olivLaw · European equity research
Fotex Holding S.E. FTXHG.LU
Luxembourg · Luxembourg Stock Exchange · Vertical: Listed companies from Luxembourg
Fotex Holding S.E. is an investment holding company based in Luxembourg and listed on the Luxembourg Stock Exchange, managing a portfolio of real estate and shareholdings, mainly in Hungary and the Netherlands. In 2024 the company reduced its available cash through acquisitions, and its outlook for 2025 remains cautious because of inflation, a volatile EUR/HUF exchange rate and financing difficulties.
At the close of 04 Nov 2026, Fotex Holding S.E. (FTXHG.LU) stock was 1.80 EUR (+0.00% on the day), with market capitalisation 77.4 m EUR, P/E 7.5 on diluted EPS of 0.24 EUR over the last 12 months, beta -0.00, 52-week range 1.70–3.50 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 34.5
- weak (30–45)
- Bollinger (20, 2)
- 1.46 – 2.39
- in the lower half of the band · %B 0.37 · band width 48.2%
- SMA 50 / 200
- 2.38 / 2.76
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.19 / -0.21
- 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 | −5.3% | +0.4% | −5.6 pp | — |
| 3 months | unavailable | −3.3% | unavailable | — |
| 6 months | −28.0% | +4.0% | −32.0 pp | — |
| Year to date | −28.0% | +8.1% | −36.1 pp | — |
| 1 year | unavailable | +10.7% | unavailable | −2.8% |
| 3 years | unavailable | +50.1% | unavailable | +56.9% |
| 5 years | unavailable | +43.6% | unavailable | — |
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 0 percentile of its own 3-quarter history (min 13.8, median 15.2, max 15.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 33.4 m | 40.3 m | 40.5 m |
| Revenue YoY | unavailable | +20.7% | +0.5% |
| Net income | 7.9 m | 8.8 m | 10.3 m |
| Net income YoY | unavailable | +10.3% | +17.8% |
| Diluted EPS | 0.19 | 0.20 | 0.24 |
| Diluted EPS YoY | unavailable | +5.3% | +20.0% |
| net % | 23.8% | 21.8% | 25.5% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 35.9 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 197.8 m EUR
- Total assets
- 215.3 m EUR
- Debt / equity
- unavailable
- Current ratio
- 4.97x
- ROE
- 5.4%
- ROA
- 4.9%
- 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 | 33.4 m | 40.3 m | 40.5 m | esef· 08 May 2025verified |
| Cost of revenue | 598.7 k | 642.0 k | 480.9 k | esef· 08 May 2025verified |
| Gross profit | 32.8 m | 39.6 m | 40.0 m | esef· 08 May 2025verified |
| Operating income | 10.9 m | 10.8 m | 10.8 m | esef· 08 May 2025verified |
| Pre-tax income | 9.5 m | 11.0 m | 12.0 m | esef· 08 May 2025verified |
| Income tax | 1.5 m | 2.3 m | 1.8 m | esef· 08 May 2025verified |
| Net income | 7.9 m | 8.8 m | 10.3 m | esef· 08 May 2025verified |
| Diluted EPS | 0.19 | 0.20 | 0.24 | esef· 08 May 2025verified |
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 83.7 m | 42.9 m | 35.9 m | esef· 08 May 2025verified |
| Receivables | 4.5 m | 10.7 m | 8.6 m | esef· 08 May 2025verified |
| Inventories | 4.0 m | 3.9 m | 3.9 m | esef· 08 May 2025verified |
| Current assets | 93.0 m | 58.8 m | 57.0 m | esef· 08 May 2025verified |
| Property, plant & equipment, net | 6.8 m | 3.0 m | 2.3 m | esef· 08 May 2025verified |
| Goodwill | 7.7 m | 7.7 m | 7.7 m | esef· 08 May 2025verified |
| Intangibles (excl. goodwill) | 1.6 m | 916.7 k | 144.9 k | esef· 08 May 2025verified |
| Total assets | 242.3 m | 206.2 m | 215.3 m | esef· 08 May 2025verified |
| Accounts payable | 8.7 m | 11.0 m | 11.5 m | esef· 08 May 2025verified |
| Short-term debt | 47.0 m | 0 | — | esef· 09 Jul 2024verified |
| Current liabilities | 55.7 m | 11.0 m | 11.5 m | esef· 08 May 2025verified |
| Equity | 177.9 m | 187.9 m | 197.8 m | esef· 08 May 2025verified |
| Shares outstanding at year end | 41.8 m | 43.8 m | 43.0 m | esef· 08 May 2025derived |
Cash flow · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 12.6 m | 14.3 m | 15.0 m | esef· 08 May 2025verified |
| Investing cash flow | -35.1 m | -8.4 m | -13.4 m | esef· 08 May 2025verified |
| Financing cash flow | -3.2 m | -47.9 m | -8.1 m | esef· 08 May 2025verified |
| Share repurchases | 906.4 k | 929.3 k | 494.2 k | esef· 08 May 2025verified |
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
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 77.4 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
27% · 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: 1.87 – 2.22 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 · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E1.87 – 2.22 (Mid 1.97)4 companies used · median multiple 8.2x · quartiles 7.8x – 9.3xORCL.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: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 25.5% | 100 (on a fixed band) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 5.0x | 100 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | 7.5x | 100 (on a fixed band) | 38% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.6% | 9 (on a fixed band) | 23% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial100/100 · 1/3 factors with a value
- Returns· partial9/100 · 1/2 factors with a value
- Valuation· partial100/100 · 1/3 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
FOTEX HOLDING (FTXHG.LU). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 40.5 m EUR in 2024; YoY growth 0.5%; net margin 25.5%; ROE 5.4%.
The estimated value range is 1.87–2.22 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 1.97 EUR, the price of 1.80 EUR leaves a potential of 9.4% (value / price − 1) and a margin of safety of 8.6% (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 (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 25.5%
- Current ratio: 5.0x
- P/E (TTM): 7.5x
- The price is below the estimated value range
What contradicts it
- Shareholder yield (distributions): 0.6%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, 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 FTXHG.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 | 1.02 Total return -43% · Per year -43% | 1.81 Total return 1% · Per year 1% | 2.73 Total return 52% · Per year 52% |
| 3 years | 0.91 Total return -49% · Per year -20% | 1.83 Total return 2% · Per year 1% | 3.04 Total return 69% · Per year 19% |
| 5 years | 0.82 Total return -55% · Per year -15% | 1.85 Total return 3% · Per year 1% | 3.39 Total return 88% · Per year 13% |
- Exit P/E± 0.46
- Net margin± 0.32
- Annual revenue growth± 0.27
- Annual dilution± 0.03
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
Fotex Holding S.E. is an investment holding company based in Luxembourg and listed on the Luxembourg Stock Exchange, managing a portfolio of real estate and shareholdings, mainly in Hungary and the Netherlands. In 2024 the company reduced its available cash through acquisitions, and its outlook for 2025 remains cautious because of inflation, a volatile EUR/HUF exchange rate and financing difficulties.
SWOT
Strengths
- The group maintains a stable and strong financial position with a very positive cash flow, according to the 2024 annual report 1.
- The company directly controls its assets, which allows it to manage its properties and Dutch subsidiaries more closely 1.
- The governance structure includes independent board members and an audit committee that monitors financial reporting 1.
Weaknesses
- Available cash fell in 2024 because of acquisitions, leaving fewer resources for future opportunities 1.
- The company has no nomination or remuneration committee, and there is no formal remuneration policy 1.
- Dependence on the Hungarian market and exposure to a volatile EUR/HUF rate add currency risk 1.
Opportunities
Threats
- Inflation and new trade tariffs could reduce tenants' purchasing power and raise operating costs 1.
- A possible economic slowdown or recession could make it harder to find new tenants and extend existing leases 1.
- The war in Ukraine and geopolitical tensions could disrupt supply chains and affect tenants 1.
Risks
- Pressure on tenantshigh
Tenants could require rent discounts or financial support, which could reduce group income in 2025 1.
- Lower liquiditymedium
A reduced cash balance limits the group's ability to take advantage of unexpected acquisitions in 2025 1.
- Currency exposuremedium
A volatile EUR/HUF rate could affect reported results from Hungarian assets 1.
- Bank financingmedium
Obtaining bank financing remains difficult because of compliance and risk-related issues, which could slow projects 1.
- Geopolitical uncertaintylow
The conflicts in Ukraine and the Middle East, along with trade tensions, could add economic pressure on the group 1.
Investment thesis
What would need to be true (bull case)
- The company maintains a stable financial position and positive cash flow, giving it a solid base in difficult periods 1.
- Direct control of properties and solar investments could reduce costs and create long-term value 1.
- If interest rates keep falling, project financing could become easier, opening room for expansion 1.
What would break the thesis
- A lower cash balance and pressure on tenants could limit the group's ability to take advantage of new acquisitions 1.
- Inflation, tariffs and a possible recession could weigh on rental income and make it harder to find new tenants 1.
- Exposure to a volatile EUR/HUF rate and financing difficulties could slow projects and affect reported results 1.
What to watch
- Trend in rental income and the level of discounts granted to tenants2025
- Results of solar investments on Hungarian properties2025
- EUR/HUF exchange rate and its effect on Hungarian assets2025
- Level of available cash and any new acquisitionsnext 10-K
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
Fotex Holding S.E. is a financial holding company with an investment structure that controls a group of subsidiaries and properties. According to the annual report for the year ended 31 December 2024, the company has no branches and its day-to-day activity is run by the Board of Directors. Its ordinary shares are listed on the Luxembourg Stock Exchange.
The core activity is managing a portfolio of properties and shareholdings in companies, with a focus on optimising subsidiary operations. In 2024 the group acquired a majority stake in a property and a minority stake in a local Dutch service provider, which improved control over its Dutch assets 1.
The company exited crystal production in 2019 and regenerated the factory area. The group also invests in energy efficiency, through solar panels installed on several properties in Hungary, as part of its strategy to reduce its carbon footprint 1.
Segments
Real estate properties
The property portfolio, particularly in Budapest and Hungary, generates rental income. The group applied a renovation policy for its investment properties that was updated to be carbon neutral 1.
Shareholdings and investments
The group holds shareholdings in companies, including a majority stake in a property and a minority stake in a Dutch service provider, both acquisitions made in 2024 1.
Solar energy
Investments in solar power generation on four properties owned by the group in Hungary are being analysed for effectiveness and profitability before any further expansion in 2025 1.
Market context
The company operates in the commercial and investment property market in Central Europe, with a focus on Hungary. The annual report describes a difficult financing environment, with higher interest rates and inflationary pressure making bank financing harder to obtain, although ECB rate cuts in 2024 partly eased project financing 1.
The rental market is under pressure: some tenants could need rent discounts or rent-free months in 2025, which could reduce group income, although vacancies could remain low 1.
Trends
- Inflation and costsheadwind
Inflation has remained an issue, and new tariffs proposed by the US administration could add to inflationary pressure, affecting tenants and group costs 1.
- Financing costsmixed
ECB rate cuts have made financing projects partly easier, but obtaining bank loans remains difficult, especially because of compliance requirements 1.
- Energy transitiontailwind
Solar panel investments on Hungarian properties could reduce energy costs and carbon footprint if the returns prove attractive 1.
- Geopolitical tensionsheadwind
The war in Ukraine, US-EU trade tensions and Middle East conflicts could disrupt supply chains and slow the economy, which could affect tenants 1.
Competitive position
The annual report does not name specific competitors. The company operates as an investment holding, and competition could come from other real estate investors and property groups in Central Europe, particularly for tenants and asset acquisitions 1.
To attract tenants and keep vacancies low, the group could need to make concessions, which could weigh on income margins in a weaker economic environment 1.
- Other real estate investors in Central Europe
The sources do not name specific competitors; competition could come from investors active in the same commercial property market in Hungary.
- Local service providers in the Netherlands
The group took a minority stake in such a provider, indicating a services market into which the company is expanding.
- Property groups with Budapest portfolios
Competition for tenants in Budapest could come from other owners with comparable commercial portfolios.
- Solar power operators
The group invests in solar energy on its own properties, and the renewable energy market also attracts other players.
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 202309 Jul 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Fotex Holding S.E. · 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.