LVMH Moët Hennessy - Louis Vuitton, Société Européenne

ENXTPA-MC

BUILD UP FREE CASH	2022-12-31 (A)	2023-12-31 (A)	2024-12-31 (A)	2025-12-31 (E)	2026-12-31 (E)	2027-12-31 (E)	2028-12-31 (E)	2029-12-31 (E)
Revenue	79,184	86,153	84,683	80,450.8	82,901.4	88,071.4	88,071.4	88,071.4
Revenue % Chg.	23.3%	8.8%	-1.7%
EBIT	21,014	22,781	19,579	17,021.3	18,013.5	20,004.2	20,004.2	20,004.2
EBIT Margin	26.5%	26.4%	23.1%
Tax Rate	26.7%	26.2%	28.5%
NOPAT	15,411.8	16,804.7	14,005.2	11,914.9	12,998.2	14,505.1	14,505.1	14,505.1
NOPAT Margin	19.5%	19.5%	16.5%	14.8%	15.7%	16.5%	16.5%	16.5%
D&A	5,234	5,521	6,038	7,491.7	7,722	7,849.5	7,849.5	7,849.5
D&A / Revenue	6.6%	6.4%	7.1%
Capex	-4,397	-6,807	-4,715	-5,181.8	-5,317.6	-5,450.4	-5,450.4	-5,450.4
Capex / Revenue	-5.6%	-7.9%	-5.6%
Chg. NWC	-3,019	-4,577	-1,925	-3,056.7	-3,149.8	-3,346.3	-3,346.3	-3,346.3
Chg. NWC / Revenue	-3.8%	-5.3%	-2.3%
Unlevered FCF (UFCF)	13,229.8	10,941.7	13,403.2	11,168.1	12,252.8	13,557.9	13,557.9	13,557.9
UFCF % Chg.	-12.6%	-17.3%	22.5%	-16.7%	9.7%	10.7%	—	—
PV of UFCF	—	—	—	10,282.7	10,387.2	10,582.4	9,743.5	8,971.2
Sum of PV of UFCF	—	—	—	10,282.7	20,670	31,252.4	40,996	49,967.1

Perpetuity

Multiple