LVMH Q2/H1 26 results preview

研报英文原文证据摘录

LVMH Q2/H1 26 results preview

Chiara Battistini AC Europe Equity Research

(39-02) 8895-2700 22 June 2026 J P M O R G A N

chiara.x.battistini@jpmorgan.com

Price Performance Summary Investment Thesis and Valuation

Investment Thesis

LVMH is the leader globally in Luxury Fashion & Leather

Goods with Louis Vuitton, the leader in premium Champagne &

Spirits and the leader in Perfume & Cosmetics selective

distribution with Sephora. Following years of stellar

performance, notably in F&LG (incl. at mega brands LV and

Dior), the division has been going through a period of

normalisation, with FY25 its first year of segmental sales

declines. We do also wonder whether the leather goods category

might have started experiencing some fatigue, following years

YTD 1m 3m 12m of exceptional demand and very positive pricing and mix

Abs -22.6% 8.1% 8.5% 10.3% backdrops. While recent moves in creative directions are

Rel -30.4% 3.5% -0.9% -8.6%

expected to infuse some freshness and energy in the product

Company Data offering across different brands as 2026 progresses, this seems

Shares O/S (mn) 502 to be already factored in the estimates, leaving limited upside

52-week range (€) 654.70-436.55 risk, and if anything we see some downside risk to estimates

Market cap ($ mn) 287,456.40

Exchange rate 0.87 given the increasing volatile geo-political and consumer

Free float (%) 49.7% environment. In the absence of positive earnings revisions from

3M ADV (mn) 0.60 here, we retain our Neutral rating and would not chase the stock

3M ADV ($ mn) 329.5

Volatility (90 Day) 31 despite the recent correction.

Index MSCI Europe

ValuationBBG ANR (Buy | Hold | Sell) 23|12|0

Our Dec-27 price target is based on a SOTP valuation

Key Metrics (FYE Dec)

methodology. We use a ‘27e EV/EBIT multiple for W&S at a 5%