DJ 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
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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 EUR14.50/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 EUR3.43 per share and might be valued up to EUR5.16 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 EUR5.16 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 EUR0.13 per PB Holding share. The book value of EUR3.43 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 EUR14.50 per share dividend, PB Holding shares started to trade at EUR2 on 22 March. Click here to view the full report or here to sign up to receive research as it is published.
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1309831 24-March-2022
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March 24, 2022 03:00 ET (07:00 GMT)
