LVMH (MC FP) Buy: Crafting progress in a volatile macro landscape

研报英文原文证据摘录

LVMH (MC FP) Buy: Crafting progress in a volatile macro landscape

17 June 2026

LVMH (MC FP) EquitiesGlobal Luxury Goods

Buy: Crafting progress in a volatile macro landscape France

◆ The key Fashion & Leather division is likely to show a slight MAINTAIN BUY

sequential improvement in Q2, primarily led by Dior

TARGET PRICE (EUR) PREVIOUS TARGET (EUR)

◆ However, muted organic growth in H1 and FX headwind could

600.00 600.00 put margins under pressure, despite continued cost discipline

◆ Maintain Buy rating and EUR600 TP on slightly tweaked SHARE PRICE (EUR) UPSIDE/DOWNSIDE

estimates 512.60 +17.1%

(as of 15 Jun 2026)

Slight sequential improvement, with some positives and negatives at play. MARKET DATA

Market cap (EURm) 254,153 Free float 47%

We flagged in Signs of marginal improvement (21 May 2026) that Q2 could be in line Market cap (USDm) 294,576 BBG MC FP

if not slightly better than Q1. We believe LVMH will be among the luxury companies 3m ADTV (USDm) 326 RIC LVMH.PA

delivering a slight sequential improvement in Q2, both at the group level and for its key FINANCIALS AND RATIOS (EUR)

Fashion & Leather Goods (F&LG) division. On the positive side, the US (26% of group Year to 12/2025a 12/2026e 12/2027e 12/2028e

sales) and South Korea (mid-single digit percentage of group sales) should continue HSBC EPS 21.84 21.27 23.77 27.19 HSBC EPS (prev) 21.84 20.98 23.61 26.89

to deliver solid performances, while we see Europe improving marginally with tourists Change (%) 0.0 1.4 0.7 1.1

Consensus EPS 21.45 22.14 25.47 28.17

(notably Americans), China not changing, meaning neither improving nor deteriorating PE (x) 23.5 24.1 21.6 18.9

and the Middle East impact likely to be more pronounced than in Q1. Overall, we expect Dividend yield (%) 2.5 2.0 2.2 2.5