LVMH: Disapointing 9M sales growth (+8% organic growth)

BUY, Fair Value EUR165 (+14%)

News published on October Wednesday 16, 2013
Share on

Yesterday LVMH reported fairly poor sales growth for 9M 2013 with sales reaching EUR20.7bn (+4%) vs. the consensus estimate of EUR20.9bn. Although FX impact affected sales growth by 4%, almost in line with expectations, the dispointment came from organic growth. Indeed, 9M sales grew 8% in organic terms (vs. +9% expected by both BG and the consensus), in line with the H1 performance but meaning that the slight acceleration expected in Q3 did not happen (+8% vs +10% expected). We are maintaining our Buy recommendation.

Full report available to subscribers
Please contact  

The Essentials

Everything you need to know about investment banking dedicated to growth
Stay Informed
Get our news
Join our Team
Bryan, Garnier & Co is always looking for talent in all our divisions, at all levels
Explore our opportunities