olivLaw · European equity research
PB Holding N.V. PBH.AS
Netherlands · Euronext Amsterdam · ISIN NL0000336303 · Vertical: Listed companies from Netherlands
PB Holding N.V. is a holding company with minimal operations whose main asset is a stake in Bovemij certificates, a mobility-focused insurer. Bovemij's weak 2023 results and falling solvency have reduced the stake's value, so the company could remain dependent on that business.
At the close of 05 Nov 2026, PB Holding N.V. (PBH.AS) stock was 3.32 EUR (+0.00% on the day), with market capitalisation 18.5 m EUR, beta -0.06, 52-week range 2.66–3.66 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 38.3
- weak (30–45)
- Bollinger (20, 2)
- 3.26 – 3.43
- in the lower half of the band · %B 0.36 · band width 5.0%
- SMA 50 / 200
- 3.44 / 3.20
- mixed trend
- MACD (12, 26, 9)
- -0.04 / -0.04
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | unavailable | −0.6% | unavailable | — |
| 3 months | −2.9% | −4.2% | +1.2 pp | — |
| 6 months | −5.7% | +4.3% | −10.0 pp | — |
| Year to date | +23.0% | +7.5% | +15.5 pp | — |
| 1 year | +18.6% | +9.9% | +8.7 pp | −0.2% |
| 3 years | +10.7% | +49.8% | −39.2 pp | +2.2% |
| 5 years | −76.2% | +42.8% | −119.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 0 | 0 | 0 |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -23.4 m | 602.0 k | -2.6 m |
| Net income YoY | unavailable | unavailable | −526.1% |
| Diluted EPS | -4.12 | 0.11 | -0.46 |
| Diluted EPS YoY | unavailable | unavailable | −518.2% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | 2.6 m | -493.0 k | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 602.0 k EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 17.2 m EUR
- Total assets
- 17.2 m EUR
- Debt / equity
- unavailable
- Current ratio
- 10.83x
- ROE
- -13.6%
- ROA
- -13.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | esef· 01 May 2024verified |
| Cost of revenue | 0 | 0 | 0 | esef· 01 May 2024verified |
| Gross profit | 0 | 0 | 0 | esef· 01 May 2024verified |
| Operating income | 1.4 m | 607.0 k | -2.5 m | esef· 01 May 2024verified |
| Pre-tax income | -24.0 m | 602.0 k | -2.6 m | esef· 01 May 2024verified |
| Income tax | 0 | 0 | 0 | esef· 01 May 2024verified |
| Net income | -23.4 m | 602.0 k | -2.6 m | esef· 01 May 2024verified |
| Diluted EPS | -4.12 | 0.11 | -0.46 | esef· 01 May 2024verified |
Balance sheet · EUR
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 5.0 k | 1.5 m | 602.0 k | esef· 01 May 2024verified |
| Current assets | — | 1.5 m | 628.0 k | esef· 01 May 2024verified |
| Total assets | 384.0 m | 20.7 m | 17.2 m | esef· 01 May 2024verified |
| Short-term debt | 17.9 m | 0 | — | esef· 21 Apr 2026verified |
| Current liabilities | — | 221.0 k | 58.0 k | esef· 01 May 2024verified |
| Equity | 102.2 m | 20.5 m | 17.2 m | esef· 01 May 2024verified |
| Shares outstanding at year end | 5.7 m | 5.5 m | 5.6 m | esef· 01 May 2024derived |
Cash flow · EUR
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 52.1 m | -493.0 k | -153.0 k | esef· 01 May 2024verified |
| Capex | 49.5 m | 0 | — | esef· 21 Apr 2026verified |
| Free cash flow | 2.6 m ≈ | -493.0 k ≈ | — | esef· 01 May 2024derived |
| Investing cash flow | -27.7 m | 102.2 m | 0 | esef· 01 May 2024verified |
| Financing cash flow | -24.3 m | -100.2 m | -756.0 k | esef· 01 May 2024verified |
| Share repurchases | — | 0 | 756.0 k | esef· 01 May 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 18.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 18.5 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
19% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 10.8x | 100 (on a fixed band) | 22% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -0.8% | 0 (on a fixed band) | 44% |
| Shareholder yield (distributions) · Returns | 4.1% | 58 (on a fixed band) | 33% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partial58/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
PB Holding N.V. (PBH.AS). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 0 EUR in 2023; ROE -13.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 10.8x
What contradicts it
- FCF yield: -0.8%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Listed companies from Netherlands · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ASML.ASASML Holding N.V. | 485.6 bn | 47.6 | 44.2% | 31.3% | +15.6% | +38% / +101% |
| DSFIR.ASDSM-Firmenich AG | 33.7 bn | 120.5 | 1.2% | 2.2% | +20.4% | +60% / +30% |
| AD.ASKoninklijke Ahold Delhaize N.V. | 31.2 bn | 13.9 | 15.3% | 2.5% | +3.4% | −3% / +30% |
| ASM.ASASM International N.V. | 31.2 bn | 43.3 | 18.7% | 22.8% | +8.2% | +34% / +35% |
| ADYEN.ASAdyen N.V. | 28.1 bn | 26.6 | 22.3% | 40.1% | +18.9% | −33% / −17% |
| HAL.ASHAL Trust | 15.5 bn | 9.7 | 10.5% | 12.8% | +1.2% | +22% / +47% |
| EXO.ASExor N.V. | 15.0 bn | — | -10.6% | — | −100.0% | +1% / −18% |
| BESI.ASBE Semiconductor Industries N.V. | 11.2 bn | 84.9 | 28.7% | 22.3% | −2.7% | +8% / +10% |
| AKZA.ASAkzo Nobel N.V. | 10.7 bn | 17.0 | 13.8% | 6.3% | −5.2% | +12% / −11% |
| AALB.ASAalberts N.V. | 4.5 bn | 25.4 | 7.2% | 5.7% | −5.3% | +48% / +13% |
| ARCAD.ASArcadis N.V. | 4.2 bn | 20.2 | 18.3% | 4.3% | −2.4% | +24% / +2% |
| BNJ.ASBanijay Group N.V. | 3.4 bn | 13.8 | 343.8% | 5.1% | +1.6% | −11% / −8% |
| BAMNB.ASKoninklijke BAM Groep N.V. | 3.3 bn | 41.8 | 9.1% | 1.3% | +2.9% | +47% / +400% |
| BFIT.ASBasic-Fit N.V. | 2.0 bn | 138.2 | 3.6% | 1.0% | +16.9% | +7% / +16% |
| CRBN.ASCorbion N.V. | 1.6 bn | 8.3 | 27.3% | 14.9% | +1.9% | +40% / +55% |
| ECMPA.ASEurocommercial Properties N.V. | 1.4 bn | 11.2 | 5.9% | 45.4% | +4.2% | −4% / +19% |
| FUR.ASFugro N.V. | 985.3 m | — | -1.5% | -1.1% | −18.8% | −0% / −49% |
| ACOMO.ASAcomo N.V. | 685.9 m | 15.2 | 10.7% | 3.3% | +7.6% | −3% / +37% |
| FAST.ASFastned B.V. | 663.0 m | — | -28.2% | -21.7% | +66.1% | +60% / +25% |
| FFARM.ASForFarmers N.V. | 479.4 m | 9.6 | 14.5% | 1.6% | +14.8% | +22% / +123% |
| BRNL.ASBrunel International N.V. | 383.2 m | 125.5 | 1.0% | 0.3% | −10.8% | −6% / −29% |
| ENVI.ASEnvipco Holding N.V. | 224.1 m | — | -12.7% | -11.9% | −20.8% | −25% / +47% |
| ALFEN.ASAlfen N.V. | 219.8 m | — | -0.1% | -0.0% | −10.7% | −4% / −78% |
| CMCOM.ASCM.com N.V. | 192.5 m | — | -22.2% | -1.5% | −5.4% | +23% / −30% |
| AJAX.ASAFC Ajax N.V. | 140.9 m | — | -18.0% | -21.0% | +17.2% | −15% / −29% |
1- and 3-year price returns: for PBH.AS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
PB Holding N.V. is a holding company with minimal operations whose main asset is a stake in Bovemij certificates, a mobility-focused insurer. Bovemij's weak 2023 results and falling solvency have reduced the stake's value, so the company could remain dependent on that business 1.
SWOT
Strengths
- The company has a simple structure, no bank debt and a core stake in Bovemij.
- The holding company keeps enough liquidity to cover short-term costs.
- Bovemij holds an established position in the mobility insurance niche.
Weaknesses
- The main asset is an illiquid stake that is hard to sell at market value.
- The company depends almost entirely on the results of a single insurer.
- The value of the stake has fallen sharply after the 2023 losses.
Opportunities
- If Bovemij returns to profit, the value of the stake could rise.
- Reducing the asset base and restructuring could improve efficiency.
- A future Bovemij dividend could bring additional liquidity.
Threats
- Another year of high claims could again weaken Bovemij's solvency.
- Volatile markets could lead to investment losses in the insurer's portfolio.
- Bankruptcies in the mobility sector could create new operational risks.
Risks
- Dependence on Bovemijhigh
The company's value depends almost entirely on its stake in Bovemij and that insurer's results.
- Insurer solvencyhigh
A further fall in Bovemij's solvency could limit dividends and reduce the valuation of the stake.
- Liquidity of the stakemedium
Selling part of the stake at market value could be difficult or impossible within a reasonable period.
- Valuation methodmedium
Changes in the valuation method or discount rate could alter the value of the stake.
- Volatile financial marketsmedium
Losses on capital markets could affect Bovemij's investments and future dividends.
Investment thesis
What would need to be true (bull case)
- If Bovemij returns to positive results and better solvency, the value of the stake could rise significantly from its current level.
- The new strategy focused on insurance and data services could reduce costs and improve profitability.
- A narrower discount applied by valuers could bring the value closer to an undiscounted valuation method.
What would break the thesis
- If claims stay high, Bovemij could continue to post losses and reduce the value of the stake.
- The holding company has no other income, which could make paying dividends or continuing buybacks difficult.
- If the stake cannot be sold at market value, shareholders could receive less than the estimated value.
What to watch
- Bovemij results and combined ratio2024
- Bovemij SCR ratio level2025
- Valuation of Bovemij certificates as of 1 March1 March 2025
- Decision on Bovemij dividend for 20252025
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
After selling its core activities to Hedin Mobility Group AB, PB Holding N.V. is a holding company with limited operating activities. Its main asset is a stake of about 5% in the certificates of Bovemij N.V. 1. The company has no bank debt and no staff, and a single statutory director runs it.
Segments
Liquidity and holding
The holding company held liquid funds of about 602,000 euro at the end of 2023 1. Management indicated that liquidity will cover costs until at least the end of 2025, and no dividend is planned for 2024.
Market context
The core business depends on the insurance market for car dealers, garages and bicycle firms in the Netherlands, where Bovemij specialises. Concentration in the mobility sector and rising e-bike thefts weighed on the insurer's profitability in 2023 1.
Trends
- Concentration in the mobility sectorheadwind
Bovemij's client base is shrinking as mobility firms consolidate, which increases portfolio concentration risk.
- Rising claims costsheadwind
Claims rose due to larger bodily injury claims, major fires and higher repair costs, pushing the combined ratio up.
- Recovery through a new strategymixed
Bovemij has exited its financing business and focuses on insurance, guarantees and data services, which could restore profitability.
- High rates and volatile marketsmixed
Higher interest rates and the war in Ukraine create uncertainty in financial markets, which may affect the insurer's investments.
Competitive position
Bovemij competes with other insurers specialised in the automotive and mobility sectors, while the holding company itself has no direct rivals. The source filings do not identify US-listed companies as competitors.
- Mobility-focused insurers
Bovemij's competitors are Dutch insurers active among dealers and garages, against which combined ratio and solvency are compared.
- Benelux general insurers
General insurers that compete for the same corporate mobility clients and for motor insurance products.
- Automotive data service providers
Companies offering data and services to the automotive sector, similar to Bovemij's data activities.
- Automotive guarantee providers
Companies offering guarantees on used vehicles, competing with Bovemij's Autotrust division.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202301 May 2024
- Annual report 202221 Apr 2026
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / PB Holding N.V. · 31 Dec 2023
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.