Original-Research: PEH Wertpapier AG (von Quirin Privatbank Kapitalmarktgesch...

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Original-Research: PEH Wertpapier AG - from Quirin Privatbank

Kapitalmarktgeschäft

08.07.2026 / 11:46 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQS

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The issuer is solely responsible for the content of this research. The

result of this research does not constitute investment advice or an

invitation to conclude certain stock exchange transactions.

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Classification of Quirin Privatbank Kapitalmarktgeschäft to PEH Wertpapier

AG

Company Name: PEH Wertpapier AG

ISIN: DE0006201403

Reason for the research: Initial Coverage

Recommendation: Buy

from: 08.07.2026

Target price: 60.00

Last rating change:

Analyst: Ralf Marinoni

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:

https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=f1b11c3af80b7819efc68664f9f9b4e0

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

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