MeritValue

LuxExperience B.V.

LUXEdata completeness 75%7 fiscal years on file

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

The thesis, from the filings

LuxExperience B.V. earns about 13% on invested capital, but has diluted owners by 62% 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue€612.1M1€687.8M2€766M3€840.9M3€1.26B3
Net income−€32.6M4−€9.32M5−€17M6−€24.9M6€570M6
Operating cash flow−€16.6M7€54.8M8−€55.1M9€10M9−€30.5M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents€76.8M10€113.5M11€30.1M11€15.1M11€603.6M11
Diluted shares84.5M84.7M84.9M85.3M137.3M

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
€99.43
your share of equity
Profit it earned you last year
€41.52
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on €99.43 of net worth that earned you €41.52 last year.

iii. Is this a good business?
Moat signal · return on invested capital
13% avg · 5y
FY21 -4%FY22 0%FY23 -2%FY24 -5%FY25 75%

It earned an average 13% 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
+62% shares · 5y

Share count is up 62% over 5 years — owners have been diluted. Worth asking what they got for it.

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
€35.55
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2021-06-30 · accession 0001104659-23-100576 (Revenue)
  2. 20-F · period ending 2022-06-30 · accession 0001104659-24-099133 (Revenue)
  3. 20-F · period ending 2023-06-30 · accession 0001104659-25-104454 (Revenue)
  4. 20-F · period ending 2021-06-30 · accession 0001104659-23-100576 (ProfitLoss)
  5. 20-F · period ending 2022-06-30 · accession 0001104659-24-099133 (ProfitLoss)
  6. 20-F · period ending 2023-06-30 · accession 0001104659-25-104454 (ProfitLoss)
  7. 20-F · period ending 2021-06-30 · accession 0001104659-23-100576 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2022-06-30 · accession 0001104659-24-099133 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2023-06-30 · accession 0001104659-25-104454 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F · period ending 2021-06-30 · accession 0001104659-24-099133 (CashAndCashEquivalents)
  11. 20-F · period ending 2022-06-30 · accession 0001104659-25-104454 (CashAndCashEquivalents)