Luxempart has a ~15% IRR over the last 30 years, which is a very impressive track record for any investment company in EuropeAfter the Nexus AG tender, Luxempart's war chest would still be more than EUR 300m (almost 10% of its portfolio) positioning it well for any investment opportunityAny event that would improve the liquidity of the stock would serve as a significant catalyst in our view to narrow its discountWe estimate the current NAV to be EUR 113.9 p/s, implying a discount of 38%. TP goes ....
