Last close As at 05/08/2026
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Research: Industrials
Bovemij, the unlisted car insurance company in which PB Holding has a 5.3% stake, reported a net loss of €3.8m in H122 versus a net profit of €31.7m in H121. However, Bovemij’s results will not affect PB Holding’s H122 results, which will be reported on 23 September. At the FY21 year end, PB Holding’s stake in Bovemij had a book value of €3.43 per share. In our previous report we calculated that the stake could be valued at up to €5.16 per PB Holding share based on peer valuations.
PB Holding |
Bovemij reports a loss in H122 |
H1 update |
Automobiles and parts |
31 August 2022 |
Share price performance
Business description
Next events
Analyst
PB Holding is a research client of Edison Investment Research Limited |
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Bovemij, the unlisted car insurance company in which PB Holding has a 5.3% stake, reported a net loss of €3.8m in H122 versus a net profit of €31.7m in H121. However, Bovemij’s results will not affect PB Holding’s H122 results, which will be reported on 23 September. At the FY21 year end, PB Holding’s stake in Bovemij had a book value of €3.43 per share. In our previous report we calculated that the stake could be valued at up to €5.16 per PB Holding share based on peer valuations.
Year end |
Revenue (€m) |
EBITDA |
PBT |
EPS |
P/E |
Yield |
12/21 |
0.0 |
0.0 |
1.4 |
(4.12) |
47.9 |
28.9 |
Note: Due to the change in PB Holding’s profile, we have suspended our forecasts.
Bovemij reported a decrease in its net operational result to €22.2m, from €32.2m in H122 on 19 August. As the number of car journeys returned to normal in the Netherlands post COVID-19 lockdowns, the increase in traffic resulted in more claims in H122. As a result of lower investment returns on its investment portfolio, the total net result was a loss of €3.8m versus a net profit of €31.7m in H121. The equity book value decreased by €33.8m to €221.9m in H122 (from FY21) following the net loss and the buyback of certificates earlier this year.
Bovemij’s H122 results will not affect PB Holding’s H122 results, which will be reported on 23 September. This will be the first time the company reports interim results following the sale of Stern Groep’s operations in H122. PB Holding’s H122 results will be largely driven by the dividend that Bovemij paid out in H122 and the operational costs of the holding.
Bovemij’s lower net operational result could affect its annual dividend payout next year (its target payout is 30% of the net operational result), which will have an impact on PB Holding’s FY23 results. The annual revaluation of Bovemij by PwC, which is the basis for the book value of the stake of Bovemij in PB Holding’s accounts, will be communicated in Q123 and could also have an impact on PB Holding’s results next year. At FY21 year end, the book value was €3.43 per PB Holding share.
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Research: Healthcare
The interim clinical data in non-small cell lung cancer (NSCLC) and pancreatic duct adenocarcinoma cancer (PDAC) (presented at ASCO 2022) is encouraging, in our view, and Cantargia’s nadunolimab (CAN04) development programme appears to be on track. In H122, the company increased R&D spend to SEK207.1m, from SEK150.1m in H121, as patient enrolment continued in five separate clinical trials. An estimated cash and short-term investments position of SEK575.2m (including the recent rights issue) is anticipated to fund operations into H124, past key readouts from a large portion of the development pipeline. We value Cantargia at SEK7.35bn or SEK44.0 per share compared to SEK6.02bn or SEK60.1 per share previously. The absolute value uplift comes from improved FX, higher net cash and adjustments as we roll our model forward, while our per share figures now include the c 67m new shares from the rights issue.