LVMH Moet Hennessy Louis Vuitton SE

LVMH Moet Hennessy Louis Vuitton is a manufacturer and retailer of luxury goods. Co. offers champagne and wines, cognac and spirits, fashion and leather goods, perfumes and cosmetics, watches and jewelery; and is engaged in selective retailing. Its operations are organized along five business segments: Wine and Spirits, Fashion and Leather Goods, Perfumes and Cosmetics, Watches and Jewelery, and Selective Retailing. Co. is also engaged in other activities (Media with Les Echos group, La Samaritaine and Luxury yacht with Royal Van Lent). Some of Co.'s brands are Moet & Chandon, Dom Perignon, Louis Vuitton, Fendi, Donna Karan, Parfums Christian Dior, Guerlain, Parfums Givenchy, and TAG Heuer.
  • TickerMC
  • ISINFR0000121014
  • ExchangeEuronext Paris
  • SectorPersonal Goods
  • CountryFrance
ING
Alyssa Gammoudy

LVMH/Not pretty, but some positives. MCFP0.0 2/26 preferred

The LVMH interim results are not pretty, as expected, but we take comfort in the strong business model and the levers the Group still holds to weather this storm. Group sales were down 27% over the first six months of 2020, hit by the store closures and the lack of international travel. Recurring profit was €1,671m, a 68% YoY decline, and points to an EBIT margin of 8.2% vs 20.9% the year before. LVMH's credit metrics deteriorated significantly, not surprising given the steep decline in profitability. While the cash-rich balance sheet gives us some comfort and helped to keep the leverage rati...

Loic Morvan

LVMH | BUY | EUR420 Major brands were resilient, but H1 EBIT missed

LVMH | BUY | EUR420 Major brands were resilient, but H1 EBIT missed Retail outperforming wholesale Gradual recovery in June Disappointing EBIT despite performance by LV, Dior and MH Buy recommendation maintained

Jean Danjou

LVMH : Key businesses prove remarkably resilient but the overall picture for H1 is less flattering, confident stance maintained

>The good news: fashion and leather and wine and spirits fare better than expected in Q2 and H1 - Group revenues held up quite well in Q2 (see detailed table below), with an overall organic decline of 38%, which is better than the -42% we had expected, in line with the consensus and more generally the -40%/-50% that we envisage for the industry as a whole. The group's two major business of fashion and leather and wine and spirits did better, at respectively -37% and -...

Dave Nicoski ...
  • Ross LaDuke

Int'l Macro Vision: Global Equity Strategy

Int'l Equity Strategy Global equities staged an impressive rally over the first four months of 2019. The nearly unabated advance allowed the broad major indexes (MSCI ACWI, ACWI ex-US, and EAFE) to break topside critical 14-month downtrends which began in January 2018. Heading into May, YTD uptrends were ubiquitous and market participants were generally of the belief that a US-China trade deal was a foregone conclusion. Then came Trump's May 5th tweets claiming China was attempting to renegotiate, and that tariffs would increase from 10% to 25%. The tariff escalation contributed to uptrend br...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Developed Markets Leadership Chart Book

Europe in focus The U.S. dollar continues to grind marginally higher, and EM equities have suffered as a result. Meanwhile, RS for the MSCI EAFE index is bottoming when compared to the MSCI EM index, largely due to outperformance in Europe. With developed int'l markets beginning to outperform emerging markets, we recommend adding exposure to the developed int'l space. Below we highlight attractive and actionable themes within developed int'l: • Europe & Japan: Though this is an all-encompassing bottoms-up chart book for developed ex-U.S., make no mistake, the vast majority of today's buy rec...

Matthieu DRIOL

Short term view - LVMH : Falling prices.

The trend is bearish. Prices are falling again, but the movement has become hesitant. The next support is at €257.96. The bearish trend would be challenged above €313.70.

Matthieu DRIOL

Analyse court terme - LVMH : Les prix baissent.

La tendance est baissière. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 257,96 €. La tendance baissière serait remise en cause au-dessus de 313,70 €.

Matthieu DRIOL

Analyse court terme - LVMH : Les prix baissent.

La tendance est baissière. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 257,96 €. La tendance baissière serait remise en cause au-dessus de 313,70 €.

Loic Morvan

LVMH | BUY | EUR420 Major brands were resilient, but H1 EBIT missed

LVMH | BUY | EUR420 Major brands were resilient, but H1 EBIT missed Retail outperforming wholesale Gradual recovery in June Disappointing EBIT despite performance by LV, Dior and MH Buy recommendation maintained

Jean Danjou

LVMH : Key businesses prove remarkably resilient but the overall picture for H1 is less flattering, confident stance maintained

>The good news: fashion and leather and wine and spirits fare better than expected in Q2 and H1 - Group revenues held up quite well in Q2 (see detailed table below), with an overall organic decline of 38%, which is better than the -42% we had expected, in line with the consensus and more generally the -40%/-50% that we envisage for the industry as a whole. The group's two major business of fashion and leather and wine and spirits did better, at respectively -37% and -...

Arancha Pineiro

LVMH: RDOS. 1S’20 (ANÁLISIS BANCO SABADELL)

Rdos. 2T'20 vs 2T'19: Ventas: 7.797 M euros (-37,8% vs -37,9% BS(e) y -38,2% consenso); Rdos. 1S'20 vs 1S'19: Ventas: 18.393 M euros (-26,7% vs -26,7% BS(e) y -26,9% consenso); EBIT: 1.671 M euros (-68,4% vs -47,7% BS(e) y -49,7% consenso); BDI: 522,0 M euros (-84,0% vs -51,3% BS(e) y -55,4% consenso); Ventas 2T’20 en línea con lo esperado con una caída de los LfLs del –38% (BS(e) en línea vs -42% consenso y –17% en 1T’20) por el impacto del Covid-19 en Europa y EE.UU. (~48% ventas en conjunto), que presentan caídas del -54% y -39% respectivamente en 2T’20. Por negocios, destaca en positivo n...

Christian Guyot ...
  • Ludovic Martin

INVEST SECURITIES - LVMH : Retour en force d'une séquence très cyclique - NEUTRE, OC 360€ (vs 389€)

Jean Danjou

LVMH : Les métiers clés tiennent remarquablement mais le résultat d’ensemble pour le S1 ressort moins flatteur, confiance maintenue

>Les bonnes nouvelles : Mode et Maroquinerie et Vins et Spiritueux font mieux que prévu sur le T2 et le S1 - Les revenus du groupe ont plutôt bien résisté sur le T2 (cf tableau détaillé ci-après) affichant un recul global en organique de 38%, c’est mieux que les -42% sur lesquels nous tablions en ligne avec le consensus et plus généralement les -40%/-50% que nous envisageons pour l’ensemble de l’industrie. Les deux grands métiers du groupe Mode et Maroquinerie et Vins...

ING
Alyssa Gammoudy

LVMH/Not pretty, but some positives. MCFP0.0 2/26 preferred

The LVMH interim results are not pretty, as expected, but we take comfort in the strong business model and the levers the Group still holds to weather this storm. Group sales were down 27% over the first six months of 2020, hit by the store closures and the lack of international travel. Recurring profit was €1,671m, a 68% YoY decline, and points to an EBIT margin of 8.2% vs 20.9% the year before. LVMH's credit metrics deteriorated significantly, not surprising given the steep decline in profitability. While the cash-rich balance sheet gives us some comfort and helped to keep the leverage rati...

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen
  • Timothy Rahill

Coffee, Croissants & Credit/CSPP, ECB, BAWAG, LVMH, Italgas, Enexis & Enagas

Strategy: The lack of supply leads to negative net purchases as ECB slows with CSPP

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen
  • Timothy Rahill

Coffee, Croissants & Credit/LVMH, AT&T and BP

Consumers: LVMH reportedly refrains from renegotiating Tiffany deal

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen
  • Timothy Rahill

Coffee, Croissants & Credit/KBC, NIBC, LVMH, Orange, Telia & BCD

Financials: KBC to book a negative fair value change of €0.4bn and Belgian corporate impairments in 1Q20. NIBC indicates to not meet its medium term targets this year

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen
  • Timothy Rahill

Coffee, Croissants & Credit/UK banks, HSBC, RBS, Nordic banks, Pernod Ricard & LVMH

Financials: UK banks scrap dividends and share repurchases this year. HSBC's performance remained resilient in 1Q20, but expected loan losses to increase. RBS cancels its dividends confirming the decision to have no impact on AT1 coupon payments

Alexandre Iatrides ...
  • Benoit Valleaux
  • Charles Lepetitpas
  • Emmanuel Matot
  • Jean Sassus
  • Jean Danjou
  • Laurence Hofmann
  • Martial Descoutures
  • Nicolas David
  • Olfa Taamallah
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/25/2020

...

Alexandre Iatrides ...
  • Benoit Valleaux
  • Charles Lepetitpas
  • Emmanuel Matot
  • Jean Sassus
  • Jean Danjou
  • Laurence Hofmann
  • Martial Descoutures
  • Nicolas David
  • Olfa Taamallah
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 25/06/2020

...

Alain William ...
  • Antoine Boivin-Champeaux
  • Fatma Agnès Hamdani
  • Jean Danjou
  • Johanna Jourdain
  • Matthias Desmarais
  • Samantha Jeary
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/10/2020

ASMi’s story increasingly resembles that of ASML (minus the monopoly). The group benefits from the structural increase in capex for 7nm, 5nm and soon 3nm nodes in more precise deposition techniques (ALD and epitaxy) and is gaining market share in memory. ASMi is now profitable and has enough cash to dispense with ASM PT, which should be an incentive for it to sell its residual 25% stake. This would crystallise the group’s low valuation relative to peers (11.8x EBITDA excluding ASM PT)...

With a more favourable environment, LVMH improves to Slightly Positive

LVMH (FR), a company active in the Clothing & Accessories industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 4 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date June 26, 2020, the closing price was EUR 387.70 and its potential was estimated at EUR 426.50.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Jehanne Leroy

LVMH - Assemblée Générale des actionnaires du 30 Juin 2020

Gouvernance La société propose cette année la nomination de Natacha Valla (qui avait été administratrice de 2016 à 2018 avant de rejoindre la BCE). Cette nomination a pour effet de porter le taux d’indépendance du conseil de 40% à 47% selon Proxinvest, ce qui est une amélioration notable. Nous soutenons la proposition. Rémunérations La communication de la société sur les rémunérations attribuées est toujours aussi faible et peu en ligne avec les pratiques de marché (surtout pour une société du CAC 40) ; aussi, nous ne soutenons pas les résolutions 13 et 14. Quant aux politiques de rémunératio...

Expert Corporate Governance Service (ECGS)

LVMH AGM 30 June 2020

ITEM 10: The Company proposes the appointment of Natacha Valla (who was a director from 2016 to 2018 before joining the ECB). This appointment has the effect of increasing the board's independence rate from 40% to 47% according to ECGS, which is a significant improvement. We support the proposal. ITEM 13 and 14: The Company's disclosure of remuneration granted is still weak and not very much in line with market practices (especially for a CAC 40 company); therefore, we do not support resolutions 13 and 14. ITEMS 12, 16 and 17: As for the executive remuneration policies for 2020, there are no n...

LVMH - Assemblée générale des actionnaires du 18 avril 2019

Proxinvest publiera une étude analysant les résolutions proposées lors de la tenue de l’assemblée générale des actionnaires. Vous pouvez l'acquérir dès à présent et elle vous sera adressée par ResearchPool une fois publiée.

LVMH – Proxinvest Corporate Governance Rating ® : D

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Jehanne Leroy

Proxy Report - 12/04/2018

The company’s disclosure on the 2017 and 2018 remuneration remain as weak as previously pointed out, and way below French and European practices. Regarding the 2017 remunerations, the company is one of the last CAC 40 companies that do not disclose achievement rates of the annual bonus. It is also one of the last CAC 40 companies to measure LTI performance over 2 years only. Regarding the 2018 remuneration policy, the company does not disclose the LTI to be granted performance conditions (and if they are identical to the previous plans, they will not be challenging). Moreover, maximum remuner...

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