reports
- Research Team
(Sponsored) Luxempart - Family-owned compounder with strong track reco...
Luxempart has a ~15% IRR over the last 30 years, which is a very impressive track record for any investment company in EuropeAfter the Nexus AG tender, Luxempart's war chest would still be more than EUR 300m (almost 10% of its portfolio) positioning it well for any investment opportunityAny event that would improve the liquidity of the stock would serve as a significant catalyst in our view to narrow its discountWe estimate the current NAV to be EUR 113.9 p/s, implying a discount of 38%. TP...
- Joren Van Aken
(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 ...
- Joren Van Aken
(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&a...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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