We Lift Our FVE for LVMH to EUR 231 on Back of Higher Expectations for W&J Division Profitability
We are increasing our fair value estimate for LVMH to EUR 231 from EUR 201 per share as the company reported a strong first half. Our fair value increase mainly reflects our revised long-term assumptions about profitability in the watch and jewellery division, which we increase to 16% from 14%, driven by a strong improvement in profitability for Bulgari, which we model to exceed 20% over the next decade, in line with peer Tiffany. We also lift our current-year revenue and margin expectations and...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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