(Sponsored) Luxempart - Impressive FY23 despite lagging share price
• NAV up 6.5% over FY23 to EUR 115.4 p/s, slightly above our estimate and strong dividend growth of 10% to EUR 2.17• Net cash of ~EUR 300m in April providing plenty of liquidity to seize opportunities. Recent track record of capital allocation has been positive• We estimate today's NAV to be EUR 120.2 p/s, implying a discount of 45%. This is the highest level since we initiated on the stock• Our target valuation range moves to EUR 94 -114 p/s (from EUR 83-101) providing 42-73% upside. That is quite attractive relative to the average 20% upside in our investmentLuxempart is an investment company based in Luxembourg. It is active mainly in the Grand Duchy of Luxembourg and in Belgium where it manages a portfolio of listed and unlisted companies. Co. has also developed a Private Equity activity. Co.'s primary investment focus is on Media and Communications, Finance and Insurance, Energy, Real Estate Development, and Private Equity. Co. supports the development of companies it invests in. It acts as a relay for local Luxembourg shareholders who want to take part, via its structure, in the development of local, regional and European companies
We are an investment house with Belgian roots founded on more than 150 years of trust.
As a private company owned by long-term committed shareholders, we are independent. Naturally and structurally. Our experts have the knowledge to think and act without bias, and to make decisions that benefit our clients. Today and tomorrow.
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