Lvmh Moet Hennessy Louis Vuitton SE

MC: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€632.00	Xzmfw	Hkwllld

LVMH Earnings: Continued Solid Growth and Some Margin Pressure; Shares Fairly Valued

Jelena Sokolova

Jan 26, 2024

We are maintaining our fair value estimate of EUR 670 per share for wide-moat LVMH as the company reported solid 2023 results, just slightly ahead of our estimates. Revenue for the full year was up 9% and 13% organically, delivering 10% organic growth in the final quarter. Profit from recurring operations was up 8% with slight margin pressure, notably with the lower-margin selective retailing division outperforming other segments and slight margin pressure in fashion and leather goods.

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