PB Holding (AMS: PBH)

Last close As at 22/05/2024

EUR2.96

−0.04 (−1.33%)

Market capitalisation

EUR18m

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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Industrials | Flash note

PB Holding — Net loss of €2.6m in FY23

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

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Sector

Industrials

Equity 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 0.0 2.1 (2.6)
Relative (4.8) (3.9) (17.9)
52 week high/low €3.2/€2.7

Financials

PB Holding reported FY23 results on 26 April. The company’s most important asset, the 5.3% stake in insurer for the mobility sector Bovemij, reported its FY23 results in March. Dividends from this participation are the main source of liquidity and income for PB Holding. In FY23, Bovemij paid an anniversary dividend amounting to €0.3m (FY22: €0.5m) for PB Holding. PB Holding wants to have enough liquidity to cover at least two years of its expenses (approximately €0.25m per year), which we believe is prudent. The FY23 net cash position of €0.6m could cover two to three years without dividend income at current burn rates. At the end of FY23, PB Holding’s book value was €3.17 per share (FY22: €3.61), of which the impaired stake in Bovemij of €2.99 (FY22: €3.34) is by far the largest part.

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 1233.3 N/A
2022A 0.0 0.6 0.6 0.11 2690.9 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

Research

Flash note

Financials

PB Holding — Bovemij reports H123 results

Flash note

Financials

PB Holding — Net income of €0.6m in FY22

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Flash note

Financials

PB Holding — Bovemij reports a loss in 2022

Flash note

Industrials

PB Holding — Bovemij reports a loss in H122

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Update

Industrials

PB Holding — The value of PB Holding

Update

Industrials

Stern Groep — A very profitable year

Update

Industrials

Stern Groep — A strong H1, more emphasis on used/rental

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