Decanus schreef: ↑25 feb 2025 10:30
Gisteren het weinig liquide Luxempart opgepikt .
Koers 69 € .
IW rond de 115 € .
Korting is groot voor deze holding met mooi track record .
Een overgangsjaar dus :
www.luxempart.lu/media/2025/03/Press-Re ... 50328-.pdf
PRESS RELEASE – REGULATED INFORMATION Annual results as of 31 December 2024 Resilient performance in 2024 amid market challenges • Net Asset Value of EUR 2,311m (-0.6%) • Global NAV performance of +1.3% for our shareholders • Financial liquidity of EUR 184m, no financial debt • Proposed gross dividend of EUR 2.33 per share (+7.4%) The Managing Director, John Penning, commented on the year as follows: Luxempart has successfully navigated a demanding 2024, delivering a stable performance despite economic headwinds and a subdued private equity market. While market conditions remained challenging, our disciplined investment approach, strong execution in divestments, and selective deployment of capital has allowed us to preserve value and position the company for long-term growth. Our Net Asset Value (NAV) declined slightly by 0.6% to EUR 2.3 billion, while performance remained slightly positive at 1.3%. The Investment Funds segment delivered a solid 8.5% return, reinforcing its role as a stable contributor to our portfolio. In contrast, Direct Investments faced headwinds, as four portfolio companies operating in real estate development, glass production, and luxury sectors underperformed. However, the rest of our Direct Investments delivered good results. Despite this year’s lower performance, Luxempart remains consistent in outpacing market benchmarks, achieving a 10% annualized return over the past four years compared to 5.2% for the MSCI Europe Mid Cap index. Our share price increased by 10% over the course of the year (dividend reintegrated) and has achieved over the last 4 years an annualized performance of 13.1%. A key strength in 2024 was our ability to execute well-timed and strategic divestments. The sale of ESG Elektroniksystem- und Logistik GmbH generated EUR 138 million in proceeds (7.2x MoM return), and the expected EUR 123 million Nexus exit (14.4% IRR, 1.4x MoM return) in H1 2025 will further reinforce our financial position. At year-end, we held EUR 184 million in financial liquidities and with EUR 200 million in undrawn credit lines, we have the flexibility to act decisively on new opportunities while continuing to support our portfolio companies. Looking ahead, we remain committed to disciplined capital allocation and value creation for our shareholders. The Board is proposing a 7.4% dividend increase to EUR 2.33 per share, reflecting our confidence in the strength of our portfolio and future opportunities. While global uncertainties persist, Luxempart’s focused investment strategy, strong financial position, and long-term perspective ensure that we are well-prepared to navigate evolving market conditions and deliver sustained performance.
GLOBAL PERFORMANCE In total, Luxempart generated a return of 1.3% for its shareholders in 2024. Luxempart's IRR over the last 4 years amounts to 10.0%, outperforming its benchmark index by +4.8% annually, the MSCI Europe Mid Cap net return index, which generated an IRR of 5.2 % over the same period. During 2024, Luxempart share price increased by 7% to reach EUR 70.50 per share as of 31 December 2024. This price represents a discount of 38.5% to our NAV per share of EUR 114.72. Luxempart stock performance, dividend reintegrated, stood at 10.1% over the year, and 13.1% annually on the four-year period 2021-2024. DIVIDEND The Board of Directors will propose a dividend of EUR 2.33 gross per share, an increase of 7.4 % compared to 2024. This represents an annual growth of 10% of our dividend, on the four-year period 2022-2025. It will be payable on 15 May 2025 subject to approval by the company's Annual General Meeting on 28 April 2025.
