Projected Income Statement: LVMH

Forecast Balance Sheet: LVMH

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Net Debt 1 9,607 27,847 30,671 31,143 27,567 23,737 20,276 16,742
Change - 189.86% 10.14% 1.54% -11.48% -13.89% -14.58% -17.43%
Announcement Date 27/1/22 26/1/23 25/1/24 28/1/25 27/1/26 - - -
1EUR in Million
Estimates

Cash Flow Forecast: LVMH

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
CAPEX 1 2,664 4,969 7,478 5,531 4,567 4,707 4,744 4,957
Change - 86.52% 50.49% -26.04% -17.43% 3.07% 0.78% 4.49%
Free Cash Flow (FCF) 1 13,531 10,113 8,104 10,478 11,333 11,333 12,787 13,415
Change - -25.26% -19.87% 29.29% 8.16% -0% 12.84% 4.91%
Announcement Date 27/1/22 26/1/23 25/1/24 28/1/25 27/1/26 - - -
1EUR in Million
Estimates

Forecast Financial Ratios: LVMH

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028

Profitability

        
EBITDA Margin (%) 35.79% 34.45% 34.8% 32.32% 31.87% 30.25% 30.83% 31.11%
EBIT Margin (%) 26.71% 26.59% 26.47% 23.11% 21.97% 21.81% 22.36% 22.79%
EBT Margin (%) 26.8% 25.4% 25.1% 21.39% 20.66% 20.94% 21.46% 22.03%
Net margin (%) 18.74% 17.79% 17.61% 14.82% 13.46% 13.88% 14.8% 15.5%
FCF margin (%) 21.07% 12.77% 9.41% 12.37% 14.02% 14.01% 15.05% 14.95%
FCF / Net Income (%) 112.42% 71.8% 53.41% 83.49% 104.18% 100.95% 101.68% 96.46%

Profitability

        
ROA 10.29% 10.84% 10.9% 12.37% 7.47% 7.97% 8.64% 9.34%
ROE 28.48% 27.55% 26.13% 27.88% 16.12% 15.81% 16.46% 16.7%

Financial Health

        
Leverage (Debt/EBITDA) 0.42x 1.02x 1.02x 1.14x 1.07x 0.97x 0.77x 0.6x
Debt / Free cash flow 0.71x 2.75x 3.78x 2.97x 2.43x 2.09x 1.59x 1.25x

Capital Intensity

        
CAPEX / Current Assets (%) 4.15% 6.28% 8.68% 6.53% 5.65% 5.82% 5.58% 5.52%
CAPEX / EBITDA (%) 11.59% 18.21% 24.94% 20.21% 17.73% 19.23% 18.12% 17.75%
CAPEX / FCF (%) 19.69% 49.13% 92.28% 52.79% 40.3% 41.54% 37.1% 36.95%

Items per share

        
Cash flow per share 1 37.01 35.49 36.78 37.87 37.9 34.58 38.52 38.76
Change - -4.1% 3.63% 2.98% 0.08% -8.77% 11.41% 0.62%
Dividend per Share 1 7 12 13 13 13 13.1 14.07 15.07
Change - 71.43% 8.33% 0% 0% 0.75% 7.46% 7.07%
Book Value Per Share 1 93.56 109.8 122.2 135.1 135.5 144.2 156.5 168.8
Change - 17.31% 11.29% 10.62% 0.28% 6.43% 8.54% 7.88%
EPS 1 23.89 28.03 30.33 25.12 21.85 22.43 25.35 28.04
Change - 17.33% 8.21% -17.18% -13.02% 2.66% 13.03% 10.58%
Nbr of stocks (in thousands) 503,785 501,103 499,410 499,744 495,126 493,099 493,099 493,099
Announcement Date 27/1/22 26/1/23 25/1/24 28/1/25 27/1/26 - - -
1EUR
Estimates
2026 *2027 *
P/E 18.1x 16x
PBR 2.82x 2.6x
EV / Sales 2.77x 2.6x
Yield 3.22% 3.46%

EPS & Dividend



Y-o-Y evolution of P/E

 

Year-on-year evolution of the Yield

Trader
Investor
Global
Quality
ESG MSCI
A
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
26
Last Close Price
406.45EUR
Average target price
557.85EUR
Spread / Average Target
+37.25%

Quarterly revenue - Rate of surprise

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