Beyond Results: It is not just FLG

研报英文原文证据摘录

Beyond Results: It is not just FLG

Equity Research

European Luxury Goods & Specialty Retail

28 July 2026

LVMH

1H26 result was a headline beat (Revenue/EBIT/EPS: 0.2%/

2.7%/8.5%>BBG cons.) on the back of FLG OG miss (1%). W&S

and W&J OG were well above cons. EBIT was a beat across LVMH.PA/MC FP OVERWEIGHT Unchanged

divisions (operating leverage and cost savings). Model results European Luxury Goods & NEUTRAL

in 4-3% '26-28 EPS upgrades, PT up at €620 (from €600). Specialty Retail Unchanged

Remain OW. Price Target EUR 620.00

raised 3% from EUR 600.00

Price (27-Jul-26) EUR 466.80

Results key take: Balanced performance drives upgrades: LVMH reported 1H26 revenue of Potential Upside/Downside +32.8%

€38.6bn (in line), EBIT of €8.7bn (2.7% above consensus) and EPS of €11.5 (8.5% above Source: Bloomberg, Barclays Research

consensus). EBIT exceeded expectations across all divisions, even as growth in Fashion &

Leather Goods (FLG; 1%) came in below expectations (1.5%) and Perfumes & Cosmetics came in Market Cap (EUR mn) 231444

slightly below expectations. The results reinforce our view of the resilience of LVMH's business Shares Outstanding (mn) 495.81

model, with positive EPS revisions achievable even in a subdued FLG environment. While we Free Float (%) 49.70

adopt a slightly more cautious view on 2H margins, we increase our revenue forecasts by 1.0– 52 Wk Avg Daily Volume (mn) 0.5

1.5% and EPS estimates by 4-3% across 2026–28 (Figure 17). We raise our price target to €620 Dividend Yield (%) 2.78

and reiterate our Overweight rating. Return on Equity TTM (%) 16.12

Current BVPS (EUR) 135.93Multiple drivers behind the beat — not just FLG: Importantly, the earnings beat was broad-

Source: Bloomberg

based. Wines & Spirits (W&S) (5% organic growth) delivered the largest revenue