Märkte & Kurse

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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
Group.
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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