, Bovemij operates a smaller financing division, a data division and the IT services company RDC. Company revenues have been around €350m in the last few years and net profit varied between €4.6m in 2018 to €48.8m in 2020. For 2021 a very strong result is expected after €31.7m net profit in H121.
Last updated on 24/05/2022Content on PB Holding
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Key management |
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| Henk van der Kwast | CEO |