LVMH's 2016 Finish Is Slightly Above Our Expectations
We are reiterating our wide moat rating for LVMH as full-year results were solid, despite a volatile geopolitical environment. We are raising our fair value estimate to EUR 167 from EUR 160 to account for both time value of money and a slightly increased top-line growth for the next 12 months. In spite of the fair value estimate increase, the stock looks slightly overvalued. We recommend waiting for margin of safety before building a position. Full-year organic growth of 6% was in line with our ...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.
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