The Glass Monopoly, Part 4: The Standoff Went To A Vote, Management Won, And The Bull Model Says Seventy Euros
Shareholders demanded an immediate capital raise to accelerate LIDE. The CEO told them no, the meeting backed him, the shorts had already covered three quarters of their position.
Position disclosure: I am long LPKFF at an average basis of $11.00 per share, roughly twelve percent of the Shawarma Capital book. The primary listing, LPK.DE on the XETRA Prime Standard, closed near €21.50 on June 5 after popping to €23.60 on the June 4 annual meeting. From my entry the position is up well over one hundred percent. Re-anchor to the live price when you read this. This post is research synthesis, not investment advice. The full disclaimer is at the bottom.
Part 1 said LPKF was a four-tool monopolist on glass-substrate AI packaging hiding inside a fifty-year-old German laser shop. Part 2 said the market had eighteen months and named the phrase to listen for on the April 30 call. Part 3 said the phrase was spoken, the stock re-rated past every published target in three weeks, and there was an activist already on the supervisory board with the chief financial officer buying stock with his own money.
Part 4 is the one where the disagreement Part 3 described stopped being a disagreement and became a vote. The June 4 annual general meeting was not a formality. It was a referendum on the single question that divides this shareholder base: raise capital now and spend into the glass-substrate surge, or hold the cost line and let LIDE scale on the company's own cash. The shareholders who wanted the first wrote it down as formal countermotions. The chief executive recommended rejecting them. The meeting backed the chief executive. The stock went up twelve percent on the day.
That outcome is good news and bad news in the same sentence. And underneath the governance drama sits the thing this series has been building toward: a real, driver-based discounted cash flow that says a twenty-one-euro stock is worth seventy in the base case and ninety-five in the bull. This is the long one.
Let's go.
