Last close As at 05/08/2026
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Market capitalisation
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Research: Financials
PB Holding reported unaudited FY22 results on 28 April. The company’s most important asset, car insurer Bovemij, in which it has a 5.3% stake, reported FY22 results in early April. Dividends from this participation are the main source of liquidity and income for PB Holding. Apart from regular operating costs of approximately €0.2m on an annual basis for the holding, the company has no large expenses as it has a large tax loss asset and a net cash position of €1.5m. The company wants to have enough liquidity to cover at least two years of expenses of the holding, and we believe that is prudent. At the end of FY22, PB Holding’s book value was €3.61 per share, of which the stake in Bovemij of €3.38 per share is by far the largest part.
PB Holding |
Net income of €0.6m in FY22 |
FY22 results |
Insurance |
2 May 2023 |
Share price performance
Business description
Next events
Analyst
PB Holding is a research client of Edison Investment Research Limited |
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PB Holding reported unaudited FY22 results on 28 April. The company's most important asset, car insurer Bovemij, in which it has a 5.3% stake, reported FY22 results in early April. Dividends from this participation are the main source of liquidity and income for PB Holding. Apart from regular operating costs of approximately €0.2m on an annual basis for the holding, the company has no large expenses as it has a large tax loss asset and a net cash position of €1.5m. The company wants to have enough liquidity to cover at least two years of expenses of the holding, and we believe that is prudent. At the end of FY22, PB Holding’s book value was €3.61 per share, of which the stake in Bovemij of €3.38 per share is by far the largest part.
Year end |
Revenue (€m) |
EBITDA |
PBT |
EPS |
P/E |
Yield |
12/21 |
0.0 |
N/A |
1.4 |
(4.12) |
N/A |
28.9 |
12/22 |
0.5 |
N/A |
0.6 |
0.11 |
27.8 |
N/A |
Note: Due to the change in PB Holding’s profile, we have suspended our forecasts.
PB Holding reported income from investments of €0.5m over FY22. This income represents the dividend that was received from its 5.3% participation in unlisted car insurance company Bovemij in FY22 of €0.7m minus an impairment on the participation of €0.2m. As stated in our previous report, Bovemij reported an FY22 net loss of €14.4m, compared to a net profit of €46.6m in FY21.
The operational costs of PB Holding were positive, as the settlement of government labour subsidy programmes for COVID-19 of +€0.2m were higher than other operational costs of €0.1m. As the amount of the total tax losses carried forward, estimated at €4m, has not been determined finally, PB Holding’s net and pre-tax result are the same at €0.6m.
Net cash amounts to €1.5m, as PB Holding has no interest-bearing debt. There are short-term liabilities related to the government subsidy programmes regarding COVID-19, which will be paid out in the coming years.
In its outlook, PB Holding stated that it expects financial markets to stay volatile for the time being. Against this background, PB Holding decided not to pay a dividend over the FY22 results. Last month, Bovemij indicated that it will not pay out a dividend in 2023 and, as such, there will be no dividend income in FY23. If there is an attractive opportunity to buy back shares or purchase more Bovemij NV certificates, PB Holding will only do this on a limited scale. At all times PB Holding wants to have enough liquidity to cover at least two years of expenses of the holding, which we believe is prudent.
PB Holding’s results have not been approved by an auditor yet, as the ESEF report (the mandatory report format from regulator ESMA) has not been finished.
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Research: Healthcare
Incannex has released its Q323 cash flow report, providing key operational highlights. Clinical developments during the quarter included a positive interim review of its Phase II Psi-GAD trial (assessing psilocybin for generalized anxiety disorder (GAD)), initiation of the Phase II trial of IHL-675A (for treatment of rheumatoid arthritis (RA)), and continued progression of the BA/BE study for its lead asset IHL-42X (for obstructive sleep apnea). In a new development, Incannex announced the commercial launch of psychedelic-assisted psychotherapy clinics for treatment-resistant depression (TRD) and post-traumatic stress disorder (PTSD), with plans to scale across Australia. Though we have low visibility on the prospects of the clinics currently, if they materialize, they may support the company’s cash inflows in the medium term. With a cash balance of A$37.1m at end-March 2023 and at the current quarterly burn rate (A$4.3m), management has guided that operations are funded into CY25.