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Covid 19 Report Bloomberg adjusted highlights LVMH Moet Hennessy Louis Vuitton SE (MC FP) - BBG Adj Highlights In Millions of GBP FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 Current/LTM FY 2021 Est FY 2022 Est 12 Months Ending 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 06/30/2021 12/31/2021 12/31/2022 Market Capitalization 51,542.90 53,729.40 77,804.40 109,675.10 116,664.90 176,620.20 230,547.90 264,926.90 ERROR:#NAME? 3,823.90 3,357.70 3,347.40 3,780.70 4,740.40 5,423.60 18,551.10 7,470.00 ERROR:#NAME? 963 1,076.70 1,290.10 1,251.60 1,495.10 1,506.20 1,269.00 1,237.30 + Total Debt 7,178.00 6,106.30 6,304.30 10,290.30 9,912.00 21,383.60 33,610.50 33,083.60 Enterprise Value 55,859.90 57,554.70 82,051.30 117,436.40 123,331.60 194,086.40 246,876.20 291,795.20 Revenue, Adj 24,701.70 25,905.10 30,802.40 37,366.70 41,435.60 47,085.10 39,711.80 48,664.60 51,871.60 57,738.10 Growth %, YoY 5.6 16.4 5.4 13.4 9.8 14.6 -16.8 18 30.6 11.3 Gross Profit, Adj 15,993.40 16,787.00 20,120.70 24,410.70 27,609.30 31,185.70 25,596.40 34,887.30 38,997.50 Margin % 64.7 64.8 65.3 65.3 66.6 66.2 64.5 67.3 67.5 EBITDA, Adj 6,120.20 6,318.70 7,491.70 9,323.30 10,869.90 14,558.90 12,973.40 16,568.80 18,452.20 Margin % 24.8 24.4 24.3 25 26.2 30.9 32.7 31.9 32 Net Income, Adj 2,995.60 2,667.90 3,412.40 4,801.20 5,727.30 6,437.10 4,498.10 8,617.10 9,723.80 Margin % 12.1 10.3 11.1 12.8 13.8 13.7 11.3 16.6 16.8 EPS, Adj 5.95 5.29 6.76 9.52 11.37 12.77 8.92 16.99 18.99 Growth %, YoY 0.7 -11.1 28 40.8 19.4 12.4 -30.2 90.6 11.7 Cash from Operations 3,770.00 4,095.20 5,104.50 6,121.70 7,528.60 10,218.00 9,702.30 Capital Expenditures -1,235.20 -1,263.10 -1,761.30 -1,655.50 -2,304.20 -2,889.90 -2,203.90 -2,825.40 -3,008.20 Free Cash Flow 2,534.80 2,832.10 3,343.20 4,466.20 5,224.40 7,328.20 7,498.40 7,428.70 10,364.00 Source: Bloomberg Right click to show data transparency (not supported for all values) Company model MC FP Equity- Company Financial (Multiple Periods) MC FP Equity Periodicity:A Currency:GBP Estimate Source:BST Actual Source:Bloomberg In Millions of GBP 2011 A (Rep) 2012 A (Rep) 2013 A (Rep) 2014 A (Rep) 2015 A (Rep) 2016 A (Rep) 2017 A (Rep) 2018 A (Rep) 2019 A (Rep) 2020 A (Rep) 2021 A (Fwd) 2022 A (Fwd) 2023 A (Fwd) 2024 A (Fwd) 2025 A (Fwd) 2026 A (Fwd) 2027 A (Fwd) 12 Months Ending 12/31/2011 12/31/2012 12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 12/31/2026 12/31/2027 Highlights Non-IFRS Diluted EPS 5.33 5.47 5.75 8.97 5.11 6.43 8.92 11.16 12.48 8.28 16.99 18.98 21.11 21.7 23 25.87 26.78 Revenue 20,535.64 22,798.15 24,750.98 24,701.62 25,905.24 30,802.41 37,366.75 41,435.67 47,085.11 39,711.83 51,871.58 57,738.11 62,383.70 65,378.31 69,686.34 74,682.16 78,962.64 Organic Revenue Growth (%) 14 9 4 5 6 6 12 11 10 -16 28.66 10.68 8.94 7.17 7.28 7.14 7.18 Revenue Wines & Spirits 3,960.89 4,455.68 4,550.97 4,891.87 4,229.01 5,031.38 5,409.14 5,801.52 6,113.55 6,457.10 6,812.95 7,545.79 Fashion & Leather Goods 10,465.45 13,559.86 16,330.57 19,508.69 18,861.14 23,244.36 25,624.50 30,716.43 32,198.05 34,463.41 36,684.75 39,372.18 Perfume & Cosmetics 4,057.56 4,872.86 5,390.73 5,996.40 4,667.48 5,483.56 5,962.25 6,526.88 6,947.22 7,381.77 7,301.24 7,713.67 Watches & Jewelry 2,841.03 3,334.75 3,648.39 3,864.54 2,984.77 6,550.53 7,215.47 7,875.54 8,920.57 9,594.08 10,186.98 10,613.09 Selective Retailing 9,808.44 11,665.94 12,075.15 12,976.26 9,031.68 10,070.93 11,275.98 12,440.97 12,702.03 13,667.84 14,997.50 17,787.35 Operating Income Wines & Spirits 1,232.10 1,365.45 1,441.48 1,516.87 1,234.46 1,466.22 1,730.79 1,861.90 1,976.15 2,097.80 2,205.09 2,339.19 Fashion & Leather Goods 3,172.81 4,298.81 5,258.88 6,442.95 6,392.88 9,580.36 10,369.53 11,619.97 12,264.75 12,920.97 13,311.13 13,446.12 Perfume & Cosmetics 451.39 525.85 598.18 599.2 71.15 523.38 641.59 756.96 788.46 842.35 920.54 1,018.36 Watches & Jewelry 375.2 448.72 622.07 645.7 268.59 1,070.02 1,229.07 1,385.65 1,539.99 1,671.17 1,496.07 1,476.06 Selective Retailing 752.86 942.14 1,222.91 1,223.84 -180.54 436.85 814.11 975.77 1,077.67 1,206.90 1,508.61 1,735.93 Non-IFRS Operating Income 4,568.20 4,803.32 5,112.55 4,607.67 4,797.67 5,755.79 7,268.09 8,851.51 10,092.55 7,386.32 13,054.78 14,710.33 16,380.70 17,302.16 18,413.42 20,695.56 19,796.42 Non-IFRS Net Income 2,660.37 2,777.67 2,917.57 4,553.65 2,595.32 3,261.29 4,495.12 5,622.57 6,291.17 4,181.88 8,617.08 9,723.79 10,676.22 11,129.07 11,790.98 12,977.12 13,369.10 Dividend Per Share 2.26 2.35 2.63 2.58 2.58 3.28 4.38 5.31 4.21 5.34 6.48 7.34 8.32 9.52 10.95 11.51 14.52 Company Operating Metrics Company-Level Industry Statistics Organic Revenue Growth (%) 14 9 4 5 6 6 12 11 10 -16 28.66 10.68 8.94 7.17 7.28 7.14 7.18 By Segment Wines & Spirits 7 7 5 6 -14 25.46 7.24 6.22 5.83 5.81 6.34 6.35 Champagne & Wines 6 7 3 3 -16 27.48 4.8 4.33 4.17 4.17 Cognac & Spirits 8 7 7 7 -12 21.64 6.74 6.69 6.7 6.72 Fashion & Leather Goods 4 13 15 17 -3 37.02 11.38 8.63 7.66 7.75 7.29 7.33 Perfume & Cosmetics 8 14 14 9 -22 24.64 8.71 8.02 7.14 7.17 7.13 7.12 Watches & Jewelry 5 12 12 3 -23 42.42 9.59 7.51 6.61 6.49 6.6 6.76 Selective Retailing 8 13 6 5 -30 14.84 12.12 8.63 6.5 6.74 7.21 7.21 By Region Europe 7 10 7 11 -28 21.58 8.34 6.66 5.8 5.81 6.05 6.05 Asia (Excl. Japan) 5 17 15 14 -4 35.33 10.57 7.2 6.35 6.36 Japan -3 12 15 8 -19 12.92 5.18 2.92 2.92 2.93 2.14 2.14 United States 7 9 8 6 -13 29.8 7.09 6.42 6.04 6.12 6.56 6.63 Balance Sheet & Cash Flow Metrics Inventories As % of Revenue 28.52 28.09 28.82 28.42 27.93 26.28 24.37 24.89 29.2 23.7 25.4 24.83 24.19 24.49 24.42 22.33 22.2 Business Breakdown Wines & Spirits Revenue 3,960.89 4,455.68 4,550.97 4,891.87 4,229.01 5,031.38 5,409.14 5,801.52 6,113.55 6,457.10 6,812.95 7,545.79 Non-IFRS Operating Income 1,232.10 1,365.45 1,441.48 1,516.87 1,234.46 1,466.22 1,730.79 1,861.90 1,976.15 2,097.80 2,205.09 2,339.19 Operating Margin (%) 31.1 30.6 31.7 31 29.2 32.27 31.94 32.09 32.3 32.58 32.28 31 Champagne & Wines Revenue 1,874.36 2,108.65 2,096.29 2,199.41 1,884.60 2,321.75 2,464.07 2,594.21 2,717.43 2,846.54 3,126.82 3,417.52 Operating Income 590.7 574.29 605.34 434.02 665.21 696.19 733.83 774.9 812.07 897.2 956.91 Cognac & Spirits Revenue 2,086.54 2,347.91 2,454.67 2,692.46 2,344.41 2,776.32 2,983.05 3,184.95 3,395.49 3,620.19 3,686.13 4,128.27 Non-IFRS Operating Income 774.75 867.19 911.52 800.44 990.97 1,059.69 1,125.18 1,203.45 1,285.72 1,307.89 1,382.29 Fashion & Leather Goods Revenue 10,465.45 13,559.86 16,330.57 19,508.69 18,861.14 23,244.36 25,624.50 30,716.43 32,198.05 34,463.41 36,684.75 39,372.18 Non-IFRS Operating Income 3,172.81 4,298.81 5,258.88 6,442.95 6,392.88 9,580.36 10,369.53 11,619.97 12,264.75 12,920.97 13,311.13 13,446.12 Operating Margin (%) 30.3 31.7 32.2 33 33.9 38.83 38.17 38.74 38.57 38.11 37.77 36.65 Perfume & Cosmetics Revenue 4,057.56 4,872.86 5,390.73 5,996.40 4,667.48 5,483.56 5,962.25 6,526.88 6,947.22 7,381.77 7,301.24 7,713.67 Non-IFRS Operating Income 451.39 525.85 598.18 599.2 71.15 523.38 641.59 756.96 788.46 842.35 920.54 1,018.36 Operating Margin (%) 11.1 10.8 11.1 10 1.5 11.16 11.12 11.43 11.17 11.19 11.75 12.28 Watches & Jewelry Revenue 2,841.03 3,334.75 3,648.39 3,864.54 2,984.77 6,550.53 7,215.47 7,875.54 8,920.57 9,594.08 10,186.98 10,613.09 Non-IFRS Operating Income 375.2 448.72 622.07 645.7 268.59 1,070.02 1,229.07 1,385.65 1,539.99 1,671.17 1,496.07 1,476.06 Operating Margin (%) 13.2 13.5 17.1 16.7 9 18.03 18.15 18.78 18.71 19.28 18.68 20.4 Selective Retailing Revenue 9,808.44 11,665.94 12,075.15 12,976.26 9,031.68 10,070.93 11,275.98 12,440.97 12,702.03 13,667.84 14,997.50 17,787.35 Non-IFRS Operating Income 752.86 942.14 1,222.91 1,223.84 -180.54 436.85 814.11 975.77 1,077.67 1,206.90 1,508.61 1,735.93 Operating Margin (%) 7.7 8.1 10.1 9.4 -2 4.31 7.23 7.84 8.43 8.79 10.1 9.76 Holding Companies & Other Revenue -330.96 -522.34 -560.13 -152.65 -62.26 -76.81 -84.59 -88.95 -77.43 -83.45 -99.21 Non-IFRS Operating Income -228.56 -312.88 -292.01 -336.01 -400.22 -340.5 -346.04 -422.36 -467.48 -504.31 -500.63 -656.55 Regional Breakdown Total Revenue 20,535.64 22,798.15 24,750.98 24,701.62 25,905.24 30,802.41 37,366.75 41,435.67 47,085.11 39,711.83 51,871.58 57,738.11 62,383.70 65,378.31 69,686.34 74,682.16 78,962.64 Europe (Excluding France) 5,591.13 7,099.68 7,872.78 8,946.17 6,353.89 7,667.23 8,384.00 10,146.63 10,786.56 11,468.08 12,161.48 12,897.79 France 3,067.95 3,736.68 4,143.57 4,237.66 3,176.95 3,925.08 4,332.71 5,394.42 5,689.20 6,000.52 6,329.29 6,676.41 Asia (Excluding Japan) 8,128.23 10,463.46 12,016.35 14,125.53 13,502.02 18,021.09 20,032.09 23,655.27 25,565.37 27,581.70 29,757.23 32,104.55 United States 8,195.41 9,340.92 9,944.56 11,300.43 9,530.84 11,886.75 12,753.53 14,825.24 15,748.34 16,755.53 17,854.13 19,038.71 Japan 2,208.60 2,615.67 2,900.50 3,295.96 2,779.83 3,377.03 3,604.84 3,799.56 4,005.19 4,225.16 3,463.36 3,537.45 Other Markets 3,611.09 4,110.34 4,557.92 5,179.36 4,368.30 4,866.93 5,381.67 6,229.22 6,883.69 7,577.28 8,328.39 9,149.68 Income Statement Total Revenue 20,535.64 22,798.15 24,750.98 24,701.62 25,905.24 30,802.41 37,366.75 41,435.67 47,085.11 39,711.83 51,871.58 57,738.11 62,383.70 65,378.31 69,686.34 74,682.16 78,962.64 Cost of Revenue 7,023.73 8,045.02 8,488.65 8,708.21 9,118.11 10,681.72 12,956.02 13,826.34 15,899.45 14,115.39 17,035.06 18,680.77 20,415.23 21,625.45 23,203.59 24,237.44 25,520.97 As % Revenue 34.2 35.29 34.45 35.25 35.2 34.68 34.67 33.37 33.77 35.54 32.68 32.48 32.43 32.6 32.95 33 33.09 Gross Profit 20,120.69 24,410.74 27,609.33 31,185.66 25,596.44 34,709.05 38,616.41 42,399.97 44,629.73 47,436.14 49,253.15 51,673.89 Gross Margin (%) 65.8 64.71 65.51 64.75 64.8 65.32 65.33 66.63 66.23 64.46 67.26 67.54 67.5 67.36 67.15 67 66.91 Total Operating Expenses Advertising 2,353.11 2,658.42 2,810.59 2,808.94 2,917.83 3,475.10 4,233.95 4,882.80 5,496.33 4,330.40 5,789.24 6,430.82 6,906.75 7,318.66 7,798.94 7,981.15 8,451.72 Selling & Marketing 10,045.69 11,966.24 14,368.79 15,711.15 17,727.76 14,934.52 17,909.93 19,976.47 21,905.96 22,879.41 24,332.84 25,165.35 26,695.49 General & Administrative 1,934.32 2,401.11 2,771.22 3,067.01 3,389.92 3,238.24 3,744.52 4,069.51 4,470.10 4,816.21 5,156.67 6,201.33 6,783.67 Operating Income 4,473.59 4,655.68 5,008.11 4,378.70 4,637.14 5,655.85 7,110.34 8,740.02 9,889.89 7,090.16 12,619.67 13,963.43 15,588.12 17,129.92 18,213.38 19,075.50 19,612.37 Operating Margin (%) 21.78 20.42 20.41 17.74 17.94 18.35 19.04 21.04 20.95 17.95 24.52 24.75 25.37 26.11 25.93 25.88 25.28 EBITDA 5,335.50 5,711.91 6,129.79 5,859.76 6,031.77 7,194.33 9,349.58 10,888.52 12,461.28 10,479.60 16,568.78 18,452.15 20,433.93 19,158.87 21,317.52 23,405.13 Interest Income (Expense), Net 260.51 51.71 343.34 490.42 540.74 418.74 476.79 427.25 402.2 375.8 436.19 681.48 Cost of Net Financial Debt 108.96 120.07 103.53 93.87 31.13 167.59 167.38 81.68 52.68 34.18 -30.92 -49.1 Interest on Lease Liabilities 254.42 249.92 246.16 257.09 262.69 268.2 273.7 360.22 385.44 Income (Loss) from Affiliates -19.53 -4.03 -9.44 2.46 -2.63 20.35 24.56 -37.35 8.4 16.63 18.31 18.17 13.06 27.69 29.07 Pre-Tax Income 4,263.54 4,644.32 4,835.74 6,754.69 4,336.43 5,301.95 6,953.46 8,396.68 9,399.48 6,549.41 12,759.05 14,265.82 15,837.77 16,464.23 17,846.57 18,685.28 19,122.15 Income Tax Expense 1,261.18 1,476.45 1,488.51 1,832.59 1,430.22 1,747.38 1,940.38 2,211.33 2,572.27 2,142.52 3,371.97 3,733.69 4,142.88 4,670.05 4,918.66 5,138.61 5,171.98 Tax Rate (%) 29.58 31.79 30.75 27.13 32.98 32.39 27.49 26.34 27.37 32.71 27.73 27.79 27.89 27.89 27.59 27.57 27.21 Net Income before Minority Interest 3,007.57 3,171.12 3,351.47 4,922.10 2,906.20 3,647.96 5,118.25 6,185.35 6,827.21 4,406.89 8,997.36 9,936.40 11,187.37 12,176.75 12,960.34 14,395.02 Minority Interest 347.19 393.45 433.9 368.45 310.89 317.04 416.3 562.79 536.04 225.01 483.23 541.49 624.16 599.29 662.23 569.71 581.43 Net Income 2,660.37 2,777.67 2,917.57 4,553.65 2,595.32 3,261.29 4,495.12 5,622.57 6,291.17 4,181.88 8,475.75 9,481.05 10,459.81 11,005.27 11,679.38 12,977.12 13,369.10 Basic Weighted Avg. Shares 488.77 499.13 500.28 501.31 502.4 502.91 502.41 502.83 503.22 503.68 503.46 501.96 501.16 500.32 498.64 Diluted Weighted Avg. Shares 492.21 502.23 503.22 503.86 504.89 504.64 504.01 503.92 503.84 504.21 503.82 503.07 502.81 502.66 502.12 501.81 498.43 Basic EPS 5.44 5.57 5.83 9.09 5.16 6.62 9.36 11.18 12.5 8.3 16.55 17.36 19.48 20.77 22.42 22.2 23.33 Diluted EPS 5.33 5.47 5.75 8.97 5.11 6.43 8.92 11.16 12.48 8.28 16.77 18.76 20.82 20.71 20.84 24.74 23.33 Dividend Per Share 2.26 2.35 2.63 2.58 2.58 3.28 4.38 5.31 4.21 5.34 6.48 7.34 8.32 9.52 10.95 11.51 14.52 Dividend Payout Ratio 42.26 42.35 45.06 28.43 49.96 49.39 46.86 47.49 33.71 64.3 36.24 36.64 35.96 36.72 37.32 51.75 62.11 Non-IFRS Results Operating Income 4,568.20 4,803.32 5,112.55 4,607.67 4,797.67 5,755.79 7,268.09 8,851.51 10,092.55 7,386.32 13,054.78 14,710.33 16,380.70 17,302.16 18,413.42 20,695.56 19,796.42 Operating Margin (%) 22.25 21.07 20.74 18.65 18.52 18.69 19.45 21.36 21.43 18.6 25.42 25.58 26.06 26.43 26.35 27.2 27.21 EBITDA, incl IFRS 16 16,660.25 18,370.17 20,241.62 22,198.90 23,417.53 27,444.60 29,523.73 Net Income 2,660.37 2,777.67 2,917.57 4,553.65 2,595.32 3,261.29 4,495.12 5,622.57 6,291.17 4,181.88 8,617.08 9,723.79 10,676.22 11,129.07 11,790.98 12,977.12 13,369.10 Diluted EPS 5.33 5.47 5.75 8.97 5.11 6.43 8.92 11.16 12.48 8.28 16.99 18.98 21.11 21.7 23 25.87 26.78 Company Specific Adjustments Operating Lease Expenses 1,356.66 1,577.04 2,098.17 2,210.71 2,460.94 2,803.35 3,315.47 3,254.61 1,729.17 956.09 4,134.73 4,577.50 4,949.64 5,338.95 5,759.12 Condensed Balance Sheet Assets Current Assets 11,086.49 11,597.14 13,293.74 14,063.99 13,975.21 16,571.90 18,721.93 21,160.05 22,444.45 35,797.37 35,438.42 41,672.05 47,383.34 55,630.00 62,900.76 72,571.06 69,012.85 Cash & Cash Equivalents 1,924.49 1,784.30 2,685.22 3,177.02 2,650.50 3,027.83 3,322.85 4,141.98 4,802.99 17,877.64 12,535.84 17,847.47 23,292.23 29,120.63 33,763.06 48,236.48 41,222.05 Accounts Receivables 1,569.34 1,612.86 1,809.57 1,765.96 1,859.18 2,293.94 2,432.13 2,894.90 2,920.91 2,468.10 3,176.19 3,433.30 3,766.17 3,924.57 4,132.54 3,935.65 3,709.07 Inventories 6,275.69 6,565.19 7,068.46 7,358.16 7,445.58 9,010.02 9,678.76 11,217.50 11,613.38 11,656.33 13,643.73 14,658.67 15,701.86 16,724.48 18,254.36 19,185.36 18,872.23 Financial Fixed Assets 142.06 132.44 399.54 403.05 537.62 657.85 568.03 573.23 909.29 886.58 794.06 797.89 840.99 839.62 838.93 845.67 845.67 Non-Current Assets 28,246.43 29,027.39 33,465.34 27,376.24 28,504.26 34,361.26 43,285.96 45,596.86 59,262.33 61,521.72 71,504.04 72,077.60 72,693.08 73,255.18 73,735.84 81,691.73 84,016.48 Intangible Assets 15,408.44 15,694.70 18,024.09 16,961.43 17,473.80 20,278.95 27,373.96 27,835.75 28,147.43 29,601.14 38,958.08 39,030.12 39,355.73 41,194.32 42,016.72 39,633.08 39,976.42 Goodwill 5,813.57 6,342.56 7,539.58 6,841.73 7,464.75 8,886.14 12,300.24 12,333.41 13,575.04 14,366.23 17,840.98 17,840.98 18,305.07 18,114.78 18,744.88 19,476.64 22,377.61 Right of Use Assets 10,505.12 11,213.04 11,231.00 11,507.28 11,631.94 12,128.46 11,311.60 11,895.02 12,820.97 Other Intangible Assets 9,594.86 9,352.14 10,484.50 10,119.70 10,009.05 11,392.81 15,073.72 15,502.34 14,572.39 15,234.91 16,052.91 15,028.60 15,226.91 15,189.23 15,388.54 14,866.79 15,987.91 Total Assets 39,332.92 40,624.53 46,759.08 41,440.23 42,479.47 50,933.17 62,007.88 66,756.91 81,706.79 97,319.10 104,125.37 110,755.99 118,136.03 125,705.23 132,318.54 143,863.79 148,321.65 Liabilities & Equity Current Liabilities 8,017.17 7,704.34 9,687.93 9,454.95 9,365.23 10,944.27 13,324.29 15,124.08 19,153.56 22,673.25 21,220.62 22,053.84 24,602.44 25,318.18 27,047.20 28,870.50 26,652.69 Accounts Payables 2,466.82 2,546.45 2,744.32 2,800.37 2,920.41 3,574.62 4,034.89 4,774.51 4,922.37 4,565.46 5,259.03 5,718.20 6,469.62 6,846.19 7,291.66 6,732.07 6,001.43 Current Lease Liabilities 1,838.90 1,937.05 1,895.10 1,913.58 1,932.98 1,953.35 2,006.48 2,358.13 2,476.03 Other Short-Term Liabilities 2,931.44 2,739.83 3,053.12 3,401.45 3,665.27 4,424.70 5,262.51 5,832.92 5,948.50 6,644.00 8,699.91 9,531.85 10,348.64 11,314.15 12,082.65 Non-Current Liabilities 11,668.09 12,194.35 13,842.27 14,121.46 14,088.04 16,154.13 21,680.31 21,123.22 30,071.84 39,872.97 39,521.96 40,150.60 40,247.63 40,659.44 39,643.53 42,318.53 48,374.33 Long-Term Debt 3,452.88 3,116.84 3,453.49 3,924.87 3,230.15 3,359.32 6,263.46 5,025.19 4,318.72 12,595.75 12,146.16 12,145.56 11,270.96 11,414.87 11,111.09 12,014.45 12,014.45 Non Current Lease Liabilities 8,782.21 9,550.92 9,111.03 9,111.32 9,111.62 9,111.92 9,112.22 9,115.52 9,116.42 Deferred Taxes Liabilities 3,279.90 3,217.59 3,562.53 3,410.77 3,455.08 3,534.46 4,434.91 4,524.73 4,654.83 4,908.45 4,683.29 4,683.29 4,683.29 4,683.29 4,683.44 4,672.17 4,672.17 Total Liabilities 19,685.26 19,898.69 23,530.20 23,576.40 23,453.27 27,098.40 35,004.61 36,247.30 49,225.40 62,546.22 65,266.64 65,933.34 67,325.26 68,313.87 69,023.99 74,254.29 79,796.63 Total Shareholder Equity 19,647.66 20,725.84 23,228.88 17,863.83 19,026.19 23,834.77 27,003.28 30,509.62 32,481.38 34,772.88 39,542.34 45,071.45 51,717.40 58,828.81 65,155.24 65,210.88 70,655.75 Non-Controlling Interests 886.62 880.78 855.67 962.97 1,076.72 1,290.07 1,251.62 1,495.07 1,506.17 1,268.98 1,406.84 1,634.93 1,975.24 2,007.73 2,423.68 1,397.53 1,432.48 Total Liabilities & Shareholder Equity 39,332.92 40,624.53 46,759.08 41,440.23 42,479.47 50,933.17 62,007.88 66,756.91 81,706.79 97,319.10 104,125.37 110,755.99 118,136.03 125,705.23 132,318.54 143,863.79 148,321.65 Special Company Reference Items Book Value Per Share 38.12 39.51 44.46 33.54 35.55 44.67 51.09 57.58 61.48 66.45 74.06 86.07 99.15 116.89 133.11 ROE 15.46 14.61 13.39 23.22 15.5 16.03 19.38 20.74 20.82 12.71 23.46 21.73 21.26 20.48 19.73 18.99 18.7 Condensed Cash Flow Statement Cash from Operating Activities Net Income 2,660.37 2,777.67 2,917.57 4,553.65 2,595.32 3,261.29 4,495.12 5,622.57 6,291.17 4,181.88 8,475.75 9,481.05 10,459.81 11,005.27 11,679.38 12,977.12 13,369.10 Depreciation & Amortization 867.12 1,053.79 1,218.49 1,527.83 1,511.57 1,755.57 2,082.36 2,037.01 4,481.29 5,380.77 4,463.98 4,830.64 5,236.59 4,834.66 5,163.05 Change in Working Capital -463.5 -659.53 -526.45 -578.88 -311.61 -419.44 -450.48 -961.87 -1,021.19 -325.51 -2,226.60 -648.69 -603.54 -726.77 -784.71 -682.8 -1,121.94 Lease Liabilities: Interest Paid 209.68 257.92 245.93 272.54 285.83 298.84 311.78 335.46 358.94 Cash Flow from Operations 5,059.46 6,110.35 7,512.68 10,218.88 9,691.60 12,419.51 14,870.97 16,392.63 16,906.81 18,134.46 20,907.83 22,490.18 Cash from Investing Activities Capital Expenditures -1,518.10 -1,501.60 -1,557.29 -1,489.93 -1,492.69 -2,121.76 -2,055.19 -2,779.43 -2,889.85 -2,203.89 -2,797.63 -2,974.71 -3,300.06 -3,471.46 -3,721.52 -3,820.51 -4,168.15 Cash Flow from Investing -1,882.55 -7,543.29 -3,043.12 -5,148.92 -2,613.90 -12,178.31 -2,792.25 -3,061.73 -3,271.19 -3,418.80 -3,667.03 -3,479.70 Cash from Financing Activities Dividends Paid -927.88 -1,173.86 -1,274.53 -1,305.30 -1,213.76 -1,522.92 -1,849.23 -2,402.47 -3,226.74 -2,164.76 -2,611.76 -3,022.24 -3,693.50 -4,390.28 -4,985.35 -4,705.97 Lease Liabilities: Repayment 1,918.67 2,047.36 2,085.33 2,134.69 2,194.40 2,258.17 2,448.65 3,297.14 3,527.94 Other -218.73 -227.87 -299.98 -324.62 -338.51 -431.81 -488.66 -533.35 -581.15 -602.91 -677.76 Special Company Reference Items Net Change in Cash 33.85 -75.44 793.93 699.01 -285.46 -43.42 246.27 703.48 951 12,726.18 -4,904.25 5,917.11 6,599.53 5,040.32 3,237.73 2,515.50 1,888.98 Net Debt 3,123.22 2,771.52 6,358.57 5,176.13 5,254.25 3,797.98 8,285.88 1,165.52 -7,109.55 -15,847.59 -24,695.75 Free Cash Flow 2,007.00 2,595.76 2,283.28 2,672.31 3,203.94 4,115.64 4,824.40 5,410.36 5,440.35 7,575.11 9,362.53 9,765.38 10,554.30 11,014.16 13,112.16 14,173.90 Source: Bloomberg Earnings LVMH Moet Hennessy Louis Vuitton SE (MC FP) - Earnings In Millions of GBP except Per Share FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 Est FY 2022 Est FY 2023 Est FY 2024 Est FY 2025 Est 12 Months Ending 12/31/2011 12/31/2012 12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 Revenue Consensus Estimate 19,522.60 22,905.50 24,599.50 23,789.60 26,129.30 31,931.80 37,612.20 42,139.00 45,803.30 40,683.20 51,871.60 57,738.10 62,383.70 65,378.30 69,686.30 Comparable Actual 20,535.60 22,798.10 24,751.00 24,701.70 25,905.10 30,802.40 37,366.70 41,435.60 47,085.10 39,711.80 Revenue Surprise % 5.2 -0.5 0.6 3.8 -0.9 -3.5 -0.7 -1.7 2.8 -2.4 GAAP Actual 20,535.60 22,798.10 24,638.10 24,701.70 25,905.10 30,802.40 37,366.70 41,435.60 47,085.10 39,711.80 Adjusted Actual 20,535.60 22,798.10 24,638.10 24,701.70 25,905.10 30,802.40 37,366.70 41,435.60 47,085.10 39,711.80 Earnings Per Share Consensus Estimate 5.19 5.9 5.89 5.32 5.41 6.83 8.65 11.47 12.47 7.24 16.99 18.99 21.11 21.7 23 Comparable Actual 5.33 5.47 5.75 8.97 5.11 6.43 8.92 11.16 12.48 8.28 EPS Surprise % 2.7 -7.3 -2.5 68.4 -5.6 -5.8 3.2 -2.7 0.1 14.4 GAAP Actual 5.41 5.53 5.8 9.04 5.14 6.6 9.33 11.16 12.48 8.29 Adjusted Actual 5.53 5.58 5.9 5.95 5.29 6.76 9.52 11.37 12.77 8.92 EBIT Consensus Estimate 4,273.80 4,837.40 5,060.40 4,553.80 4,806.50 5,877.30 7,340.30 8,975.70 9,777.40 6,674.00 13,054.80 14,710.30 16,380.70 17,302.20 18,413.40 Comparable Actual 4,568.20 4,803.30 5,112.60 4,607.70 4,797.60 5,755.80 7,268.10 8,851.50 10,092.60 7,386.30 EBIT Surprise % 6.9 -0.7 1 1.2 -0.2 -2.1 -1 -1.4 3.2 10.7 GAAP Actual 4,473.60 4,655.70 5,027.60 4,382.70 4,646.60 5,653.40 7,113.00 8,719.70 9,865.30 7,127.50 Adjusted Actual 4,538.70 4,710.00 5,102.40 4,592.40 4,807.10 5,736.10 7,240.90 8,832.90 10,077.60 7,592.70 EBITDA Consensus Estimate 4,943.90 5,742.40 6,046.40 5,638.70 6,044.90 7,362.40 9,056.60 11,023.50 12,271.70 9,808.40 16,568.80 18,452.20 20,433.90 19,158.90 21,317.50 Comparable Actual 5,335.50 5,711.90 6,129.80 5,859.80 6,031.70 7,194.30 9,349.60 10,888.50 12,461.30 10,479.60 EBITDA Surprise % 7.9 -0.5 1.4 3.9 -0.2 -2.3 3.2 -1.2 1.5 6.8 GAAP Actual 5,340.70 5,709.50 6,246.10 5,910.60 6,158.10 7,409.00 9,195.30 10,756.70 14,346.60 12,508.30 Adjusted Actual 5,405.80 5,763.80 6,320.80 6,120.20 6,318.70 7,491.70 9,323.30 10,869.90 14,558.90 12,973.40 Gross Margin % Consensus Estimate 65.57 65.18 65.16 65.07 64.43 65.29 65.45 66.25 66.45 64.35 67.26 67.54 67.5 67.36 67.15 Comparable Actual 65.8 64.7 65.5 64.7 64.8 65.3 65.3 66.6 66.2 64.5 Gross Margin Surprise % 0.4 -0.7 0.5 -0.5 0.6 0.1 -0.2 0.6 -0.3 0.2 GAAP Actual 65.8 64.7 65.5 64.7 64.8 65.3 65.3 66.6 66.2 64.5 Adjusted Actual 65.8 64.7 65.5 64.7 64.8 65.3 65.3 66.6 66.2 64.5 Pretax Income (Loss) Consensus Estimate 4,085.90 4,734.30 4,875.40 4,565.30 4,470.20 5,609.30 7,087.60 8,774.80 9,417.20 5,937.70 12,759.00 14,265.80 15,837.80 16,464.20 17,846.60 Comparable Actual 4,263.50 4,644.30 4,835.70 6,754.70 4,336.40 5,301.90 6,953.50 8,396.70 9,399.50 6,549.40 Pretax Income (Loss) Surprise % 4.3 -1.9 -0.8 48 -3 -5.5 -1.9 -4.3 -0.2 10.3 GAAP Actual 4,263.50 4,644.30 4,840.00 6,754.70 4,336.40 5,395.30 7,058.60 8,396.70 9,399.50 6,549.40 Adjusted Actual 4,338.20 4,673.50 4,895.20 4,333.60 4,403.20 5,478.10 7,186.60 8,509.90 9,611.80 7,014.60 Net Income Consensus Estimate 2,557.30 2,945.80 2,977.40 2,641.30 2,737.50 3,441.30 4,384.70 5,775.90 6,255.20 3,808.40 8,617.10 9,723.80 10,676.20 11,129.10 11,791.00 Comparable Actual 2,660.40 2,777.70 2,917.60 4,553.70 2,595.30 3,261.30 4,495.10 5,622.60 6,291.20 4,181.90 Net Income Surprise % 4 -5.7 -2 72.4 -5.2 -5.2 2.5 -2.7 0.6 9.8 GAAP Actual 2,660.40 2,777.70 2,917.60 4,553.70 2,595.30 3,330.90 4,702.00 5,622.60 6,291.20 4,181.90 Adjusted Actual 2,721.30 2,803.50 2,970.50 2,995.60 2,667.90 3,412.40 4,801.20 5,727.30 6,437.10 4,498.10 Source: Bloomberg Right click to show data transparency (not supported for all values) Enterprise Value LVMH Moet Hennessy Louis Vuitton SE (MC FP) - Enterprise Value In Millions of GBP except Per Share FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 Current FY 2021 Est FY 2022 Est FY 2023 Est FY 2024 Est FY 2025 Est 12 Months Ending 12/31/2011 12/31/2012 12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 08/19/2021 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 Market Capitalization 45,543.20 56,388.60 55,230.30 51,542.90 53,729.40 77,804.40 109,675.10 116,664.90 176,620.20 230,547.90 264,926.90 - Cash & Equivalents 7,044.50 6,806.50 8,720.70 3,823.90 3,357.70 3,347.40 3,780.70 4,740.40 5,423.60 18,551.10 7,470.00 + Preferred Equity 0 0 0 0 0 0 0 0 0 0 0 + Minority Interest 886.6 880.8 855.7 963 1,076.70 1,290.10 1,251.60 1,495.10 1,506.20 1,269.00 1,237.30 + Total Debt 6,071.80 5,534.90 7,344.00 7,178.00 6,106.30 6,304.30 10,290.30 9,912.00 21,383.60 33,610.50 33,083.60 Enterprise Value 45,457.20 55,997.80 54,709.20 55,859.90 57,554.70 82,051.30 117,436.40 123,331.60 194,086.40 246,876.20 291,918.40 Total Capital 25,719.40 26,260.70 30,572.90 25,041.80 25,132.50 30,139.00 37,293.60 40,421.60 53,865.00 68,383.30 Total Debt/Total Capital 23.61 21.08 24.02 28.66 24.3 20.92 27.59 24.52 39.7 49.15 Total Debt/EV 0.13 0.1 0.13 0.13 0.11 0.08 0.09 0.08 0.11 0.14 0.11 EV/Sales 2.3 2.45 2.27 2.35 2.19 2.55 3.1 2.93 4.27 6.17 6.2 5.63 5.06 4.68 4.47 4.19 EV/EBITDA 8.84 9.79 8.94 9.81 9.21 10.62 12.59 11.29 14.02 19.6 17.05 17.5 15.71 14.19 15.19 13.65 EV/EBIT 10.55 12.01 11.1 13.23 12.2 13.92 16.28 13.93 20.39 34.4 24.14 22.36 19.84 17.82 16.87 15.85 EV/Cash Flow to Firm 13.46 16.07 13.47 15.05 13.66 15.15 18.58 15.91 19.15 24.71 18.94 EV/Free Cash Flow to Firm 23.74 25.77 19.92 22.14 19.64 22.93 25.31 22.79 26.42 31.77 21.19 Diluted Market Cap 44,997.30 56,640.60 55,541.10 51,748.40 53,953.40 78,209.10 109,947.50 116,902.50 176,685.80 230,691.60 264,545.20 Diluted Enterprise Value 44,911.30 56,249.80 55,020.00 56,065.50 57,778.70 82,456.10 117,708.90 123,569.20 194,152.00 247,020.00 291,316.40 EV per Share 91.25 112 109.33 111.31 114.47 163.44 233.58 245.24 385.36 489.94 Reference Items Trailing 12 Month Values for Ratios IFRS 16/ASC 842 Adoption No No No No No No No No Yes Yes Yes Sales 20,535.60 22,798.10 24,638.10 24,701.70 25,905.10 30,802.40 37,366.70 41,435.60 47,085.10 39,711.80 48,664.60 51,871.60 57,738.10 62,383.70 65,378.30 69,686.30 EBITDA 5,340.70 5,709.50 6,246.10 5,910.60 6,158.10 7,409.00 9,195.30 10,756.70 14,346.60 12,508.30 16,568.80 18,452.20 20,433.90 19,158.90 21,317.50 EBIT 4,473.60 4,655.70 5,027.60 4,382.70 4,646.60 5,653.40 7,113.00 8,719.70 9,865.30 7,127.50 13,054.80 14,710.30 16,380.70 17,302.20 18,413.40 Cash Flow To Firm 3,506.70 3,478.50 4,144.20 3,854.60 4,149.30 5,192.60 6,230.40 7,633.50 10,502.80 9,921.30 Free Cash Flow To Firm 1,988.60 2,169.90 2,801.70 2,619.40 2,886.10 3,431.30 4,574.90 5,329.30 7,613.00 7,717.40 Source: Bloomberg Right click to show data transparency (not supported for all values) EV EX Operating Lease LVMH Moet Hennessy Louis Vuitton SE (MC FP) - EV Ex Operating Leases In Millions of GBP except Per Share FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 Current FY 2021 Est FY 2022 Est FY 2023 Est FY 2024 Est FY 2025 Est 12 Months Ending 12/31/2011 12/31/2012 12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 08/19/2021 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 Market Capitalization 45,543.20 56,388.60 55,230.30 51,542.90 53,729.40 77,804.40 109,675.10 116,664.90 176,620.20 230,547.90 264,926.90 - Cash & Equivalents 7,044.50 6,806.50 8,720.70 3,823.90 3,357.70 3,347.40 3,780.70 4,740.40 5,423.60 18,551.10 7,470.00 + Preferred Equity 0 0 0 0 0 0 0 0 0 0 0 + Minority Interest 886.6 880.8 855.7 963 1,076.70 …