Lvmh Moet Hennessy Louis Vuitton SE

MC: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€291.00	Dmjn	Bwtjjdyr

LVMH Earnings: Asia Is Strong, but U.S. Weakens Further With Margins Under Pressure

Jelena Sokolova

Jul 26, 2023

We are maintaining our fair value estimate for wide-moat LVMH as the company reported solid first-half results. Whereas demand in Asia, as expected, led growth, on a rather easy comparison base, demand trends in the United States weakened further, also in line with our thinking. Further, operating income came slightly under pressure (50-basis-point decline). We view shares as expensive at current levels.

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