LVMUY
LVMH Moët Hennessy - Louis Vuitton, Société Européenne
$83.23
Stable Earnings Power
80%
P/Adj-EPS × Normalized Multiple
Mild
·
Conviction
Fair Value
Trading 4.1% below fair value
You pay
$83.23
Bear
$69.41
Fair
$86.76
Bull
$104.11
Bear
$69.41
-16.6%
$4.70 × 15x P/E
Fair
$86.76
+4.2%
$4.70 × 18x P/E
Bull
$104.11
+25.1%
$4.70 × 22x P/E
Adjust Assumptions
18.4x
4.7$
Key Value Driver
Normalized P/E multiple (18x base case)
Implied Market Multiple
17.7x
Summary
Applying a 18x P/E to adjusted EPS of $4.70, the base-case value is $86.76 per share.
Warnings
The company pays out 127% of its profits as dividends. That leaves little cushion — the dividend could be cut if business slows down.
Financial statements were converted from EUR into USD using EURUSD at 1.1198 USD per EUR.
Key Risks
- Growth DCF inappropriate — terminal value assumptions dominate
- EV/EBITDA misleading for regulated businesses where capex is mandated
- Regulatory risk is a fat tail not visible in normal multiples