MeritValue

Lakefront Biotherapeutics NV

LKFTdata completeness 88%11 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

Lakefront Biotherapeutics NV earns about 0% on invested capital, with a roughly flat share count. The applicable estimate puts fair value near €11.65 a share.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 2021FY 2022FY 2023FY 2024FY 2025
Revenue€234.4M1€241.2M2€239.7M3€275.6M3€1.11B3
Net income−€103.2M4−€218M5€211.7M6€74.1M6€320.9M6
Operating cash flow−€503.8M7−€500.5M8−€406M9−€320M9−€257.5M9
Capital expenditure€54.2M10€27.4M11€18.7M12€16.7M12€13.7M12
Free cash flow (derived)−€558M7−€527.9M8−€424.7M9−€336.7M9−€271.2M9
Total debt—————
Cash & equivalents€807.9M13€97.3M14€34.5M15€40.3M16€40M17
Diluted shares65.6M65.8M65.9M65.9M65.9M

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
€491.05
your share of equity
Profit it earned you last year
€48.69
Free cash flow it threw off
−€41.15
Debt you’d be carrying
—

10 shares is a claim on €491.05 of net worth that earned you €48.69 and generated −€41.15 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
0% avg · 5y
FY21 -5%FY22 -2%FY23 0%FY24 -0%FY25 9%

It earned an average 0% 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
+1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback.

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
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
€11.65
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings€74.1M
  • growthAssumed0.0%
Graham Number
€73.35
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2021-12-31 · accession 0001558370-24-004242 (Revenue)
  2. 20-F · period ending 2022-12-31 · accession 0001558370-25-003806 (Revenue)
  3. 20-F · period ending 2023-12-31 · accession 0001104659-26-035163 (Revenue)
  4. 20-F · period ending 2021-12-31 · accession 0001558370-24-004242 (ProfitLossAttributableToOwnersOfParent)
  5. 20-F · period ending 2022-12-31 · accession 0001558370-25-003806 (ProfitLossAttributableToOwnersOfParent)
  6. 20-F · period ending 2023-12-31 · accession 0001104659-26-035163 (ProfitLossAttributableToOwnersOfParent)
  7. 20-F · period ending 2021-12-31 · accession 0001558370-24-004242 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001558370-25-003806 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001104659-26-035163 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001558370-24-004242 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F · period ending 2022-12-31 · accession 0001558370-25-003806 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 20-F · period ending 2023-12-31 · accession 0001104659-26-035163 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  13. 20-F · period ending 2021-12-31 · accession 0001558370-22-004270 (CashAndCashEquivalents)
  14. 20-F · period ending 2022-12-31 · accession 0001558370-23-004448 (CashAndCashEquivalents)
  15. 20-F · period ending 2023-12-31 · accession 0001558370-24-004242 (CashAndCashEquivalents)
  16. 20-F · period ending 2024-12-31 · accession 0001558370-25-003806 (CashAndCashEquivalents)
  17. 20-F · period ending 2025-12-31 · accession 0001104659-26-035163 (CashAndCashEquivalents)