Spirits Can Take Heart from LVMH's Drinks Performance
Dow Jones
Oct 13
1058 GMT - Investors may be gaining confidence in the spirits industry, Edward Mundy at Jefferies says, after LVMH's drinks division beat sales expectations. Helping counterbalance a slide in the French luxury titan's mainstay fashion business, the wines and spirits unit notched organic sales growth of 6% over the third quarter to 1.43 billion euros, driven by a recovery in champagne and momentum in Hennessy cognac. Challenges remain in the spirits sector, but stock valuations look "undemanding," Mundy writes in a note. "We see scope for a re-rating as investor confidence increases that the worst is behind."
At the request of the copyright holder, you need to log in to view this content
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.