London, UK, 24 March 2022

PB Holding (PBH): The value of PB Holding

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.

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.

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