LVMH: Poor results expected but attractive valuation
BUY, Fair Value EUR167 (+35%)
LVMH will release its 2013 results on Thursday (after the markets close). We expect 8% organic sales growth at EUR29.41bn (CS: EUR29.46bn). EBIT should reach EUR6.03bn (CS:6.05bn), implying a 60 bp margin decline to 20.5%. Buy maintained.
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