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Luxury Goods
Alle Analysen in Luxury Goods — 5 Analysen.
49/100
Moncler S.p.A.: Luxury-Grade 29% Margins and EUR 1.11bn of Net Cash, but Only 38-40% of Revenue Lands in H1 and EUR 44.69 Sits 31% Above the EUR 34 Ideal Buy Ceiling
Moncler S.p.A. is an Italian luxury group built on two brands, Moncler and Stone Island, with the Moncler brand supplying 84.5% of H1 2026 revenue and 85.6% of that brand's sales running through its own stores and site. The economics are luxury-grade, with a 77.2% H1 gross margin, a 29.2% FY2025 EBIT margin and EUR 1.11bn of net cash, but the product stays concentrated and seasonal: only 38-40% of annual revenue and 24-28% of annual EBIT land in the first half, and Moncler-brand growth slowed to 3% at constant currencies in Q2 2026 while Stone Island held 11%. Rating Hold: at EUR 44.69 the shares trade near 19.1x trailing earnings, inside the EUR 44-60 acceptable-hold band but roughly 31% above the EUR 31-34 ideal buy zone, so the balance sheet and the margins are intact while the conservative-scenario margin of safety is not.
41/100
Kering SA: Flat H1 Recurring Operating Income of EUR 921m Was Bought With EUR 240m of Cost Cuts Against EUR 239m of Lost Gross Profit, and EUR 244.40 Sits Above the EUR 232 Conservative Value
Kering SA is the French family-controlled multi-brand luxury group built around Gucci, which still supplied 38.2% of H1 2026 revenue, alongside Saint Laurent, Bottega Veneta, Kering Jewelry and Kering Eyewear. H1 revenue of EUR 7.220bn rose 1% comparable but fell 3% reported, and recurring operating income of EUR 921m held flat against EUR 920m only because roughly EUR 240m of cost reductions offset a EUR 239m fall in gross profit, while net financial debt dropped from EUR 8.039bn to EUR 3.324bn mainly on the EUR 4bn sale of Kering Beauté to L'Oréal rather than on recurring cash generation. Rating Watch: at EUR 244.40 the shares sit above the EUR 232 conservative value and below the EUR 314 base value, so the conservative case carries no margin of safety and the ideal buy range is EUR 175 to EUR 185.
44/100
83Buffett
LVMH Moet Hennessy Louis Vuitton SE: Fashion & Leather Goods Supplies 71% of H1 2026 Recurring Operating Profit, and EUR 426.55 Sits 33% Above the EUR 320 Conservative Value
LVMH Moët Hennessy Louis Vuitton SE is the world's largest diversified luxury group, spanning more than 75 Maisons across five business groups, but its profit is far more concentrated than that list suggests: in H1 2026 Fashion & Leather Goods produced EUR 18.15bn of revenue, about 47% of the Group total, yet roughly 71% of its EUR 8.69bn of recurring operating profit. FY2025 revenue was EUR 80.8bn with EUR 17.76bn of recurring operating profit, but that profit has fallen about 22% from the 2023 peak; H1 2026 revenue of EUR 38.64bn slipped 3% as reported while rising 2% organically, and Fashion & Leather Goods returned to +1% organic growth in Q2 after roughly two years of contraction. Rating Hold: at EUR 426.55 the shares trade on about 19.4x trailing earnings against Hermès at 33.6x, inside the EUR 385-515 acceptable-hold band but still about 33% above the EUR 320 conservative value, so a margin-of-safety purchase only appears near EUR 240-255.
48/100
67Buffett
Compagnie Financière Richemont SA: Jewellery Earns EUR 5.04bn of Operating Profit While Watchmakers Earn EUR 107m, and CHF 183.65 Sits 18% Above the Conservative Value
Compagnie Financière Richemont SA is the Swiss hard-luxury group behind Cartier and Van Cleef & Arpels, where Jewellery Maisons supplied EUR 16.54bn of FY2026's EUR 22.42bn of sales and EUR 5.04bn of operating profit while Specialist Watchmakers earned only EUR 107m on EUR 3.15bn, leaving jewellery as effectively the source of all group economic profit. Q1 FY2027 sales rose 20% at constant currency with Jewellery up 24%, yet group gross margin has fallen from 68.7% in FY2023 to 64.4% in FY2026 and Jewellery's own margin from 34.9% to 30.5%, while Compagnie Financière Rupert controls 50.60% of the votes on 10.18% of the economic capital. Rating Hold: at CHF183.65 the shares trade on roughly 33x trailing and 26x forward earnings, inside the CHF166-224 acceptable-hold band but about 18% above the CHF156 conservative value, so a margin-of-safety purchase only appears near CHF117-125.
52/100
93Buffett
Hermès International SCA: A 41% Operating Margin Meets 6.1% Constant-Currency Growth, and EUR 1,475 Sits 18-31% Above the Conservative Value
Hermès International SCA is a family-controlled French luxury house that makes much of its output in its own workshops and sells it through an exclusive network of 294 stores in 45 countries, with more than 92% of revenue running through directly operated retail and Leather Goods & Saddlery alone supplying 46.1% of H1 2026 revenue. FY2025 revenue of EUR 16.002bn carried a 41.0% recurring operating margin, and restated net cash reached EUR 12.926bn by June 2026, but growth has normalised: H1 2026 rose 6.1% at constant exchange rates and only 1.6% as reported after a EUR 361m currency drag, with Asia-Pacific excluding Japan up just 2.4%. Rating Hold: at EUR 1,475 the shares trade on 34.2x FY2025 EPS of EUR 43.15, inside the EUR 1,280-1,720 acceptable-hold band but 18-31% above the EUR 1,130-1,250 conservative value, so a margin-of-safety purchase only appears near EUR 900-1,000.