Original-Research: PEH Wertpapier AG (von Quirin Privatbank Kapitalmarktgeschäft): Buy

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: 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/