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  5. LMN: What do you think about the -9% organic growth, increasing bank debt & interest costs, and one customer accounting for 11% of Revenue? [Lumine Group Inc.]
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Q: What do you think about the -9% organic growth, increasing bank debt & interest costs, and one customer accounting for 11% of Revenue? How big a deal, on a scale of 1-10, do you think these issues are for Lumine? Thank you
Asked by Teddy on March 07, 2025
5i Research Answer:

These issues are not great, certainly, but overall growth is still very much there (with acquisitions), with sales up 31%, operating income up 65% and cash flow up 98%. We would of course like to see organic growth and not decline, but as the company makes more acquisitions over time this should be a possibility. Debt has risen but net debt is not particularly concerning. On a scale, we would give these issues a 4/10.