| Valuation method | Value, € | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | n/a | n/a |
| Intrinsic value (DCF) | n/a | |
| Graham-Dodd Method | 20.35 | -74 |
| Graham Formula | 0.54 | -99 |
Compagnie Lebon (LBON.PA) is a diversified French investment company with a rich history dating back to 1847. Headquartered in Paris, the company operates across multiple sectors, including hotel management, private equity investments, real estate, and thermal bath operations. Its portfolio includes 13 hotels and renowned thermal spas under brands like Thermes de Brides-les-Bains, Salins-les-Thermes, and Allevard. The company specializes in acquiring majority or minority stakes in unlisted small and medium-sized enterprises (SMEs), offering a unique blend of hospitality and investment expertise. As a subsidiary of France Participations SA, Compagnie Lebon maintains a strong presence in France's financial services and hospitality sectors. With a market capitalization of approximately €89.8 million, the company combines traditional asset management with niche hospitality operations, positioning itself as a distinctive player in the European investment landscape.
Compagnie Lebon presents a mixed investment profile. On the positive side, the company operates in stable sectors like hospitality and real estate, with a diversified revenue stream from hotels, thermal baths, and private equity investments. The absence of total debt and a dividend yield of €2.5 per share may appeal to income-focused investors. However, the company reported a net loss of €149,000 in its latest fiscal period, raising concerns about profitability. The negative diluted EPS of -€0.129 and modest operating cash flow of €18.7 million suggest operational challenges. Investors should weigh the company's asset-light approach and niche market positioning against its inconsistent earnings performance and exposure to cyclical hospitality markets.
Compagnie Lebon occupies a unique position in the French investment landscape by combining traditional asset management with specialized hospitality operations. Its competitive advantage stems from three key factors: 1) Niche market expertise in thermal baths and mid-range hotels, 2) Long-standing relationships in French SME private equity, and 3) Asset-light business model with minimal debt. However, the company faces significant competition in each segment. In private equity, it competes with larger French investment firms with greater capital resources. The hotel business competes with both international chains and boutique operators, while thermal baths face competition from wellness resorts and medical tourism providers. The company's small market cap (€89.8M) limits its ability to compete on scale, forcing it to rely on specialized knowledge and local market presence. Unlike pure-play investment firms, Lebon's hospitality operations provide diversification but may dilute management focus. The company's historical roots and France-centric portfolio provide local market advantages but limit international growth opportunities compared to global competitors.