| Valuation method | Value, € | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 24.01 | 991 |
| Intrinsic value (DCF) | 0.74 | -66 |
| Graham-Dodd Method | n/a | |
| Graham Formula | n/a |
elumeo SE is a Berlin-based gemstone jewelry company specializing in the design, procurement, and distribution of jewelry, precious stones, and related products under brands like Juwelo, AMAYANI, Rocks & Co., and New York Gemstones. Operating in the luxury goods sector, elumeo leverages electronic distribution channels, including TV, internet, smart TV, and mobile apps, as well as home shopping TV stations and web shops across Germany, Italy, France, the Netherlands, Spain, Belgium, and the UK. Founded in 2008 and formerly known as Atrium 66. Europäische VV SE, the company rebranded to elumeo SE in 2014. With a market cap of approximately €12.4 million, elumeo caters to the consumer cyclical segment, combining traditional jewelry craftsmanship with modern e-commerce and multimedia retail strategies. Its omni-channel approach positions it uniquely in the competitive European jewelry market.
elumeo SE presents a high-risk, high-reward investment opportunity in the luxury goods sector. The company reported €45.4 million in revenue for FY 2023 but posted a net loss of €1.1 million, reflecting operational challenges. With a negative EPS of -€0.2 and a beta of 1.582, elumeo is highly sensitive to market volatility. The company’s reliance on electronic distribution channels offers scalability but exposes it to digital competition and fluctuating consumer demand. While its cash position (€1.34 million) and manageable debt (€1.56 million) provide some stability, the lack of profitability and negative operating cash flow (-€94,000) raise concerns. Investors should weigh its innovative retail model against sector headwinds and competitive pressures.
elumeo SE competes in the fragmented luxury jewelry market with a unique omni-channel strategy blending TV shopping, e-commerce, and app-based sales. Its competitive advantage lies in brand diversity (Juwelo, AMAYANI) and direct-to-consumer digital outreach, reducing reliance on physical stores. However, its small scale (€45M revenue) limits bargaining power with suppliers compared to giants like Pandora or Richemont. The company’s focus on gemstone jewelry differentiates it from fashion jewelry players but overlaps with niche artisans and online platforms like Blue Nile. Its European footprint is a strength, but market penetration remains shallow outside Germany. Operational inefficiencies (negative margins) and lack of profitability weaken its position against capitalized rivals investing in AI-driven customization and sustainability—key trends in the sector. elumeo’s survival hinges on scaling its digital platforms while improving unit economics.