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  5. VNP: Which of the two companies would you buy? [5N Plus Inc.]
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Investment Q&A

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Q: Which of the two companies would you buy? I understand LMN is larger, but which company are you generally more bullish for the long term?
A risk rating for both along with a management rating please?
Entry price?

Thank you
Asked by Nick on October 17, 2025
5i Research Answer:

LMN is one of the entities within CSU’s family, with a track record of compounding capital at a high rate through acquisitions. On the other hand, VNP has strong tailwinds from the renewable energy and pharma industries. It has demonstrated improving margins, solid momentum, and growing strategic importance as it helps reduce U.S. and E.U. reliance on China for critical minerals. LMN has a great management team with low operational risk; we give the company an overall rating of B+, while VNP, with a more cyclical and less established business, receives a B. These would be our management ratings as well. VNP could be a decent buy at around $16, while LMN’s current price offers an attractive entry point. We like the prospects of both companies and are comfortable holding both, but if we had to pick one, we may side with LMN.