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
With its FY21 results, mobility insurer Bovemij, in which PB Holding holds a 5.1% stake (its main asset), announced the intention to buy back part of its certificates. The implied value of the offer of €3.46 per PB Holding share is lower then the reported book value of €3.56 on 12 May. The buyback is now completed and PB Holding has not offered its shares. We believe that PB Holding could be valued at up to €5.16 per share based on peer valuations. In light of the changed profile we have suspended our forecasts for PB Holding.
Y/E Dec |
Revenue (€m) |
EBITDA (€m) |
PBT (€m) |
EPS (c) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2020A | N/A | N/A | N/A | N/A | N/A | N/A |
| 2021A | 0.0 | 0.0 | 1.4 | (412.00) | N/A | 0.4 |
| 2022E | N/A | N/A | N/A | N/A | N/A | N/A |
| 2023E | 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. In 2021, Bovemij reported a net profit of €46.6m.
Last updated on 17/08/2022Content on PB Holding
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Key management |
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| Henk van der Kwast | CEO |