Emles Luxury Goods ETF (: LUXE)

Sector: Consumer Cyclical Industry: Luxury Goods CIK: 0001755351
Market Cap 924.18 Mn
P/B 0.62
P/E 1.60
P/S 0.38
ROIC (Qtr) 32.01
Div Yield % 0.00
Rev 1y % (Qtr) 227.66
Total Debt (Qtr) 223.13 Mn
Debt/Equity (Qtr) 0.15
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About

Investment thesis

Bull case

  • Healthy cash reserves of 492.47M provide 10.38x coverage of short-term debt 47.46M, demonstrating strong liquidity position and minimal refinancing risk.
  • Strong tangible asset base of 2.43B provides 10.91x coverage of total debt 223.13M, indicating robust asset backing and low credit risk.
  • Tangible assets of 2.43B provide exceptional 42.08x coverage of deferred revenue 57.84M, showing strong service capability backing.
  • Long-term investments of 147.06M provide solid 0.84x coverage of long-term debt 175.67M, indicating strategic financial planning.
  • Retained earnings of 413.24M provide full 2.35x coverage of long-term debt 175.67M, indicating strong internal capital position.

Bear case

  • Operating cash flow of (31.98M) barely covers its investment activities of 575.77M, with a coverage ratio of -0.06, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • Operating cash flow of (31.98M) provides insufficient coverage of deferred revenue obligations of 57.84M, which is -0.55x, raising concerns about future service delivery capabilities.
  • The company's operating cash flow of (31.98M) shows concerning coverage of stock compensation expenses of 13.70M, with a -2.33 ratio indicating potential earnings quality issues.
  • Free cash flow of (40.16M) provides weak coverage of capital expenditures of 8.18M, with a -4.91 ratio suggesting additional external financing needs for growth initiatives.
  • Operating cash flow of (31.98M) provides minimal -1.94x coverage of tax expenses of 16.52M, suggesting potential tax planning inefficiencies or unsustainable tax positions.

Segments [axis] Breakdown of Revenue (2025)

Peer comparison

Companies in the Luxury Goods
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 TPR Tapestry, Inc. 29.76 Bn 56.98 3.96 3.94 Bn
2 SIG Signet Jewelers Ltd 4.18 Bn 28.80 0.61 1.15 Bn
3 CPRI Capri Holdings Ltd 2.40 Bn -4.76 0.65 1.31 Bn
4 REAL TheRealReal, Inc. 1.22 Bn -17.03 1.84 0.47 Bn
5 LUXE LuxExperience B.V. 0.92 Bn 1.60 0.38 0.22 Bn
6 MOV Movado Group Inc 0.88 Bn 1,242.00 1.44 0.08 Bn
7 ELA Envela Corp 0.34 Bn 33.05 1.61 0.02 Bn
8 LANV Lanvin Group Holdings Ltd 0.18 Bn -0.84 0.52 -

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 0.30 1.99
EV to Cash from Ops. EV/CFO -24.90 -20.65
EV to Debt EV to Debt 3.57 5.26
EV to EBIT EV/EBIT 1.31 -18.61
EV to EBITDA EV/EBITDA 1.19 3.85
EV to Free Cash Flow [EV/FCF] EV/FCF -19.83 -11.08
EV to Market Cap EV to Market Cap 0.86 2.01
EV to Revenue EV/Rev 0.33 1.66
Price to Book Value [P/B] P/B 0.62 8.26
Price to Earnings [P/E] P/E 1.60 103.89
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 0.46
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 -92.20
Dividend per Basic Share Div per Share (Qtr) 0.00 0.37
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 13.15
Interest Coverage Int. cover (Qtr) 49.46 65.47
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 12.44 19.93
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 3,316.98 324.42
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 -2.57
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 1,970.67 113.88
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 4,016.68 358.60
EBIT Growth (1y) % EBIT 1y % (Qtr) 1,708.63 105.68
EBT Growth (1y) % EBT 1y % (Qtr) 1,460.65 83.10
EPS Growth (1y) % EPS 1y % (Qtr) 1,644.47 121.00
FCF Growth (1y) % FCF 1y % (Qtr) -129.62 -35.68
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 164.98 16.54
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 1.09 1.29
Cash Payout Ratio Cash Payout Ratio 0.00 0.10
Cash Ratio Cash Ratio (Qtr) 0.52 0.83
Current Ratio Curr Ratio (Qtr) 2.12 2.29
Debt to Equity Ratio Debt/Equity (Qtr) 0.15 1.37
Interest Cover Ratio Int Coverage (Qtr) 49.46 65.47
Times Interest Earned Times Interest Earned (Qtr) 49.46 65.47
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) 27.00 2.90
EBIT Margin % EBIT Margin % (Qtr) 21.34 -0.51
EBT Margin % EBT Margin % (Qtr) 24.60 -2.94
Gross Margin % Gross Margin % (Qtr) 46.70 48.43
Net Profit Margin % Net Margin % (Qtr) 23.90 -4.98