May 29, 2024 10:16 GMT
LVMH (MCFP; Aa3, AA-; S) FV
CONSUMER CYCLICALS
LVMH €BMARK; Feb 6Y +75a vs. FV +42 (-33) & Oct 10Y MS+95a vs. FV +62 (-33)
- Asides; ~5.7y and ~10.3Y here, secondary is +2-3bps, conglomerate not facing same issues Kering is (+3.7% vs. -25% yoy in operating income consensus). Please ignore "some positive read through to Kering" from earnings call below (Kering disappointed soon after cementing it was brand specific/Gucci issue).
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