For two days last week, LVMH hosted an Investor Day focused on Hennessy. This event highlighted the strong resilience of the brand (10% of LVMH’s EBIT) and also the rebound since 2015. This confirms again the very efficient LVMH business model, based on a very well balanced group portfolio. We confirm our Buy recommendation on the stock with an unchanged EUR171 FV (12% upside).
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