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LVMH

LVMH (Moët Hennessy Louis Vuitton) is a leading luxury goods manufacturer and retailer. The group's portfolio of over 60 brands covers activities in Wines & Spirits, Fashion & Leather Goods, Perfumes & Cosmetics, Watches & Jewelry, and Selective Retailing. The group has a global presence with exposure to Europe, Asia, and the United States. As of 30 June 2018, the Christian Dior group, of which Groupe Arnault owned 96.52% of the share capital and 98% of the voting rights (31 Dec 2017), owned 41% of LVMH through the 100% owned subsidiary Financiere Jean Goujon. In total, Groupe Arnault and companies under its control owned 47.05% of LVMH's share capital and 63.13% of the voting rights. Semyrhamis, the Arnault family company, bought the remaining shares in Christian Dior that it didn't own in Jul 2017 and Christina Dior sold Christian Dior Couture to LVMH at the same time. (01 Aug 2018)

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IG European Consumer 2019: Known Unknowns

Sector Outlook: 06 Dec 2018, 10:03 PM ET - We have updated our frameworks for assessing RV in our high grade/crossover European food & bev/HPC and retail names for 2019, the 500th anniversary of the death of Leonardo da Vinci. We also initiate coverage on Molson Coors.

Richemont F1H19: Hard Luxury Gets Softer

Earnings Note: 09 Nov 2018, 12:24 PM ET - Richemont’s latest results were dragged down by the initial effect of the bond-financed YNAP acquisition.

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.
Focused

LVMH: Chinese Golden Weak

Worth Watching: 10 Oct 2018, 2:37 PM ET - LVMH (NR/A+/WD), where we have an Outperform opinion relative to our IG/fallen angel European retail euro issuer coverage, held an investor conference call today (10 Oct) in its normal fashion after releasing 3Q18 sales results last night, whe ..
Focused

LVMH: 3Q18 – A Ten!

Worth Watching: 09 Oct 2018, 2:09 PM ET - LVMH (MCFP: NR/A+/WD), where we have an Outperform opinion relative to our IG/fallen angel European retail euro issuer coverage, announced after market close (on 9 Oct) a still impressive, but not spectacular, revenue performance for the quarte ..
Focused

LVMH and Kering: The Glitz List

Worth Watching: 10 Aug 2018, 5:21 AM ET - LVMH and Kering: the fortunes of fashion houses can reflect the popularity and success of their chief designers, the fashion world's stars whose remuneration packages tend to go unpublished. The appointment of a new chief designer can be a c ..
Focused

LVMH: 1H18 – Still Classy

Worth Watching: 24 Jul 2018, 3:16 PM ET - LVMH (MCFP: NR/A+/WD), where we hold an Outperform opinion, reported 1H18 results after market close on 24 Jul 2018 which looked to be a mild positive for the bonds. Impressively, LTM credit metrics continue to look exceptionally strong relativ ..

IG/Fallen Angel UK Retail: Second Half

Sector Outlook: 23 Jul 2018, 10:48 PM ET - Wm Morrison is our pick and Marks & Spencer our pan for 2H18 amongst the IG/Fallen Angel UK retailers. 

IG/Fallen Angels European Retail: Second Half

Sector Outlook: 12 Jul 2018, 9:48 PM ET - We have downgraded our opinion on Carrefour to Underperform and initiated on Richemont with an Outperform as a result of our IG/Fallen Angels European Retail 2H18 outlook. 

John Lewis Partnership: Bashing M&S

IG Note: 27 Jun 2018, 9:24 PM ET - John Lewis expects lower profits this year but the next phase of its strategy should worry M&S.      

Euro HY Conference 2018: Relative Value Panel

Transcript: 27 Jun 2018, 9:21 PM ET - What is the biggest threat to European HY credit: Italy, Brexit, EM, commodities, tech or Donald Trump? 

Euro HY Conference 2018: Food & Dining

Transcript: 27 Jun 2018, 9:20 PM ET - In this article, we transcribe our HY Food & Dining presentation for CreditSights' 2018 Euro High Yield Conference in which we looked at the underlying fundamentals of a highly idiosyncratic space.

French Grocers: Property Off B/S Financing

Worth Watching: 24 Jun 2018, 10:33 PM ET - French Grocers have taken different approaches to financing their property book. The role of property in retail is worth watching. In the light of Casino's proposed sale and leaseback of part of its store portfolio, we thought it worth revisitin ..

Euro HY Conference 2018: HY Retail Transcript

Transcript: 19 Jun 2018, 10:53 PM ET - In this article, we transcribe our HY Retail presentation for CreditSights' 2018 Euro High Yield Conference in which took a closer look at some of the drivers of valuation in the space.
Focused

Marks & Spencer Group: FY2018 - Lack of Sparkle

Worth Watching: 23 May 2018, 1:31 PM ET - Marks & Spencer Group (MARSPE: Baa3/BBB-/BBB-), where we hold an Underperform recommendation relative to our investment grade/fallen angel UK retail sterling issuers, reported preliminary results this morning for the year to 31 Mar 2018 (FY2018) ..

Euro IG Strategy: Picks and Pans (May 2018)

Strategy Analysis: 21 May 2018, 10:34 PM ET - In this piece we summarise our sector recommendations, and provide a few names within each sector that our sector analysts like and dislike, their picks and pans. 

UK Retail Strategy: Brexit + Beast From The East

Strategy Analysis: 10 May 2018, 5:50 AM ET - An increase in the cost of imported goods triggered by the Brexit vote, the squeeze on consumer wages and the ‘Beast from the East’ have combined to dent the fortunes of UK retail.

IG European Retail: The Fin Services Opportunity

Sector Analysis: 09 Apr 2018, 10:48 PM ET - We examine the place of consumer finance services in our IG/fallen angel European retail coverage.  
Focused

LVMH: 1Q18 – Haute Couture

Worth Watching: 09 Apr 2018, 1:50 PM ET - LVMH (MCFP: NR/A+/WD), where we have an Outperform opinion relative to our IG/fallen angel European retail euro issuer coverage, announced after market close (on 9 Apr) another quarter of impressive low double digit revenue growth. The first-ti ..

Compagnie Financiere Richemont SA: Inaugural Euro

Worth Watching: 15 Mar 2018, 4:58 AM ET - Compagnie Financiere Richemont SA (Richemont), a Swiss stock exchange listed luxury watches & jewellery company that is controlled by the South African Rupert family, is in the euro market this morning with new 8-year, 12-year and 20-year bonds. ..

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