MeritValue

Lanvin Group Holdings Ltd

LANVdata completeness 88%5 fiscal years on file

Data notes: no data for concept 'capex'

The thesis, from the filings

Lanvin Group Holdings Ltd earns about -55% on invested capital, but has diluted owners by 93% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2020FY 2021FY 2022FY 2023FY 2024
Revenue€222.6M1€308.8M2€422.3M3€426.2M3€328.6M3
Net income−€110.8M4−€65.4M5−€218.3M6−€129.3M6−€165.3M6
Operating cash flow−€87.3M7−€73.1M8−€80.9M9−€57.9M9−€59.4M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt€18.8M10€66.8M11€33.5M12€68.1M12€183.8M12
Cash & equivalents€44.2M13€88.7M14€91.7M14€27.9M14€18M14
Diluted shares72.6M77.9M131.0M145.0M139.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
−€0.32
your share of equity
Profit it earned you last year
−€11.82
Free cash flow it threw off
—
Debt you’d be carrying
€13.15

10 shares is a claim on −€0.32 of net worth that earned you −€11.82 last year, against €13.15 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-55% avg · 5y
FY20 -47%FY21 -22%FY22 -76%FY23 -49%FY24 -81%

It earned an average -55% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+93% shares · 5y

Share count is up 93% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 876% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2020-12-31 · accession 0001193125-23-108343 (Revenue)
  2. 20-F · period ending 2021-12-31 · accession 0001193125-24-125043 (Revenue)
  3. 20-F · period ending 2022-12-31 · accession 0001410578-25-001024 (Revenue)
  4. 20-F · period ending 2020-12-31 · accession 0001193125-23-108343 (ProfitLossAttributableToOwnersOfParent)
  5. 20-F · period ending 2021-12-31 · accession 0001193125-24-125043 (ProfitLossAttributableToOwnersOfParent)
  6. 20-F · period ending 2022-12-31 · accession 0001410578-25-001024 (ProfitLossAttributableToOwnersOfParent)
  7. 20-F · period ending 2020-12-31 · accession 0001193125-23-108343 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2021-12-31 · accession 0001193125-24-125043 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2022-12-31 · accession 0001410578-25-001024 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F · period ending 2020-12-31 · accession 0001193125-23-108343 (Borrowings)
  11. 20-F · period ending 2021-12-31 · accession 0001193125-24-125043 (Borrowings)
  12. 20-F · period ending 2022-12-31 · accession 0001410578-25-001024 (Borrowings)
  13. 20-F · period ending 2020-12-31 · accession 0001193125-24-125043 (CashAndCashEquivalents)
  14. 20-F · period ending 2021-12-31 · accession 0001410578-25-001024 (CashAndCashEquivalents)