LVMH: High-Quality Compounding Surpasses Poor Sentiment (LVMHF)

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Return on Capital Employed (ROCE) Akronym mit Holzklötzen angeordnet

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LVMH (OTCPK:LVMHF) is the largest French luxury conglomerate and an investors’ favorite during the last years, as the industry boomed and soft comparables were frequently beaten. However, after certain companies in the industry lowered their outlook for the

in € million
Operating Cash Flow 18,400
– Stock-based Compensation 117
– Change in NWC -4,577

= Adjusted Operating Cash Flow

22,860
– CapEx (incl. ~€2.4 billion Real Estate) 7,478
– Repayments of Lease Liabilities 2,818
= Free Cash Flow 12,564
= Free Cash Flow (excl. Real Estate) 14,964

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