LVMH: The self-help moment; upgrade to OW

研报英文原文证据摘录

LVMH: The self-help moment; upgrade to OW

Equity Research

European Luxury Goods & Specialty Retail

11 May 2026

LVMH

The self-help moment; upgrade to

OW

We expect Luxury to deliver c.3% growth in 2026 and to LVMH.PA/MC FP OVERWEIGHT

stabilise at c.4% thereafter. With this in mind, we like from Equal Weight

European Luxury Goods &

companies that grow market share and deliver self-help, Specialty Retail NEUTRAL

Unchanged

while trading at a discount to history with no major downside Price Target EUR 600.00

raised 5% from EUR 570.00risk to consensus. We believe LVMH fits the bill. Upgrade to

OW. Price (07-May-26) EUR 478.30

Potential Upside/Downside +25.4%

Source: Bloomberg, Barclays Research

LVMH is widely viewed as a sector proxy, reflecting its scale and diversified brand portfolio. In our

view, this has contributed to the recent share price correction, as the market prices in slower sector Market Cap (EUR mn) 237146

growth amid a more challenging consumer environment, while overlooking the tailwinds from Shares Outstanding (mn) 495.81

turnarounds at Tiffany and Dior. They account for over 15% of sales and could materially Free Float (%) 49.70

outperform through creative resets and other bottom-up initiatives. At c.20x 12m fwd P/E, with 52 Wk Avg Daily Volume (mn) 0.5

near-term potential catalysts pointing to an acceleration in growth, we see current levels as an Dividend Yield (%) 2.75

attractive buying opportunity and upgrade LVMH to Overweight. With this report we transfer Return on Equity TTM (%) 16.12

primary coverage to Viktoria Petrova. Current BVPS (EUR) 135.93

Source: Bloomberg

Key point #1: Room for turnaround-driven acceleration to 5.4% FY27-29e CAGR: We forecast

a c.8% CAGR for W&J (more than 3% above consensus CAGR), driven by continued momentum