Financials LVMH

Equities

MC

FR0000121014

Apparel & Accessories

Market Closed - Euronext Paris Other stock markets 11:35:07 2024-04-26 am EDT			5-day change	1st Jan Change
792.2 ^EUR	+1.83%		-0.55%	+7.99%

Apr. 26	L Catterton buys Italian accessible make-up brand KIKO	RE
Apr. 25	CAC40: manages to reduce losses at the end of the session	CF

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	208,495	257,166	366,252	340,700	366,368	395,714	-	-
Enterprise Value (EV) ¹	214,701	261,407	375,859	368,547	397,039	419,313	411,697	400,798
P/E ratio	29.1 x	54.8 x	30.4 x	24.3 x	24.2 x	24.6 x	22.1 x	20.3 x
Yield	1.64%	1.17%	0.96%	1.76%	1.77%	1.79%	2.01%	2.19%
Capitalization / Revenue	3.88 x	5.76 x	5.7 x	4.3 x	4.25 x	4.42 x	4.08 x	3.8 x
EV / Revenue	4 x	5.85 x	5.85 x	4.65 x	4.61 x	4.68 x	4.24 x	3.85 x
EV / EBITDA	12.9 x	18.2 x	16.4 x	13.5 x	13.2 x	14.2 x	12.8 x	11.5 x
EV / FCF	34.8 x	42.7 x	27.8 x	36.4 x	49 x	26.3 x	24.1 x	20.7 x
FCF Yield	2.87%	2.34%	3.6%	2.74%	2.04%	3.8%	4.14%	4.82%
Price to Book	5.46 x	6.64 x	7.77 x	6.19 x	6.01 x	5.69 x	4.98 x	4.4 x
Nbr of stocks (in thousands)	503,368	503,359	503,785	501,103	499,410	499,513	-	-
Reference price ²	414.2	510.9	727.0	679.9	733.6	792.2	792.2	792.2
Announcement Date	1/28/20	1/26/21	1/27/22	1/26/23	1/25/24	-	-	-

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	89,623	96,995	104,108
EBITDA ¹	16,612	14,355	22,981	27,281	29,979	29,607	32,144	34,836
EBIT ¹	11,504	8,305	17,151	21,055	22,802	23,642	26,058	28,375
Operating Margin	21.43%	18.6%	26.71%	26.59%	26.47%	26.38%	26.86%	27.26%
Earnings before Tax (EBT) ¹	10,714	7,364	17,208	20,113	21,625	22,925	25,355	27,714
Net income ¹	7,171	4,702	12,036	14,084	15,174	16,102	17,831	19,493
Net margin	13.36%	10.53%	18.74%	17.79%	17.61%	17.97%	18.38%	18.72%
EPS ²	14.23	9.320	23.89	28.03	30.33	32.19	35.84	39.00
Free Cash Flow ¹	6,167	6,117	13,531	10,113	8,104	15,931	17,063	19,333
FCF margin	11.49%	13.7%	21.07%	12.77%	9.41%	17.78%	17.59%	18.57%
FCF Conversion (EBITDA)	37.12%	42.61%	58.88%	37.07%	27.03%	53.81%	53.08%	55.5%
FCF Conversion (Net income)	86%	130.09%	112.42%	71.8%	53.41%	98.94%	95.69%	99.18%
Dividend per Share ²	6.800	6.000	7.000	12.00	13.00	14.16	15.88	17.34
Announcement Date	1/28/20	1/26/21	1/27/22	1/26/23	1/25/24	-	-	-

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	21,899	42,553	21,654	25,903	47,794	-	-
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	-	-	11,447	-	-	12,440	-	-
Operating Margin	21.72%	9.08%	25.26%	26.62%	-	23.67%	26.78%	-	-	27.87%	-	-	25.49%	-	-	27.4%	-	-	25.57%	-	-	26.9%	-	-	26.03%	-	-
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	-	-	8,036	-	-	7,984	-	-
Net margin	13.65%	2.84%	15.92%	18.45%	-	-	18.98%	-	-	17.78%	-	-	17.79%	-	-	20.08%	-	-	15.24%	-	-	18.89%	-	-	16.71%	-	-
EPS	7.750	1.040	8.280	10.49	-	-	13.40	-	-	12.99	-	-	15.04	-	-	16.93	-	-	13.40	-	-	15.70	-	-	16.39	16.73	18.03
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	7.000	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	1/28/20	7/27/20	1/26/21	7/26/21	10/12/21	1/27/22	1/27/22	4/12/22	7/26/22	7/26/22	10/11/22	1/26/23	1/26/23	4/12/23	7/25/23	7/25/23	10/10/23	1/25/24	1/25/24	4/16/24	-	-	-	-	-	-	-

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	23,599	15,982	5,084
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.3736 x	0.2954 x	0.418 x	1.021 x	1.023 x	0.7971 x	0.4972 x	0.1459 x
Free Cash Flow ¹	6,167	6,117	13,531	10,113	8,104	15,931	17,063	19,333
ROE (net income / shareholders' equity)	19.8%	12.2%	28.5%	27.6%	26.1%	24.4%	23.6%	22.5%
ROA (Net income/ Total Assets)	8.4%	4.58%	10.3%	10.8%	10.9%	11.1%	11.4%	11.8%
Assets ¹	85,404	102,590	116,991	129,978	139,170	144,579	156,968	165,071
Book Value Per Share ²	75.90	76.90	93.60	110.0	122.0	139.0	159.0	180.0
Cash Flow per Share ²	23.10	21.60	37.00	35.50	36.80	46.70	50.40	52.40
Capex ¹	3,294	2,478	2,664	4,969	7,478	5,537	6,015	6,098
Capex / Sales	6.14%	5.55%	4.15%	6.28%	8.68%	6.18%	6.2%	5.86%
Announcement Date	1/28/20	1/26/21	1/27/22	1/26/23	1/25/24	-	-	-

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

OUTPERFORM

Number of Analysts

Last Close Price

792.2 EUR

Average target price

879.2 EUR

Spread / Average Target

+10.99%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Apparel & Accessories

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LVMH	+7.99%	422B
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MONCLER S.P.A.	+16.55%	18.73B
RALPH LAUREN CORPORATION	+15.45%	10.64B
LEVI STRAUSS & CO.	+27.75%	8.41B
LI NING COMPANY LIMITED	+0.96%	6.83B
PVH CORP.	-9.08%	6.41B
BOSIDENG INTERNATIONAL HOLDINGS LIMITED	+29.34%	6.32B
GILDAN ACTIVEWEAR INC.	+10.13%	5.94B

Other Apparel & Accessories