Space, The Final Frontier?

研报英文原文证据摘录

Space, The Final Frontier?

France | Luxury Brands

LVMH EquityJuneResearch17, 2026

ESTIMATE CHANGESpace, The Final Frontier?

MC's ubiquity should make the group an excellent litmus test for global RATING HOLD

consumers' appetite to spend some of their large equity gains on luxury items. PRICE €520.30^

We think the extent to which investors may choose to focus on the sequential PRICE TARGET | % TO PT €510.00 | -2%

improvement in F&LG's momentum as opposed to a quarter of -ve volumes in 52W HIGH-LOW €654.70 - €436.55

the division will be an interesting point of debate. FLOAT (%) | ADV MM (USD) 49.2% | 364.83

MARKET CAP €260.0B | $301.8B

More industry context coming together? If the emerging lukewarm expectations for MONC's Q2 TICKER MC FP

(click here) can be re-conducted to the idiosyncratic nature of the core product (and the peculiarity ^Prior trading day's closing price unless otherwise

noted.

of Asian out-of-season travel spend in Europe), the sheer size of the industry leader will likely provide

a better read-across for the broader industry. Many questions wait for an answer: 1) To what extent

has a recovery in ME local demand and the lack of store closures (unlike in March) capped the FY (Dec) CHANGE TO JEFe JEF vs CONS

increase in the 100bps dilution seen across Q1 despite the crisis impacting the full three months of 2026 2027 2026 2027

Q2?; 2) To what extent has the remarkable sequential wealth creation seen in Korea (KOSPI +75% REV NM NM -2% -2%

quarter to date vs Q1 close), US (S&P500 +15%, Space X +49%) and Japan (Nikkei +37%) stimulated EPS <-1% <-1% -3% -6%

global demand, and in what categories?; 3) Have the impediments to Asian travel spend in Europe

been offset by a repatriation of consumption to the Far East?

2026 (€) Q1 Q2 Q3 Q4 FY