LVMH：重申买入评级

14 April 2026 Fashion & Leather division saw organic revenues -2%, from -3% in 4Q25. The 1pptimprovement was driven by the American & Chinese consumer, the two most cyclicalnationalities, partly offset by Middle East disruption and weak tourism. March trendswere flat excluding the Middle East, with local clientele now positive, seeExhibit 5. Welower our 2Q F&L growth to flat (from +2%, consensus +4%), with improvement drivenby Dior product launches. We increase slightly our jewellery forecasts, as such our groupestimates are largely unchanged (<1% for 2026-28E). LVMH trades on 20x 12m fwd P/E,the bottom of its historical range. Reiterate Buy and PO of €675 (25x 24m P/E). Equity Americans and Chinese sequentially improve Organic revenue growth in F&L was-2% in 1Q26, below consensus at -1% but inlinewith BofA. The 1ppt improvement vs 4Q25 was driven by (1) American demand: fromslightly negative to positive, (2) Chinese: from LSD-MSD negative to flattish, but offsetby (3) Middle East: down double-digit, seeExhibit 4for the bridge. Middle Eastdisruption was a 1ppt headwind to 1Q26, as sales in the region were -30-70%,depending on division and/or brand, considering a 6% weight on average. From thebrand standpoint, Dior is“off to a very good start”. Vuitton remained more resilient thanaverage (despite the Murakami tough comp), Loro Piana grew double-digit, Rimowa wasstronger than average, while the rest of portfolio was a drag. In light of this, volumes arestill declining by MSD %, as price contribution was +2% and mix slightly negative. Ashley Wallace>>Research AnalystMerrill Lynch (Australia)+61 2 9226 5070ashley.d.wallace@bofa.com Daria Nasledysheva>>Research AnalystMLI (UK)+44 20 7996 1087daria.nasledysheva@bofa.com Ioanna Ziarti>>Research AnalystMLI (UK)+44 20 7996 8116ioanna.ziarti@bofa.com Read-x… Where to from here? Thierry Cota>>Research AnalystBofASE (France) Key positive surprise of the result was a 2pt beat in Watches & Jewellery (+7% cFX),with notable strength in Tiffany and Bulgari, driven by high jewellery and iconiccollections, as watches were negative. In our view, this is a positive read for Richemont(we recently upgraded back to Buy, and added toTop EMEA ideas for 2Q26, see note). Inbeauty, P&C revenues were flat (+1ppt from 4Q25), with premium brands & productoutperforming mass. While Sephora grew +6% cFX, driven by both LFL & space, Asiaimproved to flat, and there was lower disruption in Middle East given strength of Saudi. Joffrey Bellicha Meller>>Research AnalystMLI (UK) >> Employed by a non-US affiliate of BofAS and is not registered/qualified as a research analystunder the FINRA rules.Refer to "Other Important Disclosures" for information on certain BofA Securities entities that take responsibility for the information herein in particular jurisdictions.BofA Securities does and seeks to do business with issuers covered in its research reports. As a result, investors should be aware that the firm may have a conflict ofinterest that could affect the objectivity of this report. Investors shouldconsider thisreport as only a single factor in making their investment decision.Refer to important disclosures on page 30 to 34. Analyst Certification on page 28. PriceObjective Basis/Risk on page 27. iQprofileSMLVMH Company SectorLuxury Goods Company Description LVMH is the world leader in luxury goods, created in 1987.Leather Goods & Fashion (16brands, in particular LouisVuitton and Christian Dior) is the group's most importantdriver at c.75% of group EBIT. Wines & Spirits (incl.Hennessy cognac and Moet & Chandon) makes 6% of EBIT.Selective retailing (Sephora and DFS) accounts for c.10% ofEBIT. The group is also present in Watches & Jewellery (incl.Tag Heuer, Hublot, Tiffany & Co) and Perfumes & Cosmetics(incl. Dior, Guerlain, Givenchy). Investment Rationale We are Buy-rated on LVMH as we think that once there ismore clarity around building blocks of demand for the next12-18 months in luxury, LVMH should benefit from itsreputation as an industry leader, as historically backing theleaders has proven to be the right strategy for investors. Shares / ADR0.20Price to Book Value3.4x Contents LVMH revenue +1% cFX in 1Q, F&L -2% LVMH reported 1Q26 revenue of €19,121m, growing +1% on anorganic basis, which was inline with consensus estimates and +1pptahead of BofA. The key Fashion & Leather Goods division was -2% atconstant FX which was inline with BofA but 1ppt below expectations;whilst Wines & Spirits at +3% beat estimates the most (by 2-6ppt). 1Q26 Group revenue +1% organically, 1ppt above BofA & in line with consensusBelow we show a snapshot of the LVMH result by division and region. Group revenues of€19,121m in 1Q26 were -6% YoY on a reported basis excluding FX impact of 7%. LVMHgrew +1% organically. Fashion & Leather -2% cFX 1Q26 organic revenue was down -2% organic, which was in line with BofA expectationsbut a touch below Visible Alpha consensus (-1%) and likely the buyside e