olivLaw · European equity research
Luxempart LXMPR.LU
Luxembourg · Luxembourg Stock Exchange · Vertical: Listed companies from Luxembourg
Luxempart is a Luxembourg investment company listed on the Luxembourg Stock Exchange that holds direct stakes in unlisted companies and a portfolio of investment funds. Its 2024 results were shaped by pressure on companies in cyclical sectors, which pulled the NAV of its direct investments to EUR 1,531m.
At the close of 06 Nov 2026, Luxempart (LXMPR.LU) stock was 70.50 EUR (−1.40% on the day), with market capitalisation 1.4 bn EUR, P/E 48.0 on diluted EPS of 1.47 EUR over the last 12 months, dividend yield 3.07%, beta 0.11, 52-week range 59.50–78.00 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)
- 44.7
- weak (30–45)
- Bollinger (20, 2)
- 69.35 – 73.00
- in the lower half of the band · %B 0.31 · band width 5.1%
- SMA 50 / 200
- 72.40 / 68.93
- mixed trend
- MACD (12, 26, 9)
- -0.60 / -0.64
- 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 | −2.8% | −0.6% | −2.1 pp | — |
| 3 months | −7.2% | −4.2% | −3.1 pp | — |
| 6 months | +0.7% | +4.3% | −3.6 pp | — |
| Year to date | +11.9% | +7.5% | +4.4 pp | — |
| 1 year | +12.8% | +9.9% | +2.9 pp | −3.2% |
| 3 years | +3.7% | +49.8% | −46.2 pp | +51.1% |
| 5 years | −7.2% | +42.8% | −50.1 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 100 percentile of its own 3-quarter history (min 7.4, median 33.3, max 48.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 46.4 m | 183.5 m | 30.5 m |
| Net income YoY | unavailable | +295.5% | −83.4% |
| Diluted EPS | 2.24 | 8.88 | 1.47 |
| Diluted EPS YoY | unavailable | +296.4% | −83.4% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 67.8 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 2.3 bn EUR
- Total assets
- 2.3 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 8.39x
- ROE
- 1.3%
- ROA
- 1.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating income | 45.9 m | 183.4 m | 29.9 m | esef· 08 May 2025verified |
| Depreciation & amortisation | 85.0 k | 2.7 m | -945.0 k | esef· 08 May 2025verified |
| EBITDA | 46.0 m ≈ | 186.0 m ≈ | 30.9 m ≈ | esef· 08 May 2025derived |
| Interest expense | 537.0 k | 628.0 k | 887.0 k | esef· 08 May 2025verified |
| Pre-tax income | 47.6 m | 185.1 m | 31.1 m | esef· 08 May 2025verified |
| Income tax | 1.2 m | 1.5 m | 616.0 k | esef· 08 May 2025verified |
| Net income | 46.4 m | 183.5 m | 30.5 m | esef· 08 May 2025verified |
| Diluted EPS | 2.24 | 8.88 | 1.47 | esef· 08 May 2025verified |
| Weighted average diluted shares | 20.7 m | 20.7 m | — | esef· 23 Apr 2024verified |
| Dividend per share | 1.80 | 1.98 | 2.16 | esef· 08 May 2025derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 180.8 m | 5.4 m | 67.8 m | esef· 08 May 2025verified |
| Current assets | 188.8 m | 16.9 m | 77.8 m | esef· 08 May 2025verified |
| Total assets | 2.2 bn | 2.3 bn | 2.3 bn | esef· 08 May 2025verified |
| Accounts payable | 10.0 m | 8.8 m | 9.3 m | esef· 08 May 2025verified |
| Current liabilities | 10.0 m | 8.8 m | 9.3 m | esef· 08 May 2025verified |
| Total liabilities | 12.2 m | 12.6 m | 12.1 m | esef· 08 May 2025verified |
| Equity | 2.2 bn | 2.3 bn | 2.3 bn | esef· 08 May 2025verified |
| Shares outstanding at year end | 20.1 m | 20.1 m | 20.2 m | esef· 08 May 2025derived |
Cash flow · EUR
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
06 Nov 2026Source: olivLaw, closing series
Market cap: 1.4 bn 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: 11.08 – 40.13 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/E11.08 – 11.98 (Mid 11.46)4 companies used · median multiple 7.8x · quartiles 7.5x – 8.2xFTXHG.LU, REINI.LU, SCFNS.LU, SOFAF.LU
- Dividend discount (DDM)29.43 – 40.13 (Mid 33.96)
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 | unavailable | unavailable | — |
| 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 | 33.7x | 100 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 8.4x | 100 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | 48.0x | 0 (vs peers) | 38% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 3.1% | 44 (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 sheet100/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partial44/100 · 1/2 factors with a value
- Valuation· partial0/100 · 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
LUXEMPART (LXMPR.LU). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: ROE 1.3%.
The estimated value range is 20.25–26.06 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 22.71 EUR, the price of 70.50 EUR leaves a potential of -67.8% (value / price − 1) and a margin of safety of -210.5% (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
- Interest coverage: 33.7x
- Current ratio: 8.4x
What contradicts it
- P/E (TTM): 48.0x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Luxembourg · same country · compared with 5 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| REINI.LUReinet Investments S.c.a. | 4.4 bn | 8.5 | 8.7% | 99.4% | unavailable | 0% / +25% |
| ORCL.LUCpi Fim SA | 887.8 m | 11.3 | 5.4% | 53.0% | +167.3% | −31% / +51% |
| SCFNS.LUSocfinasia S.A. | 489.7 m | 8.0 | 25.2% | 32.7% | +4.4% | 0% / +67% |
| 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 LXMPR.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
Scenarios are not available. input data missing
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
Luxempart is a Luxembourg investment company listed on the Luxembourg Stock Exchange that holds direct stakes in unlisted companies and a portfolio of investment funds. Its 2024 results were shaped by pressure on companies in cyclical sectors, which pulled the NAV of its direct investments to EUR 1,531m 1.
SWOT
Strengths
- Permanent capital structure allows long investment horizons and exits driven by economic considerations rather than distribution obligations 1.
- Solid financial position, with a cash position expected to grow after the Nexus sale and serving as a buffer 1.
- Most portfolio companies delivered sustained operational growth and a leverage level considered reasonable 1.
Weaknesses
Opportunities
Threats
- Global uncertainty, including US trade policy, could affect performance on both sides of the Atlantic 1.
- A low transaction volume could prolong the weak fund environment and slow portfolio construction 1.
- Dependence on cyclical sectors in Germany and Europe could amplify losses if the economy stays weak 1.
Risks
- Cyclical portfolio companieshigh
Four companies in construction, luxury and glass saw large valuation declines, and a delayed recovery could keep pressure on NAV 1.
- Low M&A volumemedium
If M&A transactions stay weak, fund distributions and IRRs could be affected 1.
- Geopolitical uncertaintymedium
Trade policies and the Ukraine conflict could affect portfolio companies differently 1.
- Concentration on the reference shareholderlow
Foyer Finance holds a majority of the capital, which limits the influence of other shareholders on decisions 1.
- Uncalled commitmentslow
Uncalled fund commitments could create capital calls in periods when liquidity is needed elsewhere 1.
Investment thesis
What would need to be true (bull case)
- If cyclical sectors recover, portfolio companies could regain significant value, given that the affected participations are now a small share of NAV 1.
- The cash position, expected to grow after the Nexus sale, could provide flexibility for new opportunities 1.
- Operational performance across most portfolio companies remains solid, which could support long-term value growth 1.
What would break the thesis
What to watch
- Evolution and recovery of the four participations in cyclical sectors2025
- Level of M&A transactions and its effect on fund distributions2025
- Development of US exposure and performance of the American portfolionext 10-K
- Use of Nexus sale proceeds and the cash position2025
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
According to the 2024 annual report, Luxempart has two main activities: direct investments in portfolio companies and investments in private equity funds. Direct stakes span healthcare, industrials, B2B services and TMT, and at 31 December 2024 the company had 28 companies in its direct portfolio 1. The fund activity covers 54 funds managed by 31 General Partners, with a NAV of EUR 588m 1. The reference shareholder is Foyer Finance S.A., which owns 50.41% of the share capital 1.
Segments
Direct Investments
The direct portfolio was broadly flat in 2024, at -0.1% 1. Four participations in cyclical sectors, including Kestrel Vision, Crealis, MTWH and Atenor, saw sharp valuation declines, while most other companies grew EBITDA 1. In 2024 the company invested EUR 87m in this segment and exited ESG with proceeds of EUR 138m 1.
Market context
Management describes the current environment as highly unpredictable and does not give guidance for 2025 1. A low level of M&A transactions has prolonged a weak period for investment funds, with reduced proceeds and capital calls 1. A continued decline in interest rates could support a recovery in cyclical companies 1.
Trends
- Interest ratestailwind
A continued decline in interest rates could support a recovery for cyclical portfolio companies such as those in construction and glass 1.
- Low M&A volumeheadwind
A low level of M&A transactions could prolong the weak period for funds, affecting IRRs and portfolio construction 1.
- Geopolitical and trade tensionsheadwind
US policies, the Ukraine conflict and trade tariffs are major uncertainties for the European economy 1.
- Diversification toward the USmixed
The still limited expansion of US exposure could help smooth shocks from either side of the Atlantic 1.
Competitive position
The annual report does not explicitly name direct competitors. The company describes its model in contrast to standard fund structures, with permanent capital allowing longer investment horizons 1. For its fund portfolio, competition comes from other private equity investors active in the middle market 1.
- Middle market private equity investors
Funds managed by Luxempart compete with other investors targeting the same deals in the middle market, as described in the report 1.
- Buyout and growth equity funds
The buyout and growth equity strategies in the portfolio compete with other funds for access to target companies 1.
- Secondaries funds
In the secondaries segment, investors compete for stakes in existing funds, a strategy seen as attractive for cash generation 1.
- Other listed investment companies
Investment companies with a similar structure may compete for the same capital opportunities, though they are not identified in the source 1.
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 202408 May 2025
- Annual report 202323 Apr 2024
- Annual report 202323 Apr 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Luxempart · 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.