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PB Holding (AMS: PBH)

Currency in EUR

Last close As at 04/12/2023

EUR2.93

▲ −0.02 (−0.68%)

Market capitalisation

EUR17m

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 a car dealer 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. PB Holding’s revenues have been around €350m in the last few years. Almost 90% of its shares are in the hands of sector organisation Bovag.

Latest Insights

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Industrials | Flash note

PB Holding — H1 operational loss of €0.1m

Financials | Flash note

PB Holding — Bovemij reports H123 results

Financials | Flash note

PB Holding — Net income of €0.6m in FY22

Financials | Flash note

PB Holding — Bovemij reports a loss in 2022
pbholding02
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Sector

Industrials

Equity Analyst

Edwin de Jong

Edwin De Jong

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 (2.3) (3.3) 16.8
Relative (8.5) (5.4) 10.0
52 week high/low €3.2/€2.5

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 did not directly affect PB Holding’s H123 results, as it did not pay a dividend in FY22. Therefore, PB Holding had no revenues (H122: €0.2m). Operational costs amounted to €0.1m and therefore PB Holding’s before- and after-tax result were a €0.1m loss. At the end of FY22, PB Holding’s stake in Bovemij had a book value of €3.38 per share.

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 1229.2 N/A
2022A 0.0 0.6 0.6 0.11 2681.8 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

Industrials

Flash note

PB Holding — H1 operational loss of €0.1m
pbholding02

Flash note

Financials

PB Holding — Bovemij reports a loss in 2022

Flash note

Industrials

PB Holding — Bovemij reports a loss in H122
pbholding02

Update

Industrials

PB Holding — The value of PB Holding

Flash note

Industrials

Stern Groep — Hedin to acquire Stern’s activities ex Bovemij

Update

Industrials

Stern Groep — A very profitable year

Update

Industrials

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

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Industrials

Stern Groep – executive interview

Update

Industrials

Stern Groep — Opportunities opening up
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Thematics

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