{"id":2761,"date":"2021-09-21T15:45:32","date_gmt":"2021-09-21T13:45:32","guid":{"rendered":"https:\/\/monocle.lu\/?p=2761"},"modified":"2022-05-04T15:29:40","modified_gmt":"2022-05-04T13:29:40","slug":"lvmh-correction-vous-dites","status":"publish","type":"post","link":"https:\/\/monocle.lu\/en\/2021\/09\/21\/lvmh-correction-vous-dites\/","title":{"rendered":"LVMH, Correction You Say?"},"content":{"rendered":"<p>At \u20ac630, LVMH shares are trading 11% lower than their mid-August high of \u20ac710. The financial press is therefore talking about a correction.<\/p>\n<p>LVMH is now valued at \u20ac310 billion.<br \/>\nAnd the company is poised to generate \u20ac10 billion in net margin this year.<br \/>\nPrice Earning Ratio = 31x.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/mcusercontent.com\/a4246d11f2e2f33deafaefe7d\/images\/a12609c0-2eaf-defb-fe3b-76ce4541c154.png\" \/><\/p>\n<p>Since the bubble burst in 2000, LVMH has been valued on average 17x its net income. This means that today, its share price costs almost 2x more, for the same net income.<\/p>\n<p>So don't talk to me about correction.<\/p>\n<p>The real correction is when the price returns to rational levels.<br \/>\nThat is, at best, 20x the net result. Which gives \u20ac400 per share.<br \/>\nExpected correction =\u00a0<strong>-37%<\/strong><\/p>\n<p>Have a great week,<\/p>\n<p>Charles<\/p>","protected":false},"excerpt":{"rendered":"<p>A 630\u20ac, l\u2019action LVMH traite 11% plus bas que son plus haut historique de mi-ao\u00fbt, 710\u20ac. La presse financi\u00e8re parle donc d\u2019une correction. LVMH est d\u00e9sormais valoris\u00e9 310&#8230;<\/p>","protected":false},"author":8,"featured_media":2867,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2761","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-le-billet-de-monocle"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Monocle - LVMH, Correction Vous Dites ?<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Monocle - LVMH, Correction Vous Dites ?\" \/>\n<meta property=\"og:description\" content=\"A 630\u20ac, l\u2019action LVMH traite 11% plus bas que son plus haut historique de mi-ao\u00fbt, 710\u20ac. 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