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The value of PB Holding

PB Holding 23 March 2022 Update
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PB Holding

The value of PB Holding

Acquisition update

Automobiles & parts

23 March 2022

Price

€3.65

Market cap

€22m

Net debt (€m) at H121

92.8

Shares in issue

5.7m

Free float

29.5%

Code

PBH

Primary exchange

Euronext

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

23.4

23.1

76.0

Rel (local)

24.1

32.2

65.3

52-week high/low

€3.65

€2.01

Business description

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.

Next events

AGM and FY21 results

12 May 2022

Analyst

Edwin De Jong

+44 (0)20 3077 5700

PB Holding is a research client of Edison Investment Research Limited

Stern Groep’s shareholders have approved the sale of its operational activities to Hedin. After the sale and the payment of the €14.50/share super dividend, Stern has been renamed PB Holding and strategic options for the remaining 5.1% stake in car insurance company Bovemij will be assessed. The stake has a book value of €3.43 per share and might be valued up to €5.16 per PB Holding share based on peer valuations. In light of the transaction, we are suspending our forecasts.

Year end

Revenue (€m)

EBIT*
(€m)

EPS*
(€)

DPS
(€)

P/E
(x)

Yield
(%)

12/19

876.8

5.1

0.29

3.50

47.9

28.9

12/20

751.1

6.3

(0.85)

0.00

N/A

N/A

Note: *EBIT and EPS are normalised, excluding amortisation and exceptional items

Transaction with Hedin completed

Stern has sold its operational activities to Hedin for €83m and changed its name to PB Holding on 16 March. On 9 March Stern reported its FY21 results, which no longer have an impact on the investment case, with all operational activities sold.

Post-deal PB Holding

PB Holding shareholders of record at 23 March (ex-dividend date 22 March) will receive a cash payment of €14.50 per share on 29 March. PB Holding has a 5.1% stake in Bovemij, a tax loss compensation of around €4m and €1.8m in cash to run the operation as a listed entity. Stern estimates operating costs for the entity at ~€350,000 per year. Income for PB Holding will come from Bovemij dividends (targeting a 30% pay out of net profit), which were €0.10 per Stern share in FY20. Stern’s CEO and large shareholder (12.8%) Henk van der Kwast has become CEO of PB Holding and remains committed to realising the highest value for PB Holding shareholders from the Bovemij stake. The challenge will be to realise at least the book value of the stake of €3.43 per PB Holding share.

Valuation: An interesting case

The transaction results in an interesting valuation case. The value of PB Holding might be up to around €5.16 per share based on a peer multiple approach to Bovemij and the expected value of the listed entity. This value includes Bovemij’s FY21 dividend payment to PB Holding, which we estimate will be €0.13 per PB Holding share. The book value of €3.43 per share appears to be at the low end of the valuation range. Nevertheless, it is highly uncertain if, when and how the value in Bovemij can be realised, justifying a discount in our view. Ex the €14.50 per share dividend, PB Holding shares started to trade at €2 on 22 March.

Investment summary

Bovemij: Car insurance for dealerships

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. H121 was extremely strong with a net profit of €31.7m.

Exhibit 1: Bovemij financial summary

€m

2018

2019

2020

Change

H121

Year-end Dec.

(%)

Net insurance income

355.4

340.0

342.1

Other (investment income)

-0.1

10.5

4.5

Total revenues

355.3

350.4

346.5

Gross profit

210.9

174.9

Opex

104.8

97.9

Operational result

106.1

77.0

Net result

4.6

31.1

48.8

31.7

Per share (€)

0.45

3.06

4.80

Equity

172.2

199.0

221.3

242.0

Source: Bovemij published accounts

Bovemij is 82.5% owned by car dealer association BOVAG and 17.5% by 290 BOVAG network members united in a STAK structure (an asset administrator). The 17.5% stake was issued in 2010. Stern is the largest shareholder within the STAK, with 5.1%, or 515k certificates. Stern’s CEO, Henk van der Kwast, was the supervisory board chairman of Bovemij from 2001 to 2016.

The leadership recently changed at Bovemij. Former CEO René Leander stepped down in October 2021 and was succeeded in February 2022 by Hans Coffeng, who has experience in M&A transactions. This could indicate the direction BOVAG sees the company going.

As the largest shareholder, BOVAG has the final say in Bovemij’s future. However, BOVAG’s position is unclear. It is reasonable to assume that BOVAG’s members would encourage a distribution of the value of Bovemij to the association, as they would receive the proceeds. Bovemij itself has indicated it is working on a way to increase the liquidity of its 10.17m outstanding shares where there is currently only unregulated trading, which could imply a liquidity event like a sale or IPO.

Bovemij pays dividends (€11m in FY20, which at €1.08 per certificate represented a payout of 23%) and had an equity value of €242m at the end of H121 on its balance sheet. PB Holding believe a higher dividend could be paid, given the strong financial position and the policy to pay out 30% of net profit.

A valuation of Bovemij

We see a number of pricing points in the valuation of Bovemij:

The annual valuation by PWC, which was the basis for the book value on Stern’s balance sheet.

Unregulated trading in the certificate.

Peer valuation.

The PWC valuation

The book value, as recognised in Stern’s accounts of €19.4m (implying a company value of €473m) is calculated by PWC based on the average value of a dividend discount model and a peer valuation model based on the P/E ratio. A 20% discount is given for the lower liquidity of Bovemij shares in both models. PWC’s valuation reports on Bovemij are not public.

The dividend discount model is based on a standard equity ratio (standard not disclosed). Similar to the way Stern calculated its dividends, Bovemij applies standard equity ratios to its different insurance, financial services and internet activities. It then compares the standard equity value to the actual equity to determine the dividend that can be paid out. The peer group valuation is based on a group of comparable listed European insurers. Normalised net earnings of the prior, current and next years of the peer group are the basis for the calculation. The average multiples at which the peer group trades are multiplied by Bovemij’s normalised earnings (projections) and adjusted for the dividend that is paid out in the current year.

PWC’s most recent valuation (2020) implies a value of €47.28 per Bovemij certificate according to Stern’s annual report. The FY21 valuation of PWC will be disclosed at Bovemij’s 2021 AGM on 22 April. In May Bovemij will pay the FY21 dividend (not known; FY20 dividend €11.1m, or €1.09 per Bovemij certificate).

Unregulated trading

Bovemij certificates are illiquid and only occasionally traded on a private platform, www.captin.nl. The last traded prices were €20.1–25.99 per certificate. This year, only five certificates have changed hands, at €20.10 each.

Using the €20.10 price point, PB Holding’s 515k certificates shares would have an implied value of €10.4m, or €1.82 per Stern share, which is much lower than the book value. Given the very limited trading activity and number of trading members (trades are registered and only BOVAG members can be registered shareholders), in our opinion this is not an accurate estimate of the value of the stake.

A basic peer valuation

If we assume that Bovemij’s H2 net profit is in line with H1 (€31.7m), we arrive at a figure of €63.4m for Bovemij in 2021. Given the positive developments in the stock markets in H221 and the results of other insurers, this assumption does not seem unrealistic. If we multiply Bovemij’s net profit by the average multiple of European property and casualty peers of 8.7x (see Exhibit 2), on 2021 EPS, we arrive at an equity value of €552m. This reflects €54.24 per Bovemij certificate, or €4.92 per PB Holding share. Of course, a discount is required given Bovemij is much smaller and has limited activities compared to the peer group that we have used.

Exhibit 2: Peer table of European P&C insurers

P/E

2020 (x)

2021 (x)

Ageas

8.9

9.9

Allianz

11.1

9.3

ASR

8.5

8.0

Coface

15.2

7.2

Axa

9.9

9.2

Mean

10.7

8.7

Source: Refinitv. Note: Priced at 21 March 2022.

We realise that P/E is not the only metric that is important to assess the value of an insurer.

PB Holding believes the stake has a considerably higher value than reflected by the book value as determined by PWC. It intends to realise this value by attempting to remove the liquidity discount that PWC uses in its calculations, as we explain below.

Possible scenarios for the development of PB Holding

Stern identified the following scenarios for the development of PB Holding in a letter to shareholders dated 9 February:

BOVAG selling (part) of Bovemij in a transaction that also facilitates certificate holders to sell.

BOVAG buying out the certificate holders.

BOVAG and Bovemij setting up a financing structure (a bond, for instance) and buying out certificate holders.

Other scenarios could emerge and PB Holding intends to discuss options with Bovemij and BOVAG after closing the transaction with Hedin.

For PB Holding shareholders, all of the scenarios above lead to the same outcome. The Bovemij certificates will be sold, leaving PB Holding with some cash and a tax loss compensation. After this, the listing will probably be sold.

The other obvious option for PB Holding is that it stays listed and pays out the dividend it receives from Bovemij. In FY20 Bovemij paid a €0.561m dividend to Stern. This would translate into €0.10 per PB Holding share. At this point, there is no certainty which scenario will emerge.

Building the valuation case

For current PB Holding shareholders we believe two things are relevant.

The value of the Bovemij stake, which is complicated and speculative. From the valuation points discussed in the earlier paragraphs, the peer multiple approach might provide an optimistic scenario with a per share value of €4.92. We add the expected dividend of €0.13 per share over 2021 (based on a 30% payout) and arrive at value of €5.05 per PB Holding share for the Bovemij activities. In an M&A scenario, this value could be higher.

For the listing, remaining cash and the tax loss compensation, we estimate a value of approximate €0.6m. Listed entities without activities have been sold on Euronext Amsterdam for €0.2–0.9m in the past few years and we have taken the average. This equates to €0.11 per PB Holding share. We consider the cash of €1.8m as operational and do not include this in the valuation.

The value of PB Holding’s shares might be up to around €5.16 per share based on a peer multiple approach to Bovemij and the expected value of the listed entity. This includes an FY21 dividend that we estimate at €0.13 per PB Holding share, which would represent a yield of c 2.5%. The book value of €3.43 per share would be the low end of the valuation range. Nevertheless, it is uncertain if, when and how the value in Bovemij is going to be realised, which we feel justifies a discount.


Exhibit 3: Financial summary

€m

2018

2019

2020

Year end 31 December

IFRS

IFRS

IFRS

INCOME STATEMENT

Revenue

988.7

876.8

751.1

Cost of Sales

(812.3)

(719.8)

(614.2)

Gross Profit

176.4

157.0

136.9

EBITDA

6.1

26.4

27.8

Normalised operating profit

(1.7)

5.1

6.3

Amortisation of acquired intangibles

(0.1)

(0.1)

(0.1)

Exceptionals

0.2

0.0

(22.4)

Share-based payments

0.0

0.0

0.0

Reported operating profit

(1.5)

2.1

(16.3)

Net Interest

(4.1)

(6.6)

(5.5)

Joint ventures & associates (post tax)

0.0

0.1

0.0

Exceptionals

0.0

0.0

0.0

Profit Before Tax (norm)

(5.8)

(1.4)

0.8

Profit Before Tax (reported)

(5.6)

(4.4)

(21.7)

Reported tax

1.7

3.1

(4.8)

Profit After Tax (norm)

(4.1)

1.7

(4.0)

Profit After Tax (reported)

(4.0)

(1.4)

(26.6)

Minority interests

0.0

0.0

0.0

Discontinued operations

4.5

22.6

(0.8)

Net income (normalised)

(4.1)

1.7

(4.8)

Net income (reported)

0.5

21.2

(27.4)

Average number of shares outstanding (m)

5.68

5.68

5.68

EPS (€)

0.09

3.74

(4.83)

Normalised EPS (€)

(0.73)

0.29

(0.85)

DPS (€)

0.00

3.50

0.00

Revenue growth (%)

-12.1

-11.3

-14.3

Gross Margin (%)

17.8

17.9

18.2

EBITDA Margin (%)

0.6

3.0

3.7

Normalised Operating Margin (%)

-0.2

0.6

0.8

BALANCE SHEET

Fixed Assets

391.8

278.6

227.8

Intangible Assets

30.6

22.4

2.3

Tangible Assets

343.1

243.5

198.5

Investments & other

18.1

12.7

27.0

Current Assets

283.6

294.8

205.6

Stocks

237.6

201.4

181.2

Debtors

35.3

41.7

10.9

Cash & cash equivalents

0.7

0.7

0.3

Other

10.0

51.0

13.2

Current Liabilities

272.6

271.7

177.2

Creditors

139.9

97.4

71.5

Tax and social security

0.0

0.0

0.0

Short term borrowings

93.9

90.0

76.5

Other

38.8

84.3

29.2

Long Term Liabilities

247.6

149.1

130.8

Long term borrowings

244.0

49.7

27.9

Other long term liabilities

3.6

99.4

102.9

Net Assets

155.2

152.6

125.4

Minority interests

0.0

0.0

0.0

Shareholders' equity

155.2

152.6

125.4

CASH FLOW

Op Cash Flow before WC and tax

52.6

11.9

(6.8)

Working capital

(0.9)

(8.3)

7.8

Net operating cash flow

51.6

3.6

39.9

Capex

(81.6)

26.6

10.2

Dividends

(4.3)

(19.9)

0.0

Other

33.7

(10.4)

(15.2)

Net Cash Flow

(0.5)

(0.1)

34.8

Opening net debt/(cash)

302.9

337.1

139.0

Closing net debt/(cash)

337.1

139.0

104.2

Source: Stern Groep, Edison Investment Research. Note: 2019 numbers adjusted for Heron divestment.

General disclaimer and copyright

This report has been commissioned by PB Holding and prepared and issued by Edison, in consideration of a fee payable by PB Holding. Edison Investment Research standard fees are £60,000 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services. The research analyst primarily responsible for the preparation of this report personally holds an equity position in the company of less than 1%.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2022 Edison Investment Research Limited (Edison).

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New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

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Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

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London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1185 Avenue of the Americas

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Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

General disclaimer and copyright

This report has been commissioned by PB Holding and prepared and issued by Edison, in consideration of a fee payable by PB Holding. Edison Investment Research standard fees are £60,000 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services. The research analyst primarily responsible for the preparation of this report personally holds an equity position in the company of less than 1%.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2022 Edison Investment Research Limited (Edison).

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

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