LVMH: Strong performance in Fashion & Leather and excellent profitability resilience in H2 | BUY | EUR550 VS. EUR510 (+8%)
LVMH - BUY | EUR550 VS. EUR510 (+8%)Strong performance in Fashion & Leather and excellent profitability resilience in H2
Louis Vuitton and Dior outperform the industry
FY EBIT margin down no more than 280bp of which +360bp in H2
FY 2021 sales expected to grow 16%
TP revised up to EUR550, Buy maintained
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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