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%.
Financials |
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Financials |
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Financials |
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Financials |
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Henk van der Kwast
CEO
Forecast net debt (€m)
N/A
Forecast gearing ratio (%)
N/A
% | 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 |
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 |