Edison Investment Research - Stern Groep N.V. (STRN) Stern Groep - Hedin to acquire Stern’s activities ex Bovemij

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Edison Investment Research

Toby Thorrington

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

Stern has announced that it is in negotiations with Swedish mobility group Hedin, which has offered €83m in cash to acquire all of Stern’s activities, except its participation in car insurer Bovemij. After the sale, Stern will look at strategic options for its Bovemij stake, which has a book value of €19.3m. Stern believes the actual value of Bovemij is much higher and is committed to realising the full value. The potential deal values Stern at >€103m, which represents a premium of at least 33% compared to the pre-announcement market cap of €77m.

14/12/2021 2 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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Stern Groep - Hedin to acquire Stern’s activities ex Bovemij

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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