Quirin Privatbank Initiates Coverage on PEH Wertpapier AG with 'Buy' Recommendation

In a recent analysis by Quirin Privatbank, PEH Wertpapier AG has been classified with a 'Buy' recommendation. The company, a prominent financial services provider in the German-speaking countries, has been recognized for its independence from banks and insurance companies, as well as its use of AI in asset management. Since its foundation in 1989, PEH has been managed by its owners.

Significant growth is notable for PEH, with a 53.9% increase in gross commission income amounting to EUR 208.8 million from 2023 to 2025. Net income after minority interests rose from EUR 3.5 million in 2023 to EUR 5.4 million in 2025. Assets under Management and Administration reached EUR 23.5 billion, providing stable, predictable cash flows. Consequently, Quirin Privatbank set a target price of EUR 60.00 based on a Discounted Cash Flow analysis.