Edison Investment Research - Stern Groep N.V. (STRN) PB Holding - Bovemij reports a loss in H122

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Edison Investment Research

Toby Thorrington

PB Holding - Bovemij reports a loss in H122

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.

31/08/2022 1 EN

Underlying

Stern Groep N.V.

Co. is a holding company. Co. operates dealerships in the general Amsterdam area. Co. operates Mercedes-Benz, Opel/General Motors, Ford, BMW, Chrysler, Fiat, Lancia, Alfa Romeo, land Rover, Volvo and Renault dealerships. Co. also operates Shell and BP fuel stations. Co. also owns bodywork repair shops in the Amsterdam area. Co. also provides automobile leasing services and insurance.

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NL0000336303 Euronext Amsterdam Netherlands

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Toby Thorrington

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PB Holding - Bovemij reports a loss in H122

PB Holding - Termination of coverage

Edison issues flash on PB Holding (PBH): Net loss of €2.6m in FY23

PB Holding - Net loss of €2.6m in FY23

Card Factory - Confident on FY25 outlook

Immix Biopharma - US CAR-T trial progresses to dose expansion

Helios Underwriting - Strategic shift from growth to consolidation

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