olivLaw · European equity research
CPI FIM SA ORCL.LU
Luxembourg · Luxembourg Stock Exchange · Vertical: Listed companies from Luxembourg
CPI FIM SA is a Luxembourg public limited company that is part of the CPI Property Group and operates mainly in leasing and selling real estate, as well as granting equity loans and management services to other group entities. Its current relevance lies in the condition of its real estate portfolio in Central and Eastern Europe and in ongoing litigation that affects its results.
At the close of 05 Nov 2026, CPI FIM SA (ORCL.LU) stock was 0.68 EUR (+0.00% on the day), with market capitalisation 887.8 m EUR, P/E 11.3 on diluted EPS of 0.06 EUR over the last 12 months, beta 0.13, 52-week range 0.67–1.10 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 45.0
- weak (30–45)
- Bollinger (20, 2)
- 0.60 – 0.82
- in the lower half of the band · %B 0.36 · band width 31.8%
- SMA 50 / 200
- 0.74 / 0.89
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.02 / -0.02
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −19.0% | +0.4% | −19.4 pp | — |
| 3 months | −22.7% | −3.3% | −19.5 pp | — |
| 6 months | −17.6% | +4.0% | −21.5 pp | — |
| Year to date | −29.2% | +8.1% | −37.3 pp | — |
| 1 year | −28.0% | +10.7% | −38.7 pp | −2.8% |
| 3 years | +51.1% | +50.1% | +1.0 pp | +44.5% |
| 5 years | +47.8% | +43.6% | +4.2 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 3.5, median 11.3, max 14.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 46.4 m | 55.2 m | 147.7 m |
| Revenue YoY | unavailable | +19.0% | +167.3% |
| Net income | 147.2 m | 46.4 m | 78.3 m |
| Net income YoY | unavailable | −68.5% | +68.7% |
| Diluted EPS | 0.11 | 0.04 | 0.06 |
| Diluted EPS YoY | unavailable | −63.6% | +50.0% |
| net % | 317.1% | 84.1% | 53.0% |
| Free cash flow | 95.9 m | -40.5 m | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 163.4 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 1.8 bn EUR
- Total assets
- 6.5 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 1.34x
- ROE
- 4.9%
- ROA
- 1.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 46.4 m | 55.2 m | 147.7 m | esef· 08 May 2025verified |
| Cost of revenue | — | 22.4 m | 99.3 m | esef· 08 May 2025verified |
| Gross profit | — | 32.8 m | 48.3 m | esef· 08 May 2025verified |
| Operating income | — | 7.1 m | 18.2 m | esef· 08 May 2025verified |
| Interest expense | 125.8 m | 149.0 m | — | esef· 23 Apr 2024verified |
| Pre-tax income | 220.5 m | 96.4 m | 73.6 m | esef· 08 May 2025verified |
| Income tax | 39.9 m | 49.9 m | 8.0 m | esef· 08 May 2025verified |
| Net income | 147.2 m | 46.4 m | 78.3 m | esef· 08 May 2025verified |
| Diluted EPS | 0.11 | 0.04 | 0.06 | esef· 08 May 2025verified |
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 104.1 m | 83.6 m | 163.4 m | esef· 08 May 2025verified |
| Receivables | 6.1 m | 7.9 m | — | esef· 23 Apr 2024verified |
| Inventories | 402.0 k | 50.3 m | 36.7 m | esef· 08 May 2025verified |
| Current assets | 463.7 m | 1.1 bn | 772.4 m | esef· 08 May 2025verified |
| Property, plant & equipment, net | 2.8 m | 2.5 m | 2.4 m | esef· 08 May 2025verified |
| Intangibles (excl. goodwill) | 842.0 k | 918.0 k | — | esef· 23 Apr 2024verified |
| Total assets | 6.9 bn | 7.2 bn | 6.5 bn | esef· 08 May 2025verified |
| Accounts payable | 12.6 m | 22.5 m | — | esef· 23 Apr 2024verified |
| Current liabilities | 340.3 m | 589.4 m | 575.2 m | esef· 08 May 2025verified |
| Equity | 1.7 bn | 1.5 bn | 1.8 bn | esef· 08 May 2025verified |
| Shares outstanding at year end | 1.3 bn | 1.2 bn | 1.3 bn | esef· 08 May 2025derived |
Cash flow · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 98.1 m | -40.2 m | 47.5 m | esef· 08 May 2025verified |
| Capex | 2.2 m | 330.0 k | — | esef· 23 Apr 2024verified |
| Free cash flow | 95.9 m ≈ | -40.5 m ≈ | — | esef· 23 Apr 2024derived |
| Investing cash flow | -936.8 m | -89.0 m | 1.6 bn | esef· 08 May 2025verified |
| Financing cash flow | 732.7 m | 108.7 m | -1.5 bn | esef· 08 May 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 41.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 887.8 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
42% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.45 – 0.48 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E0.45 – 0.48 (Mid 0.46)4 companies used · median multiple 7.7x · quartiles 7.5x – 8.0xFTXHG.LU, REINI.LU, SCFNS.LU, SOFAF.LU
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 41.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 53.0% | 100 (on a fixed band) | 15% |
| FCF conversion · Quality | 60.3% | 43 (on a fixed band) | 15% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 0.1x | 0 (on a fixed band) | 15% |
| Current ratio · Balance sheet | 1.3x | 45 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 11.3x | 85 (on a fixed band) | 25% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 5.3% | 66 (on a fixed band) | 20% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet18/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality72/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation77/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CPI FIM SA (ORCL.LU). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 147.7 m EUR in 2024; YoY growth 167.3%; net margin 53.0%; ROE 5.4%.
The estimated value range is 0.45–0.48 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.46 EUR, the price of 0.68 EUR leaves a potential of -32.1% (value / price − 1) and a margin of safety of -47.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 41.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 53.0%
- P/E (TTM): 11.3x
What contradicts it
- Interest coverage: 0.1x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Luxembourg · same country · compared with 4 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| REINI.LUReinet Investments S.c.a. | 4.4 bn | 8.6 | 8.7% | 99.4% | unavailable | +1% / +26% |
| ORCL.LUCpi Fim SA | 887.8 m | 11.3 | 5.4% | 53.0% | +167.3% | −31% / +51% |
| SCFNS.LUSocfinasia S.A. | 477.9 m | 7.8 | 25.2% | 32.7% | +4.4% | −2% / +63% |
| SOFAF.LUSocfinaf S.A. | 428.7 m | 7.5 | 14.5% | 9.6% | +5.0% | −3% / +126% |
| FTXHG.LUFotex Holding | 77.4 m | 7.5 | 5.4% | 25.5% | +0.5% | −22% / −40% |
1- and 3-year price returns: for ORCL.LU from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 0.44 Total return -35% · Per year -35% | 0.78 Total return 15% · Per year 15% | 1.17 Total return 72% · Per year 72% |
| 3 years | 0.53 Total return -22% · Per year -8% | 1.03 Total return 52% · Per year 15% | 1.69 Total return 148% · Per year 35% |
| 5 years | 0.63 Total return -8% · Per year -2% | 1.37 Total return 101% · Per year 15% | 2.43 Total return 258% · Per year 29% |
- Exit P/E± 0.26
- Net margin± 0.18
- Annual revenue growth± 0.13
- Annual dilution± 0.02
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
CPI FIM SA is a Luxembourg public limited company that is part of the CPI Property Group and operates mainly in leasing and selling real estate, as well as granting equity loans and management services to other group entities 1. Its current relevance lies in the condition of its real estate portfolio in Central and Eastern Europe and in ongoing litigation that affects its results 1.
SWOT
Strengths
- A diversified portfolio of real estate assets across several Central and Eastern European countries provides a rental income base.
- The link with the CPI Property Group offers access to an extensive network of entities and management services.
- Structured reporting under EU taxonomy requirements makes transparency easier for investors.
Weaknesses
- Revenues depend on economic and cyclical conditions the company cannot control.
- Asset values rely on valuations that can vary substantially and may not reflect actual selling prices.
- Exposure to costly litigation with minority shareholders and warrant holders affects financial stability.
Opportunities
- If regional property markets stabilise, asset values and rents could rise.
- Energy certifications and sustainability standards could strengthen the value of efficient buildings.
- Sales of non-core assets could bring liquidity to reduce debt.
Threats
- Changes in tax policy on property taxes or VAT could reduce development sales.
- A deterioration of the economy could affect tenants and their ability to pay.
- An unfavourable outcome in the ongoing litigation could create significant financial obligations.
Risks
- Sensitivity to the economic cyclehigh
General economic changes can negatively affect rents and sale prices, and the company cannot control these factors 1.
- Valuation uncertaintyhigh
Independent valuations depend on assumptions that may not hold, and a decline in value could have major effects on net income 1.
- Litigation with minority shareholdershigh
The action brought by Kingstown claims substantial damages, and the company maintains the claims are without merit, but the outcome remains uncertain 1.
- Warrant holder litigationmedium
Holders of the 2014 warrants brought lawsuits, and the case was rejected at first instance, though the legal situation remains sensitive 1.
- Tax policy and residential shiftsmedium
Changes in property taxes or VAT and maturing markets could affect development sales and demand 1.
Investment thesis
What would need to be true (bull case)
- If regional property markets stabilise, rents and portfolio values could support the company's revenues.
- The link with a larger group and internal management services can offer operational continuity.
- A favourable eventual resolution of the litigation could remove a major source of uncertainty.
What would break the thesis
- If the economy slows, rents and sales could decline, directly affecting profitability.
- Valuations could be revised downwards, reducing net income and borrowing capacity.
- Litigation with shareholders and warrant holders could generate unforeseen financial obligations.
What to watch
- Evolution of portfolio valuations at the next annual appraisal2025
- Outcome of the Kingstown case on the merits at the Luxembourg first instance court2025
- Evolution of rental income and asset sale revenuesnext 10-K
- Changes in property tax and VAT policies in the countries of operation2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The company's core activity consists of leasing and selling real estate properties, and rental income and proceeds from sales of real estate investments are the key indicators of its value and profitability 1. It carries out its activity through subsidiaries and affiliated entities held directly or indirectly, mostly in the Czech Republic, Poland, Slovakia, Hungary and Germany 1. Besides property development, the company grants equity loans and management services to other entities in the CPIPG group 1.
The company's structure is closely tied to CPI Property Group S.A., which controls an extensive network of entities, and transactions with related parties represent a significant part of the financial notes 1. The company pursues residential, commercial and retail development projects and asset management to create long-term value 1.
The annual report for the year ended 31 December 2024 also includes notes on disputes with minority shareholders and warrant holders, as well as information on EU taxonomy compliance, which shows the complex legal and regulatory framework in which it operates 1.
Segments
Leasing and sale of properties
Rental income and proceeds from the sale of real estate assets are the main driver of the company, and its value and profitability depend directly on the evolution of these revenues 1. Portfolio valuations, carried out annually by independent appraisers, directly influence the company's net result 1.
Equity loans and management services
The company grants equity loans and management services to other entities in the CPIPG group, which makes these internal relationships an important component of its activity 1.
Market context
The company operates in real estate markets in Central and Eastern Europe, where residential, commercial and retail developments are influenced by economic changes and tax policies 1. Market risks include the evolution of rents and sale prices, which depend on economic factors the company cannot control 1.
Regional markets are maturing, and changes in residential trends and tax policies on property or VAT could alter the volume of development sales 1.
Trends
- Economic and cyclical developmentsheadwind
Changes in general economic parameters could negatively affect the company's activity, since rents and sale prices depend on cyclical factors that are hard to control 1. If the economy slows, rental and sales revenues could decline.
- Portfolio valuationsmixed
Independent valuations of assets rest on assumptions that may not hold, and a decline in value could have a significant impact on results 1. If the market improves, valuations could later reflect real values.
- Residential trends and tax changesheadwind
Maturing markets in Central and Eastern Europe and tax policies on property taxes or VAT could affect development sales, including pre-emptive sales ahead of tax increases 1.
- Sustainability framework and EU taxonomytailwind
The company reports under Article 8 of the EU Taxonomy Regulation and tracks energy performance criteria for buildings, which could support the value of energy-efficient certified assets 1.
Competitive position
The provided sources do not explicitly identify the company's competitors, and the competitive analysis is limited to the real estate market context in Central and Eastern Europe, where several developers and investors operate in similar segments 1.
Competitive position depends on the company's ability to maintain stable rents and valuations and to manage its portfolio efficiently under a changing tax and regulatory framework 1.
- Real estate developers in Central and Eastern Europe
The sources do not name specific competitors; the group includes local players active in residential, commercial and retail segments similar to the company's.
- Commercial and retail property investors
These players compete for tenants and assets in the same regional markets, though the provided sources do not identify them explicitly.
- Hotel and office space operators
The company and its affiliated entities also hold hotel and office assets, which creates competition with specialised regional operators.
- Entities of the CPI Property Group
The relationship with the reference group is more one of cooperation and interdependence than direct competition.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202408 May 2025
- Annual report 202323 Apr 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / CPI FIM SA · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.