LVMH's 3Q Sales Show Slight Deceleration; Shares Still Moderately Overvalued After Sell-Off
We are maintaining our fair value estimate of EUR 231 per share for wide-moat LVMH after the company reported third-quarter sales broadly in line with our full-year expectations. All divisions displayed solid growth in the quarter, albeit decelerating slightly from the first half of the year. Although results look solid and the market's anticipated slowdown in Chinese spending has yet to materially manifest itself, we believe investors are growing wary of the luxury sector’s elevated valuations,...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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