Last close As at 05/08/2026
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Market capitalisation
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Research: Financials
Bovemij, the unlisted car insurance company in which PB Holding has a 5.3% stake, reported a net profit in H123 of €11.7m, compared to a loss of €3.8m in H122. Lower operational results were more than offset by a better investment result. Bovemij’s results will not directly affect PB Holding’s H123 results, which will be reported on 28 September. These results will largely be driven by the operational costs of the holding, as Bovemij has not paid out a dividend over FY22 in H123. At the end of FY22, PB Holding’s stake in Bovemij had a book value of €3.38 per share.
PB Holding |
Bovemij reports H123 results |
Bovemij H123 results |
Insurance |
21 August 2023 |
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 profit in H123 of €11.7m, compared to a loss of €3.8m in H122. Lower operational results were more than offset by a better investment result. Bovemij’s results will not directly affect PB Holding’s H123 results, which will be reported on 28 September. These results will largely be driven by the operational costs of the holding, as Bovemij has not paid out a dividend over FY22 in H123. At the end of FY22, PB Holding’s stake in Bovemij had a book value of €3.38 per share.
Year end |
Revenue (€m) |
EBITDA |
PBT |
EPS |
P/E |
Yield |
12/21 |
0.0 |
0.0 |
1.4 |
(4.12) |
N/A |
28.9 |
12/22 |
0.5 |
0.6 |
0.6 |
0.11 |
27.8 |
N/A |
Note: Due to the change in PB Holding’s profile, we have suspended our forecasts.
As the number of car journeys returned to pre-COVID-19 levels in the Netherlands (H122 still had a COVID-19 effect), increased traffic resulted in more claims for Bovemij and claims were more expensive because of inflation. Bovemij’s combined ratio, the percentage of costs and paid out insurance claims as a percentage of received insurance premiums, increased to 95.9%, compared to 83.8% in H122.
As a result of more bicycle thefts, especially e-bikes, insurance premiums have increased but it will take time before this translates into better results for Bovemij as part of the insurance policies covers multiple years. A provision for fines related to past compliance issues of €3.8m has been released as the market regulators AFM (Autoriteit Financiële Markten) and bank regulator DNB (De Nederlandse Bank) finished their investigation and decided not to impose fines.
The higher cost level, partly offset by the release of the provision, made Bovemij’s operational result fall to €4.0m, compared to €22.2m in H122. Because of gains on investments of €11.0m in H123 (compared to a loss of €27.1m in H122) net result came in at €11.7m (H122 loss: €3.8m). Bovemij did not provide FY guidance, but stated that the increased cost levels would probably lead to higher insurance premium levels and/or adjustments to the terms of insurance policies. Furthermore, investments and company cost levels will be monitored closely.
Bovemij’s H123 results will not directly affect PB Holding’s H123 results, which will be reported on 28 September. PB Holding’s H123 results will largely be driven by the operational costs of the holding, as Bovemij has not paid out a dividend over FY22 in H123. A new valuation of Bovemij share certificates will be published with Bovemij’s FY23 results next year. Changes in this value will also affect PB Holding’s results.
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Research: Healthcare
Immix reported Q223 results, which were largely as expected. Operational highlights included rolling positive newsflow for CAR-T therapy NXC-201 and interim results for IMX-110 in colorectal cancer patients. With the ramp-up in clinical activity, mainly the NEXICART-1 trial, as well as the two ongoing Phase Ib/IIa trials for IMX-110, management reported R&D expenses of $2.2m, notably higher than $0.6m in the previous year. At end June 2023, cash was $12.7m, supported by a $5m (gross) at-the-market fund-raise in H123. Based on our estimated cash burn, we continue to forecast an operating cash runway into Q224, consistent with management guidance. As we update our FY23 and FY24 expense estimates based on the H123 run rate, roll forward our model and update the net cash figure, our valuation adjusts to $81.1m versus $83.3m previously.