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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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) |
EBITDA (€m) |
PBT (€m) |
EPS (c) |
P/E (x) |
P/CF (x) |
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| 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 30/11/2022Content on PB Holding
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Key management |
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| Henk van der Kwast | CEO |