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LVMH: Oddo confirms buy rating

(CercleFinance.com) - Oddo points out that the Fashion and Leather Goods and Wines and Spirits businesses performed better than expected in Q2 and H1.


LVMH's two major businesses performed better, with declines limited to 37% and 33% respectively.

The group's revenues resisted pretty well in Q2, with an overall organic decline of 38%, which is better than the -42% that Oddo was expecting - in line with the consensus - and more generally the -40%/-50% it expects for the industry as a whole, analysts say.

Following this publication, Oddo confirms its buy rating on the share with a target price of 352 euros.

The decline in operating profit over the first half is more limited than expected for the Fashion and Leather Goods division, at -46% for a 23% decline in sales on a reported basis.

While H1 sales are better than expected, overall EBIT is slightly disappointing (1,671 million euros - the broker expected 1,900 million euros, with the consensus more optimistic at 2,300 million euros). Meanwhile, reported earnings melted away to 522 million euros (Oddo was expecting a figure close to one billion euros, it added.



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