reports
- Toby Thorrington
PB Holding - Termination of coverage
Edison Investment Research is terminating coverage on Oxford Cannabinoid Technologies (OCTP), Britvic (BVIC), Ultimovacs (ULTI), DFR Gold (DFR), The Merchants Trust (MRCH), PB Holding (PBH) and Biodexa Pharmaceuticals (BDRX). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our website.
Edison issues flash on PB Holding (PBH): Net loss of €2.6m in FY23
Edison Investment Research Limited Edison issues flash on PB Holding (PBH): Net loss of €2.6m in FY23 07-May-2024 / 08:58 GMT/BST The issuer is solely responsible for the content of this announcement. London, UK, 7 Mai 2024 Edison issues flash on PB Holding (PBH): Net loss of €2.6m in FY23 PB Holding reported FY23 results on 26 April. The company's most important asset, the 5.3% stake in insurer for the mobility sector Bovemij, reported its FY23 results in March. Dividends from this participation are the main source of liquidity and income for PB Holding. In FY23, Bovemij...
- Toby Thorrington
PB Holding - Net loss of €2.6m in FY23
PB Holding reported FY23 results on 26 April. The company's most important asset, the 5.3% stake in insurer for the mobility sector Bovemij, reported its FY23 results in March. Dividends from this participation are the main source of liquidity and income for PB Holding. In FY23, Bovemij paid an anniversary dividend amounting to €0.3m (FY22: €0.5m) for PB Holding. PB Holding wants to have enough liquidity to cover at least two years of its expenses (approximately €0.25m per year), which we believ...
Edison issues flash on PB Holding (PBH): Bovemij proposes to pay divid...
Edison Investment Research Limited Edison issues flash on PB Holding (PBH): Bovemij proposes to pay dividend for 2023 06-Dec-2023 / 09:36 GMT/BST The issuer is solely responsible for the content of this announcement. London, UK, 6 December 2023 Edison issues flash on PB Holding (PBH): Bovemij proposes to pay dividend for 2023 PB Holding reported that the company’s most important asset, car insurer Bovemij, in which it has a 5.3% stake, intends to pay an unexpected special dividend in December 2023 of €0.60 per Bovemij certificate. This represents €0.31m for PB Holding’s 5...
- Toby Thorrington
PB Holding - Bovemij proposes to pay dividend for 2023
PB Holding reported that the company’s most important asset, car insurer Bovemij, in which it has a 5.3% stake, intends to pay an unexpected special dividend in December 2023 of €0.60 per Bovemij certificate. This represents €0.31m for PB Holding’s 515k Bovemij certificates. The dividend still has to be approved at an extraordinary general meeting on 15 December. Where no revenues were previously expected in 2023, €0.31m revenues can be expected if the dividend is approved.
- Toby Thorrington
PB Holding - H1 operational loss of €0.1m
PB Holding reported H123 results on 27 September. The company's most important asset, car insurer Bovemij, in which it has a 5.3% stake, has already reported H123 results. Apart from regular operating costs of approximately €0.2m on an annual basis for the holding, PB Holding has no large expenses as it has a large tax loss asset and a net cash position of €0.5m following a share buyback after the period end.
- Toby Thorrington
PB Holding - Bovemij reports H123 results
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 F...
- Toby Thorrington
PB Holding - Net income of €0.6m in FY22
PB Holding reported unaudited FY22 results on 28 April. The company's most important asset, car insurer Bovemij, in which it has a 5.3% stake, reported FY22 results in early April. Dividends from this participation are the main source of liquidity and income for PB Holding. Apart from regular operating costs of approximately €0.2m on an annual basis for the holding, the company has no large expenses as it has a large tax loss asset and a net cash position of €1.5m. The company wants to have enou...
- Toby Thorrington
PB Holding - Bovemij reports a loss in 2022
Bovemij, the unlisted car insurance company in which PB Holding has a 5.3% stake, reported an FY22 net loss of €14.4m, compared to a net profit of €46.6m in FY21. Bovemij’s results will not directly affect PB Holding’s FY22 results, which will be reported on 28 April. However, as Bovemij will not pay out a dividend in 2023, there will be no income from the participation in FY23. This should not lead to liquidity issues given the very low operational costs and cash position of the holding. At the...
PB Holding (PBH): Bovemij reports a loss in H122
Edison Investment Research Limited PB Holding (PBH): Bovemij reports a loss in H122 01-Sep-2022 / 08:44 GMT/BST London, UK, 1 September 2022 PB Holding (PBH): 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 calculat...
- 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.
PB Holding (PBH): The value of PB Holding
Edison Investment Research Limited PB Holding (PBH): The value of PB Holding 24-March-2022 / 07:00 GMT/BST 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 ...
- Toby Thorrington
PB Holding - 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.
- 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% ...
- 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% ...
- Andreas Riemann
- Jean Danjou
- Jerôme Bodin
- Bruno Cavalier
- Jerôme Bodin
- Hugo Lisboa
Stern Groep : Negotiations with Hedin regarding the sale of Stern's co...
>Potential total offer value of € 103m – Dividend of € 14.75/sh proposed - Stern announced on Thursday that it has received an offer from Hedin Mobility Group, a Swedish auto dealer. The cash consideration to be paid by Hedin would be € 83m, while the total value of the transaction would be c. € 103m at enterprise value level. As the management board and supervisory board support the transaction, Stern intends to pay an extraordinary dividend of up to € 14.75 per shar...
- Toby Thorrington
Stern Groep - A very profitable year
FY21 is set to be a good year in terms of profitability for Dutch automotive company Stern Groep. We expect revenues to increase by 6.6% (was 11.6%), held back by shortages of new cars. However, a good mix of more workshop revenues and premium car sales drive margins higher. We have increased our 2021 EPS forecast by 19.8% and reduced our 2022 EPS forecast by 6.9%. The valuation is undemanding at 7.1x 2022e P/E.
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.