LVMH: A Buy opportunity

BUY, Fair Value EUR186 (+28%)
News published on August Thursday 27, 2015
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LVMH’s share price has been down 12% over the last three months (-10% on last month in line with the DJ Stoxx 600. We clearly think that this share price weakness is a good opportunity to invest in LVMH shares which are trading at 11.5x on 2015 EV/EBIT, implying an 8% discount versus the historical average. Strong group fundamentals remain unchanged in our view. Buy recommendation reiterated with an unchanged FV EUR186, which leaves a 28% upside.

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