Deep Value: cash covers more than 100% of the stock price

This company holds roughly $149M in cash and investments — more than its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

lastminute.com N.V.

LMN.SW

Travel Services · Consumer Cyclical

Also trades as: 0QT0.L

Exchange

SIX Swiss Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Good

Stability

Strong

Valuation

Good

Dividends

Mixed

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Winston Score History

The full picture

lastminute.com is an online travel company that helps people book flights, hotels, vacation packages, and entertainment tickets, often at short notice or discounted prices. It sells directly to individual travelers across Europe, operating websites and apps under the lastminute.com brand and several other regional names. The company sits in the competitive online travel agency (OTA) industry, alongside larger rivals like Booking.com and Expedia.

The company makes money by taking a commission or margin on each booking it processes, rather than owning any planes or hotels itself. It operates primarily in European markets, with Italy and Switzerland being key bases, and generates roughly $0.1 billion in market value — making it a small player in a large industry. Its thin operating margin of around 3% reflects the intense price competition in online travel, and the main risk the business faces is being squeezed between much larger OTAs with bigger marketing budgets and the airlines and hotels that increasingly push customers to book direct.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+98.7% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-135.5% YoY

YoY Growth Rate

Earnings declining

Insider Activity

50.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

CHF 127M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

lastminute.com N.V. grew revenue 99% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

21.1%

Thin — 21.1% gross margin

Profit after running costs

Operating Margin

5.0%

Thin — 5.0% operating margin

Return on the money invested

ROCE

13.4%

Good — 13.4% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+7.5%

Steady sales growth (+7.5% YoY)

Profit growth

EPS YoY

-78.9%

Earnings shrinking (-78.9% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

471%

Turns 471% of profit into real cash

Spare cash per sale

FCF Margin

-6.9%

Burning cash (-6.9%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.58

Conservative — low debt load (0.58)

Covers its interest

Interest Cover

5.47x

Adequate interest coverage (5.5x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

96.3x

no trend

Expensive — P/E 96.3

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+90.0

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (96.3 → 6.3)

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Dividends

Dividend

Dividend Yield

2.83%

no trend

Moderate income — 2.83% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

N/A

no trend

Data not available

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