LVMH 2024 EBIT below expectations but an encouraging start to the year
As expected, LVMH' 2024 results were not a good vintage, both at the top line and profitability levels. FY sales were stable on the whole (+1% in Q4) while EBIT margin declined 340bp to 23.1% (cs:24.1%). Nevertheless, we expect 2025 to be better with a 4% organic sales increase. Buy reiterated with
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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