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LVMHF · Financials

Annual reports: Yahoo, amounts in millions of EUR. P/E — year-end price / EPS; — if the price history does not reach that year.

	2022	2023	2024	2025
Revenue	79,183	86,153	84,682	80,807
Net income	14,084	15,174	12,550	10,878
Gross margin	68.4%	68.8%	67.0%	66.2%
Operating margin	26.5%	26.4%	23.1%	21.9%
Net margin	17.8%	17.6%	14.8%	13.5%
EPS	28.03	30.33	25.12	21.85
Free cash flow	12,753	10,596	13,373	14,205
Net debt	27,847	27,612	27,616	23,229
P/E	—	—	—	—

Valuation by free cash flow (DCF)

A what-if tool for a 5–10 year investor, not an answer: change the assumptions and see what they do.

Value per share

391.32 USD

Upside to the estimate

-9.6%

No margin of safety: the price is above the DCF value.

Growth priced in

+2.5%

Reverse DCF: FCF growth for 5 years that makes today’s price fair. Compare with what you believe.

	rate 8.3%	rate 9.3%	rate 10.3%
Bear · growth -4.3%	341.25	294.54	259.64
Base · growth 0.7%	457.23	391.32	342.21
Bull · growth 5.7%	610.15	518.38	450.17

FCF to shareholders 14,233 mln USD (operating cash flow − capex, after interest), shares 493 mln. Discounted at the shareholder rate, so debt is not subtracted again (assumes stable debt). 5 years of growth, 5 of slowdown, then perpetual growth. Sensitive to assumptions — see the table.