Original-Research: PEH Wertpapier AG (von Quirin Privatbank Kapitalmarktgeschäft): Buy
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Original-Research: PEH Wertpapier AG - from Quirin Privatbank Kapitalmarktgeschäft
Classification of Quirin Privatbank Kapitalmarktgeschäft to PEH Wertpapier AG
Initiation of Coverage: Buy, TP 60.00 PEH Wertpapier AG (“PEH”) is a leading financial services provider in the German-speaking world that is a) independent of banks and insurance companies and b) owner-managed since its foundation in 1989. Another feature is the use of AI in the Asset Management process. The company was able to increase its gross commission income in the FY 2023-2025 period by 53.9% to EUR 208.8m, while net income after minority interests rose accordingly from EUR 3.5m (2023) to EUR 5.4m in FY 2025. Assets under Management and Administration across its three segments total EUR 23.5bn: This generates stable, highly predictable cash flows for the company. We therefore initiate coverage with a Buy recommendation and a DCF-based TP of EUR 60.00. You can download the research here: PEH20260708 For additional information visit our website: https://research.quirinprivatbank.de/ Contact for questions: Quirin Privatbank AG Institutionelles Research Schillerstraße 20 60313 Frankfurt am Main research@quirinprivatbank.de https://research.quirinprivatbank.de/
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2362674 08.07.2026 CET/CEST
Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.
| The most important financial data at a glance | ||||||||
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026e | ||
| Sales1 | 116,58 | 190,61 | 125,80 | 135,66 | 167,19 | 208,82 | 215,00 | |
| EBITDA1,2 | 9,56 | 13,07 | 11,36 | 10,12 | 11,63 | 14,62 | 15,20 | |
| EBITDA-Margin3 | 8,20 | 6,86 | 9,03 | 7,46 | 6,96 | 7,00 | 7,07 | |
| EBIT1,4 | 7,34 | 11,32 | 9,53 | 8,12 | 9,32 | 12,65 | 13,10 | |
| EBIT-Margin5 | 6,30 | 5,94 | 7,58 | 5,99 | 5,57 | 6,06 | 6,09 | |
| Net Profit (Loss)1 | 5,19 | 9,66 | 5,82 | 6,53 | 7,30 | 9,92 | 10,60 | |
| Net-Margin6 | 4,45 | 5,07 | 4,63 | 4,81 | 4,37 | 4,75 | 4,93 | |
| Cashflow1,7 | 7,71 | 10,86 | 13,55 | 3,79 | 9,07 | 11,85 | 12,50 | |
| Earnings per share8 | 1,46 | 3,72 | 1,38 | 2,16 | 2,49 | 3,33 | 3,40 | |
| Dividend per share8 | 1,00 | 1,50 | 1,80 | 1,90 | 2,00 | 2,00 | 2,00 | |
1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de
Auditor: PricewaterhouseCoopers
All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.
| INVESTOR-INFORMATION | ||||||
| ©boersengefluester.de | ||||||
| PEH Wertpapier | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| 620140 | DE0006201403 | AG | 54,41 Mio € | 13.11.1998 | Halten | 9F2C4M75+88 |
| PE 2027e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 10,71 | 13,49 | 0,79 | 15,05 | 2,08 | 4,59 | 0,26 |
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Dividend '2023 in € |
Dividend '2024 in € |
Dividend '2025e in € |
Div.-Yield '2025e in % |
| 1,90 | 2,00 | 2,00 | 6,45% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 21.08.2026 | 29.05.2026 | 28.08.2026 | 27.11.2026 | 29.04.2026 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| +2,13% | +7,92% | +22,05% | +9,15% | +142,57% |
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