LVMH : Croissance toujours vive à défaut de surprendre, profitabilité en demi-teinte mais la perspective reste très solide
>Croissance organique +100 pb au-dessus de nos attentes mais la marge d’EBIT est encore impactée par la hausse des frais marketing - Le groupe publie pour le S1 un CA à 42240 M€ soit une croissance de 15% en publié et +17% en organique (le T2 à +17% garde le rythme du T1) et un EBIT à 11574 M€ en hausse de 13%, reflétant une marge à 27.4%, qui se compare à 27.9% au S1 l’an passé (25.5% au S2). Nous attendions respectivement 42339 M€ et 11732 M€ reflétant une croissan...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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