LVMH: Louis Vuitton EBIT margin slightly up in H1
BUY, Fair Value EUR160 (+18%)
Friday morning’s conference gave the opportunity for the Group CFO to come back on the H1 results. The main points that came out of this conference call were that: i/ excluding Hong Kong airport’s new concession, LVMH’s EBIT margin would have been almost stable and ii/ LV’s EBIT margin increased slightly while the other brands’ (namely Fendi, Berluti…) profitability suffered from heavy investments (stores expansion, communication…). We reiterate our Buy recommendation on LVMH with an unchanged EUR160FV.
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