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olivLaw · European equity research

Lumibird LBIRD.PA

France · Euronext Paris · ISIN FR0000038242 · Vertical: Listed companies from France

23.05EUR−4.16% · 1 dayClose 05 Nov 2026

Lumibird is a group specialised in laser technologies, active in photonics and in ophthalmic medical devices. The group structures its activity in two complementary divisions, which helps balance exposure to market cycles.

At the close of 05 Nov 2026, Lumibird (LBIRD.PA) stock was 23.05 EUR (−4.16% on the day), with market capitalisation 504.5 m EUR, P/E 36.0 on diluted EPS of 0.64 EUR over the last 12 months, beta 0.70, 52-week range 19.30–28.50 EUR.

Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.

Market cap
504.5 m EUR
shares as of 31 Dec 2025
P/E (TTM)
36.0
Diluted EPS TTM 0.64 · TTM to 31 Dec 2025
E/P (TTM)
2.78%
TTM to 31 Dec 2025
Dividend yield
unavailable
Beta (2y)
0.70
Volatility (1y) 41%
52-week range
19.3028.50

Price history

Loading chart…

Technical reading

RSI (14)
43.9
weak (30–45)
Bollinger (20, 2)
21.77 – 24.99
in the lower half of the band · %B 0.40 · band width 13.8%
SMA 50 / 200
24.18 / 24.19
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
0.03 / -0.08
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

CompanyEURO STOXX 50vs EURO STOXX 50Vertical median
1 month−0.9%−0.6%−0.2 pp—
3 months−13.3%−4.2%−9.2 pp—
6 months+7.2%+4.3%+2.9 pp—
Year to date+8.7%+7.5%+1.2 pp—
1 year+12.4%+9.9%+2.5 pp−6.8%
3 years+72.0%+49.8%+22.2 pp−15.9%
5 years+14.7%+42.8%−28.1 pp—
Max drawdown (1y)
−23.2%
12 Aug 2026 → 08 Oct 2026
Max drawdown (5y)
−71.9%
30 Dec 2021 → 18 Oct 2024
Compound annual growth (5y)
+2.8%
EURO STOXX 50 +7.4%

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 33.1, median 36.0, max 38.1; quarters with earnings only).

Fiscal years

Fiscal year202320242025
Revenue203.6 m207.1 m225.6 m
Revenue YoYunavailable+1.7%+8.9%
Net income7.1 m5.7 m14.0 m
Net income YoYunavailable−20.1%+146.0%
Diluted EPS0.320.260.64
Diluted EPS YoYunavailable−18.8%+146.2%
net %3.5%2.7%6.2%
Free cash flowunavailableunavailableunavailable

Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
61.6 m EUR
Financial debt
unavailable EUR
Net debt
unavailable EUR
Equity
206.3 m EUR
Total assets
428.9 m EUR
Debt / equity
unavailable
Current ratio
2.47x
ROE
6.9%
ROA
3.3%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (EUR)

Margins

Income statement · EUR

Revenue
2023
203.6 m
2024
207.1 m
2025
225.6 m

esef· 07 Apr 2026verified

Operating income
2023
12.2 m
2024
11.6 m
2025
23.8 m

esef· 07 Apr 2026verified

Depreciation & amortisation
2023
15.7 m
2024
18.2 m
2025
19.7 m

esef· 07 Apr 2026verified

EBITDA
2023
27.8 m ≈
2024
29.8 m ≈
2025
43.5 m ≈

esef· 07 Apr 2026derived

Income tax
2023
327.0 k
2024
834.0 k
2025
4.9 m

esef· 07 Apr 2026verified

Net income
2023
7.1 m
2024
5.7 m
2025
14.0 m

esef· 07 Apr 2026verified

Diluted EPS
2023
0.32
2024
0.26
2025
0.64

esef· 07 Apr 2026verified

Balance sheet · EUR

Cash
2023
56.2 m
2024
71.1 m
2025
61.6 m

esef· 07 Apr 2026verified

Inventories
2023
77.5 m
2024
76.4 m
2025
82.5 m

esef· 07 Apr 2026verified

Current assets
2023
197.3 m
2024
208.7 m
2025
216.8 m

esef· 07 Apr 2026verified

Property, plant & equipment, net
2023
48.1 m
2024
46.5 m
2025
45.1 m

esef· 07 Apr 2026verified

Goodwill
2023
72.6 m
2024
72.1 m
2025
70.8 m

esef· 07 Apr 2026verified

Total assets
2023
405.2 m
2024
429.8 m
2025
428.9 m

esef· 07 Apr 2026verified

Current liabilities
2023
74.1 m
2024
79.5 m
2025
87.7 m

esef· 07 Apr 2026verified

Equity
2023
193.3 m
2024
198.0 m
2025
206.3 m

esef· 07 Apr 2026verified

Shares outstanding at year end
2023
22.3 m
2024
21.9 m
2025
21.9 m

esef· 07 Apr 2026derived

Cash flow · EUR

Operating cash flow
2023
20.7 m
2024
34.4 m
2025
29.0 m

esef· 07 Apr 2026verified

Investing cash flow
2023
-46.2 m
2024
-22.8 m
2025
-15.9 m

esef· 07 Apr 2026verified

Financing cash flow
2023
21.7 m
2024
3.4 m
2025
-22.2 m

esef· 07 Apr 2026verified

Computed indicators

Growth

Revenue growth (YoY)
8.9%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
105.9%
computed by olivLawFY 2025
Net income growth (YoY)
146.0%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
146.2%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
19.3%
computed by olivLawFY 2025
EBIT margin
10.6%
computed by olivLawFY 2025
Net margin
6.2%
computed by olivLawFY 2025
FCF margin
unavailable
input data missing

Returns

ROE
6.9%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
3.3%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
unavailable
input data missing
ROCE
7.0%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
2.5x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
1.5x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
0.7x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
29.0 m EUR
computed by olivLawFY 2025
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
66.7%
computed by olivLawFY 2025

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
504.5 m EUR
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
unavailable
input data missing
Market cap / net income TTM
36.0x
computed by olivLawFY 2025
P/E (TTM)
36.0x
computed by olivLawFY 2025
Earnings yield
2.8%
computed by olivLawFY 2025
P/B
2.4x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
2.2x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 3 of at least 6
  • score weight coverage: 20.8% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

23.05 EUR

05 Nov 2026Source: olivLaw, closing series

Market cap: 504.5 m EUR

Key indicators

Market capitalisation
504.5 m EUR
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
36.0x
computed by olivLawFY 2025
P/B
2.4x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
ROE
6.9%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
6.2%
computed by olivLawFY 2025
Revenue growth (YoY)
8.9%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

19/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: esefpublished 07 Apr 2026
verified 58derived 3

Score by group

21% · Insufficient data

Estimated value range

Low
7.10
EUR per share
Mid
10.96
EUR per share
High
19.07
EUR per share
Price: 23.05 EUR
The price is above the range
Potential to the central value: -52.4% (value / price − 1)
Margin of safety: -110.2% (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 independent bases

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: 7.10 – 19.07 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/E7.10 – 19.07 (Mid 10.96)
    20 companies used · median multiple 17.1x · quartiles 11.1x – 29.8x
    74SW.PA, ABEO.PA, AC.PA, ADP.PA, AF.PA, AI.PA, ALBON.PA, ALCIS.PA, ALCLA.PA, ALFER.PA, ALHEX.PA, ALO.PA, ALPWG.PA, ALSOG.PA, ANTIN.PA, ARAMI.PA, ATE.PA, AUB.PA, AURE.PA, BB.PA
  • 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: 3 of at least 6; score weight coverage: 20.8% of at least 60%

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality6.2%79 (vs peers)30%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet2.5x100 (on a fixed band)20%
P/E (TTM) · Valuation36.0x17 (vs peers)50%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

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· partial79/100 · 1/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial17/100 · 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

LUMIBIRD (LBIRD.PA). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 225.6 m EUR in 2025; YoY growth 8.9%; net margin 6.2%; ROE 6.9%.

The estimated value range is 7.10–19.07 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 10.96 EUR, the price of 23.05 EUR leaves a potential of -52.4% (value / price − 1) and a margin of safety of -110.2% (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: 3 of at least 6; score weight coverage: 20.8% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Net margin: 6.2%
  • Current ratio: 2.5x

What contradicts it

  • P/E (TTM): 36.0x
  • The price is above the estimated value range

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, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Listed companies from France · same country · compared with 39 companies

Multiples and returns vs the median

P/E
36.0x
vertical median 18.3x
above median (+97.2%)
EV/EBITDA
—
vertical median 6.3x
P/S
2.2x
vertical median 0.5x
above median (+336.8%)
P/B
2.4x
vertical median 1.1x
above median (+131.7%)
ROE
6.9%
vertical median 4.2%
above median (+66.8%)
Net margin
6.2%
vertical median 1.1%
above median (+450.9%)
EBIT margin
10.6%
vertical median 3.2%
above median (+232.3%)
Revenue YoY
8.9%
vertical median 0.6%
above median (+1,417.5%)
Net debt/EBITDA
—
vertical median -1.2x
Dividend yield
—
vertical median 1.7%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude109.3 bn33.212.9%12.2%−2.0%+26% / +32%
AC.PAAccor13.8 bn30.79.6%8.0%+0.6%+6% / +56%
ADP.PAAeroports De Paris11.7 bn34.17.8%5.6%+12.1%−7% / +4%
AKE.PAArkema7.1 bn115.40.9%0.7%−5.0%+12% / −37%
ALO.PAAlstom5.8 bn18.33.1%1.7%+3.7%−51% / −4%
AF.PAAir France - Klm4.3 bn13.6—1.0%+4.8%+20% / +9%
ATE.PAAlten3.1 bn29.54.8%2.6%−1.1%+33% / −29%
BB.PASociete Bic2.7 bn31.35.0%4.1%−4.8%+32% / +5%
ANTIN.PAAntin Infrastructure Partners1.4 bn13.021.9%36.6%−8.1%−24% / −35%
74SW.PA74software792.7 m20.98.9%8.5%+44.8%−13% / +41%
AUB.PAAubay667.4 m17.813.6%6.3%+11.3%+3% / +45%
ASY.PAAssystem507.1 m69.92.5%1.1%+7.4%−19% / −18%
LBIRD.PALumibird504.5 m36.06.9%6.2%+8.9%+19% / +76%
ATO.PAAtos Se483.0 m—-23,400.0%-17.5%−16.5%−45% / −94%
ARAMI.PAAramis Group298.8 m15.010.0%0.8%+6.3%−33% / −16%
ARVEN.PAArverne Group246.1 m—-14.0%-115.3%+27.0%+20% / −35%
BGO.PACompagnie Chargeurs Invest189.4 m—-8.6%-5.7%−2.9%unavailable / unavailable
ALCIS.PACatering International & Services145.0 m28.49.3%1.9%+5.8%+39% / +107%
ALCGM.PACegedim144.6 m—-2.6%-1.2%+10.9%−26% / −49%
ATEME.PAAteme144.0 m151.32.8%1.0%+2.2%+82% / +77%
ALHEX.PAHexaom144.0 m6.79.9%2.2%+13.1%−32% / +7%
ALBON.PACompagnie Lebon111.7 m16.54.2%8.8%−17.9%+6% / +8%
ALHYF.PALhyfe75.8 m—-33.4%-570.5%+287.2%unavailable / unavailable
ALFER.PASergeferrari Group61.5 m11.55.1%1.5%+7.4%−33% / −27%
ABEO.PAAbeo60.8 m7.36.9%3.0%+12.6%−13% / −54%

1- and 3-year price returns: for LBIRD.PA 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.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (EUR)

Estimated priceBearBaseBull
1 years
14.23
Total return -38% · Per year -38%
25.11
Total return 9% · Per year 9%
37.75
Total return 64% · Per year 64%
3 years
15.07
Total return -35% · Per year -13%
29.80
Total return 29% · Per year 9%
49.00
Total return 113% · Per year 29%
5 years
15.96
Total return -31% · Per year -7%
35.36
Total return 53% · Per year 9%
63.61
Total return 176% · Per year 23%
What moves the 3-year price the most
  • Exit P/E± 7.45
  • Net margin± 5.21
  • Annual revenue growth± 4.11
  • Annual dilution± 0.44

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

Lumibird is a group specialised in laser technologies, active in photonics and in ophthalmic medical devices. The group structures its activity in two complementary divisions, which helps balance exposure to market cycles.

SWOT

Strengths

  • The group controls critical technologies, including in-house production of active and passive optical fibres, which strengthens the value chain 1.
  • The coexistence of two divisions diversifies revenue sources and reduces exposure to a single market cycle 1.
  • The installed base in ophthalmology and laser expertise provide recurring activity 1.

Weaknesses

  • The retinal segment is considered more mature, which may limit short-term growth 1.
  • The exploratory OEM activity is not yet an autonomous segment of comparable size 1.
  • Dependence on electronic and optical components can create supply tensions 1.

Opportunities

  • Integrating laser treatment into first-line glaucoma care could accelerate growth in some markets 1.
  • Dry eye solutions could open a new segment if clinical adoption increases 1.
  • Defence and space demand for lasers could support the Photonics division 1.

Threats

  • Advanced pharmacological treatments may reduce demand for laser equipment in some regions 1.
  • Technological competition and heterogeneous practices may slow the adoption of new solutions 1.
  • Regulatory requirements for medical devices may raise development costs 1.

Risks

  • Cyclicality of the Photonics divisionmedium

    Institutional and industrial investment cycles can be irregular, which could affect revenue predictability 1.

  • Pharmacological substitutionmedium

    Advanced drug treatments could reduce demand for some ophthalmic lasers 1.

  • Component supplymedium

    Tensions on electronic and optical components could delay production if they persist 1.

  • Medical regulationlow

    Requirements for medical devices may lengthen development cycles, especially for OEM activities 1.

  • Technological competitionhigh

    Specialised players and international groups could press on prices and innovation 1.

Investment thesis

What would need to be true (bull case)

  • Control of critical technologies and diversification across two divisions could support a solid long-term position 1.
  • Structural demand in ophthalmology and for defence lasers could support growth 1.
  • The installed base and laser expertise can provide recurring revenue 1.

What would break the thesis

  • Pharmacological treatments and the maturing of some segments could limit organic growth 1.
  • The cyclicality of the Photonics division may introduce volatility in results 1.
  • Technological competition may require continuous investment to maintain differentiation 1.

What to watch

  • Evolution of the Medical division in ophthalmology2026
  • Pace of adoption of dry eye solutions2026
  • Photonics division orders for defence and space2026
  • Status of critical component supplynext 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

Lumibird develops and produces laser systems for photonics and medical devices, with a focus on ophthalmology. The group runs its activity through two divisions, Photonics and Medical, each with its own cycles and markets 1.

Segments

Photonics division

The Photonics division operates in technology markets with industrial and institutional cycles, focusing on solid and fibre lasers, LIDAR and defence and space applications 1.

Medical division

The Medical division focuses on ophthalmology, with lasers for glaucoma, retinal pathologies and dry eye, as well as exploratory OEM activities 1.

Market context

The glaucoma market shows a favourable dynamic, supported by evolving clinical recommendations, while the photocoagulation laser market differs between regions due to pharmacological competition 1.

The dry eye market is growing gradually but remains in structuring, with heterogeneous practices across regions, which could influence the pace of adoption 1.

Trends

  • Ageing populationtailwind

    A rise in the prevalence of age-related eye conditions supports demand for ophthalmic equipment, if the trend holds 1.

  • Pharmacological treatmentsheadwind

    Intravitreal injections may reduce demand for some laser indications in mature countries, which could slow growth in those regions 1.

  • Laser technologies in dry eyemixed

    Instrumental solutions for dry eye could open a new segment, but the market remains fragmented 1.

  • Technological sovereigntytailwind

    Demand for lasers and critical components from controlled sources may support the photonics segment, if defence priorities persist 1.

Competitive position

Competition in ophthalmology is structured around specialised players and international groups with broad portfolios, and differentiation rests on clinical results and reliability 1.

  • Specialised ophthalmic players

    Specialised companies competing on ophthalmic laser equipment, with no confirmed US ticker in the source 1.

  • International ophthalmology groups

    Groups with broad ophthalmology portfolios, mentioned generically in the source 1.

  • Scientific and medical laser suppliers

    Competitors in high-energy lasers, mentioned in the context of the Photonics division 1.

  • LIDAR and sensor suppliers

    Competitors in LIDAR and Time of Flight solutions, from the source on business segments 1.

News & filings

In the press

No news in our archive over the last 180 days.

Annual reports (ESEF)

Sources

  1. [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Lumibird · 31 Dec 2025

Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.