(Sponsored) Luxempart - Solid H1 performance with resilient pipeline
H1 NAV was up 2.3% to EUR 110.7, in line with our estimates. Luxempart had quite some activity in H1, contrary to other investment companies that we coverNet cash reached EUR 233m or about 12% of the portfolio and could reach EUR 300m soon after closing of some transactions. Luxempart also took a credit line of EUR 50m which remains undrawn. We believe that net cash will be close to zero when some investments would be made and still having credit lines as available liquidityWe estimate today's NAV to be EUR 108 p/s, implying a discount of 36%. This remains elevatedLuxempart 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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