LVMH: Reassuring Q3!
LVMH: (BUY, Fair Value EUR335 vs. EUR330 (+19%))Reassuring Q3!
LVMH sales reached EUR11.38bn in Q3, up 10% organically, in line with consensus and slightly better than our expectations (+9%). We want to highlight the reassuring performance of the Fashion & Leather division performance in Q3 (+14% vs +13% in Q2 and +12% expected by the consensus). We remain Buy on the stock with a EUR335 FV vs EUR330 FV previously given a slightly better tan expected Q3.
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.
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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