The Point for Europe

研报英文原文证据摘录

The Point for Europe

failure (-3% to DCF), for which we feel the share price reaction was overdone.

Although we are cautious on their success, we see positive risk-reward into

SERENA-4 and AVANZAR, given market caution reflected in the stock’s

discounted PE (15x 27E for 15% 27-30E EPS CAGR) and see upside from

tozorakimab/ efzimfotase alfa detailed data.

Graham Parry | Amy Y Mao | Leolie Telford-Cooke Ph.D. | Jelena Milovic | Mahesh Mohankumar

LVMH (LVMH.PA) - Inflection point reached as growth and cFX profitability

improve

With 2Q26 Group and Fashion & Leather organic growth accelerating sequentially

to +3% (cons.+2%) and +1% (cons.+1.7%), respectively, a ~3% 1H EBIT beat driven

by improved sales momentum at the three high-margin divisions and continued

cost reduction (Group/F&L EBIT margin -10bp/-60bp YoY to 22.5%/34.1% vs.

cons.21.8%/33.3%), and even better ex-FX (+40bp/+20bp), alongside a reassuring

conference call, the half-year results should provide a solid foundation for the

shares, having underperformed YTD (-28% vs.sector -20%) and derated to ~18x

FY27E P/E. Higher brand investment, disciplined cost control and strengthened

leadership teams should help cushion cyclical pressures, in our view. The

stabilisation in earnings since the 3Q25 sales print last October, together with

resilient 1H26 sales outside the Middle East, particularly among US and Asian

consumers, supports our view that LVMH has reached an inflection point in sales

momentum and profitability. We expect no change to FY27E consensus sales and

EBIT forecasts....

Thomas Chauvet

UniCredit Group (CRDI.MI) - Rebuilding Our Model for Commerzbank

Consolidation

We update our model post-2Q26 results and for the first time formally include a

consolidation of Commerzbank at end-2026 into our forecasts.