LVMH: Preview ahead of 2012 results (January 31): we are cautious on profitability
BUY, Fair Value EUR160 (+14%)
LVMH will report its FY 2012 sales & results on Thursday, 31 January (after the market closes). We anticipate FY sales of EUR28.08bn (consensus: EUR28.0bn), up 18.7% on reported. FY EBIT should increase 12.6% at EUR5.93bn (consensus: EUR5.97bn). We reiterate our Buy recommendation with a FV of EUR160.
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