Edison Investment Research Limited
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 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 believe is prudent. The FY23 net cash position of €0.6m could cover two to three years without dividend income at current burn rates. At the end of FY23, PB Holding's book value was €3.17 per share (FY22: €3.61), of which the impaired stake in Bovemij of €2.99 (FY22: €3.34) is by far the largest part. Nevertheless, Bovemij decided to pay out a dividend in relation to its 60th anniversary in FY23. Bovemij's dividend is PB Holding's main source of liquidity and the dividend income amounted to €0.3m. However, PB Holding reported negative income from investments in FY23, as the losses of Bovemij led to an impairment charge to the stake of €2.6m. After including the €0.3m dividend income, the company reported a total loss from investments of €2.3m. Operational and financial costs amounted to €0.3m, resulting in a net loss of €2.6m. Click here to view the full report. All reports published by Edison are available to download free of charge from its website www.edisongroup.com About Edison: As a content-led investor-relations business, Edison helps companies stand out and meet the right shareholders. Edison's integrated investor relations solution combines expert analyst content, digital targeting and active investor engagement. This drives liquidity and valuations by building bigger, better informed and more engaged investor audiences globally. Edison has a proven history of increasing liquidity and valuations for its clients. Edison's content can be viewed by all investors, anywhere in the world. Edison is authorised and regulated by the Financial Conduct Authority. Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities. For more information, please contact Edison: Edwin De Jong + 44 (0)20 3077 5700 industrials@edisongroup.com Learn more at www.edisongroup.com and connect with Edison on: LinkedIn https://www.linkedin.com/company/edison-group-/ Xwww.twitter.com/Edison_Inv_Res YouTube http://www.youtube.com/edisonitv Dissemination of a CORPORATE NEWS, transmitted by EQS Group. |
1897465 07-May-2024
