werkplaats-stern-11

PB Holding

AS: PBH

Market Cap€18m

Last Close €3.03

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

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 17/08/2022
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 (5.6) (10.4) 28.6
Relative* (11.2) (16.7) 38.4
52-week high/low €3.7/€2.3
*% relative to local index
Key management
Henk van der Kwast CEO