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PB Holding (AMS: PBH)

Last close As at 02/05/2024

EUR2.78

▲ −0.10 (−3.47%)

Market capitalisation

EUR17m

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 €1.5m cash.

Bovemij is an insurance company for the Dutch mobility sector, where car dealers can arrange car insurance for themselves, their employees or their clients. In addition, Bovemij operates a smaller financing division, a data division and an IT services company, RDC. Bovemij’s revenues have been around €350m in the last few years. Almost 90% of its shares are in the hands of sector organisation Bovag, with PB Holding’s stake at 5.3%.

Latest Insights

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Financials | Flash note

PB Holding — Bovemij proposes to pay dividend for 2023

Financials | Flash note

PB Holding — H1 operational loss of €0.1m

Financials | Flash note

PB Holding — Bovemij reports H123 results

Financials | Flash note

PB Holding — Net income of €0.6m in FY22
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Sector

Industrials

Equity Analyst

Edwin de Jong

Edwin De Jong

Analyst

Key Management

  • Henk van der Kwast

    CEO

Balance Sheet

Forecast net debt (€m)

N/A

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (0.7) (6.7) (8.9)
Relative (0.4) (12.7) (22.8)
52 week high/low €3.2/€2.7

Financials

Bovemij, the insurance company in which PB Holding has a 5.3% stake, reported a net loss of €15.6m over FY23 (FY22: net loss €14m). The stake in the insurance company is PB Holding’s main asset, next to a small amount of cash and a tax asset. As Bovemij’s results are not consolidated, the result will not directly affect PB Holding’s FY23 results, which will be reported on 30 April. PB Holding’s stake in Bovemij had a book value of €3.38 per share in H123.

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2021A 0.0 1.4 1.4 0.24 1158.3 N/A
2022A 0.0 0.6 0.6 0.11 2527.3 N/A
2023E N/A N/A N/A N/A N/A N/A
2024E N/A N/A N/A N/A N/A N/A

Update

Industrials

Stern Groep — Opportunities opening up

Update

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Stern Groep — Riding pandemic waves

Update

Industrials

Stern Groep — Lower profitability in Q3

Initiation

Industrials

Stern Groep — Optionality in a perfect storm