PB Holding


Market Cap€16m

Last Close €2.65

After the sale of Stern’s operational activities to Hedin in H122, PB Holding only holds a 5.3% stake in the unlisted insurance company Bovemij, a loss compensation and €1.8m cash.

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Investment summary

PB Holding reported H122 results on 22 September. Driven by the €0.7m dividend paid out by Bovemij and an impairment of €0.5m, investment income came in at €0.2m. Net income was also €0.2m, with net cash of €1.6m. Bovemij is PB Holding’s only asset, next to a small cash position and a loss compensation. In a previous report we calculated that the stake could be valued at up to €5.16 per PB Holding share based on peer valuations. In light of the changed profile we have suspended our forecasts for PB Holding.

Y/E Dec
Revenue (€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 car dealer 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. Bovemij reported a net loss of €3.8m in H122 (H121: net profit €31.7m).

Last updated on 30/11/2022
Content on PB Holding
PB Holding – Bovemij reports a loss in H122
Industrials | research Flash note | 31 August 2022
PB Holding – The value of PB Holding
Industrials | research Update | 23 March 2022
Stern Groep – Hedin to acquire Stern’s activities ex Bovemij
Industrials | research Flash note | 14 December 2021
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Share price graph
Balance sheet
Forecast net debt (€m) N/A
Forecast gearing ratio (%) N/A
Price performance
Actual 9.1 (3.6) 13.7
Relative* 1.0 (9.5) 22.0
52-week high/low €3.7/€2.3
*% relative to local index
Key management
Henk van der Kwast CEO

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