Financials LVMH BOERSE MUENCHEN

Equities

MOHF

US5024413065

Apparel & Accessories

Real-time BOERSE MUENCHEN Other stock markets 20:13:25 17/07/2024 BST			5-day change	1st Jan Change
137 ^EUR	-0.72%		+1.47%	-5.48%

05:30pm	Dior, Armani Face Antitrust Probe in Italy -- 2nd Update	DJ
01:27pm	Armani, Dior Face Antitrust Probe in Italy -- Update	DJ

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	208,495	257,166	366,252	340,700	366,368	344,394	-	-
Enterprise Value (EV) ¹	214,701	261,407	375,859	368,547	397,039	368,281	360,338	349,605
P/E ratio	29.1 x	54.8 x	30.4 x	24.3 x	24.2 x	22 x	19.8 x	18.2 x
Yield	1.64%	1.17%	0.96%	1.76%	1.77%	2.02%	2.26%	2.46%
Capitalization / Revenue	3.88 x	5.76 x	5.7 x	4.3 x	4.25 x	3.86 x	3.59 x	3.34 x
EV / Revenue	4 x	5.85 x	5.85 x	4.65 x	4.61 x	4.12 x	3.76 x	3.39 x
EV / EBITDA	12.9 x	18.2 x	16.4 x	13.5 x	13.2 x	12.6 x	11.3 x	10.2 x
EV / FCF	34.8 x	42.7 x	27.8 x	36.4 x	49 x	23.5 x	21.8 x	19 x
FCF Yield	2.87%	2.34%	3.6%	2.74%	2.04%	4.26%	4.59%	5.26%
Price to Book	5.46 x	6.64 x	7.77 x	6.19 x	6.01 x	5 x	4.37 x	3.94 x
Nbr of stocks (in thousands)	503,368	503,359	503,785	501,103	499,410	497,607	-	-
Reference price ²	414.2	510.9	727.0	679.9	733.6	692.1	692.1	692.1
Announcement Date	28/01/20	26/01/21	27/01/22	26/01/23	25/01/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	53,670	44,651	64,215	79,184	86,153	89,315	95,837	102,997
EBITDA ¹	16,612	14,355	22,981	27,281	29,979	29,320	31,805	34,369
EBIT ¹	11,504	8,305	17,151	21,055	22,802	23,164	25,415	27,550
Operating Margin	21.43%	18.6%	26.71%	26.59%	26.47%	25.94%	26.52%	26.75%
Earnings before Tax (EBT) ¹	10,714	7,364	17,208	20,113	21,625	22,472	24,763	26,964
Net income ¹	7,171	4,702	12,036	14,084	15,174	15,837	17,508	18,985
Net margin	13.36%	10.53%	18.74%	17.79%	17.61%	17.73%	18.27%	18.43%
EPS ²	14.23	9.320	23.89	28.03	30.33	31.52	34.97	37.93
Free Cash Flow ¹	6,167	6,117	13,531	10,113	8,104	15,689	16,552	18,392
FCF margin	11.49%	13.7%	21.07%	12.77%	9.41%	17.57%	17.27%	17.86%
FCF Conversion (EBITDA)	37.12%	42.61%	58.88%	37.07%	27.03%	53.51%	52.04%	53.51%
FCF Conversion (Net income)	86%	130.09%	112.42%	71.8%	53.41%	99.06%	94.54%	96.88%
Dividend per Share ²	6.800	6.000	7.000	12.00	13.00	13.96	15.66	17.03
Announcement Date	28/01/20	26/01/21	27/01/22	26/01/23	25/01/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 S1	2025 S2
Net sales ¹	28,588	18,393	26,258	28,665	15,512	20,038	35,550	18,003	18,726	36,729	19,755	22,699	42,455	21,035	21,205	42,240	19,964	23,948	43,913	20,694	21,508	42,200	21,405	25,638	46,967	-	-
EBITDA	8,953	4,601	9,754	10,376	-	-	12,605	-	-	13,241	-	-	14,040	-	-	14,653	-	-	15,326	-	-	14,266	-	-	15,680	-	-
EBIT	6,209	1,671	6,634	7,632	-	4,742	9,519	-	-	10,235	-	-	10,820	-	-	11,574	-	-	11,228	-	-	11,110	-	-	12,164	-	-
Operating Margin	21.72%	9.08%	25.26%	26.62%	-	23.67%	26.78%	-	-	27.87%	-	-	25.49%	-	-	27.4%	-	-	25.57%	-	-	26.33%	-	-	25.9%	-	-
Earnings before Tax (EBT)	5,678	1,055	6,309	7,586	-	-	9,622	-	-	9,329	-	-	10,784	-	-	12,031	-	-	9,594	-	-	11,207	-	-	11,835	-	-
Net income	3,903	522	4,180	5,289	-	-	6,747	-	-	6,532	-	-	7,552	-	-	8,481	-	-	6,693	-	-	7,741	-	-	7,984	-	-
Net margin	13.65%	2.84%	15.92%	18.45%	-	-	18.98%	-	-	17.78%	-	-	17.79%	-	-	20.08%	-	-	15.24%	-	-	18.34%	-	-	17%	-	-
EPS	7.750	1.040	8.280	10.49	-	-	13.40	-	-	12.99	-	-	15.04	-	-	16.93	-	-	13.40	-	-	15.28	-	-	16.27	16.73	18.03
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	7.000	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	28/01/20	27/07/20	26/01/21	26/07/21	12/10/21	27/01/22	27/01/22	12/04/22	26/07/22	26/07/22	11/10/22	26/01/23	26/01/23	12/04/23	25/07/23	25/07/23	10/10/23	25/01/24	25/01/24	16/04/24	-	-	-	-	-	-	-

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	6,206	4,241	9,607	27,847	30,671	23,887	15,945	5,211
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.3736 x	0.2954 x	0.418 x	1.021 x	1.023 x	0.8147 x	0.5013 x	0.1516 x
Free Cash Flow ¹	6,167	6,117	13,531	10,113	8,104	15,689	16,552	18,392
ROE (net income / shareholders' equity)	19.8%	12.2%	28.5%	27.6%	26.1%	23.6%	22.9%	22.2%
ROA (Net income/ Total Assets)	8.4%	4.58%	10.3%	10.8%	10.9%	11%	11.3%	11.7%
Assets ¹	85,404	102,590	116,991	129,978	139,170	143,466	155,113	162,013
Book Value Per Share ²	75.90	76.90	93.60	110.0	122.0	139.0	158.0	176.0
Cash Flow per Share ²	23.10	21.60	37.00	35.50	36.80	46.20	50.20	52.40
Capex ¹	3,294	2,478	2,664	4,969	7,478	5,581	6,085	6,274
Capex / Sales	6.14%	5.55%	4.15%	6.28%	8.68%	6.25%	6.35%	6.09%
Announcement Date	28/01/20	26/01/21	27/01/22	26/01/23	25/01/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for LVMH

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

692.1 EUR

Average target price

855.3 EUR

Spread / Average Target

+23.59%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Apparel & Accessories

	1st Jan change	Capi.
CHRISTIAN DIOR SE	-7.84%	128B
LULULEMON ATHLETICA INC.	-42.96%	36.47B
MONCLER S.P.A.	+1.97%	16.64B
RALPH LAUREN CORPORATION	+17.91%	10.85B
LEVI STRAUSS & CO.	+12.79%	7.53B
GILDAN ACTIVEWEAR INC.	+23.69%	6.56B
BOSIDENG INTERNATIONAL HOLDINGS LIMITED	+17.66%	5.79B
V.F. CORPORATION	-13.32%	5.53B
PAGE INDUSTRIES LIMITED	+6.34%	5.47B

Other Apparel & Accessories