【出版时间及名称】：2010年4月欧洲奢侈品行业研究报告
        【作者】：摩根大通
        【文件格式】：pdf
        【页数】：46
        【目录或简介】：
The luxury goods sector no longer looks cheap, but its fundamentals
are undeniably strong at the moment. End consumer demand is
picking up in most markets, wholesale restocking is under way in all
product categories, and forex moves are supportive to Euro sourced
companies.
• Based on these strong fundamentals, we have raised our CY10E and
CY11E estimates, and are now 6% ahead of Bloomberg consensus
on average for the six stocks under review: LVMH, Richemont, Swatch,
Hermès, Burberry, and Bulgari. Our higher than consensus estimates are
driven by faster top line growth expectations and margin recovery.
• In this report, we also flex the upside on our forecasts and
valuations metrics on the individual stocks to answer client queries as
to whether current valuations reflect peak to peak (they do not), and to
assess where the biggest upside potential lies in an optimistic case
scenario. We flex the upside of the individual drivers of these stocks in
very much a bottom up approach. In a market that oscillates between
profit taking and euphoria, we wanted to go back to the roots of the
companies’ fundamentals and identify the ones that offer the best riskreward
potential based on our analysis.
• We are Overweight LVMH (PT: