werkplaats-stern-11

PB Holding

AS: PBH

Market Cap€19m

Last Close €3.2

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.

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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 24/05/2022
Content on PB Holding
PB Holding – The value of PB Holding
Industrials | research Update | 23 March 2022
werkplaats-stern-11
Stern Groep – Hedin to acquire Stern’s activities ex Bovemij
Industrials | research Flash note | 14 December 2021
werkplaats-stern-11
Stern Groep – A very profitable year
Industrials | research Update | 16 November 2021
werkplaats-stern-11
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Share price graph
Balance sheet
Forecast net debt (€m) N/A
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (7.5) 9.8 38.3
Relative* (2.4) 14.4 44.5
52-week high/low €3.7/€2.3
*% relative to local index
Key management
Henk van der Kwast CEO