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After the market capitalization record set on Monday by the French luxury goods giant LVMH, Kering in turn recovered on Wednesday. The Paris market continues to keep its head above water, and Groupama Asset Management remains confident about its objectives.
Kering is recovering, with a share price target of 605 to 675 euros, due in particular to the recent revaluation of peer valuation multiples for the French luxury group.
Credit Suisse continues to view Kering as one of the most attractive luxury stocks over the long term, given the strength of its brand portfolio and its size advantage, also judging its Gucci brand to be “better equipped to avoid the missteps of the past“.
LVMH holds the record for the largest market capitalization in the Paris market
Kering is following in the footsteps of the French giant LVMH. LVMH‘s capitalization (+19% since January 1) exceeds 250 billion euros for the first time, surpassing the nominal record signed in March 2000 by France Telecom. However, the luxury giant still has a new challenge to win in order to beat it in constant euros.
Initially set on Thursday, March 2, 2000, at 244 billion euros by France Telecom, the record for the largest market capitalization in the history of the Paris market was beaten on Monday by LVMH, fueled by the hopes that followed the Covid-19 vaccine announcements.
Estimated at 498.4 euros (+1.19%) around 11:15 a.m. on Monday, November 23, the LVMH share price has recovered 23.9% since the close of trading on October 30 and has reached a new high. Indeed, the world’s leading luxury goods company now weighs close to 251.5 billion euros. But at 487.4 euros at the close of November 11, the group headed by Bernard Arnault had already broken the record for the largest market capitalization in the history of the Paris market, at more than 245 billion euros, a record that has been held for 20 years, 8 months and 9 days.
According to Forbes, Bernard Arnault‘s virtual fortune is now estimated at a historic $142 billion, making him the second richest man in the world after Amazon founder Jeff Bezos.
Groupama Asset Management remains confident and attractive
The results are also satisfactory for the Groupama Asset Management Group, which remains fairly confident about its objectives. According to a phenomenon known as “cyclical elasticity”, Groupama Asset Management expects a return to the same levels of growth as before the health crisis, by September 2021 in the United States and December 2022 for the Euro Zone.
With regard to the stock markets, valuation levels are high overall. However, in comparison with other asset classes and risk-free rates, the asset class remains attractive.
“We maintain a constructive reading of the equity markets, given their positive medium-term orientation. The cyclical elasticity and the catching up of household consumption following the containment measures should support the growth of the equity markets,” comments Gaëlle Malléjac, Investment Director at Groupama Asset Management.
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After the market capitalization record set on Monday by the French luxury goods giant LVMH, Kering in turn recovered on Wednesday. The Paris market continues to keep its head above water, and Groupama Asset Management remains confident about its objectives.
The Kering group is recovering, with a share price target of 605 to 675 euros, due in particular to the recent revaluation of peer valuation multiples for the French luxury group.
Credit Suisse continues to view Kering as one of the most attractive luxury stocks over the long term, given the strength of its brand portfolio and its size advantage, also judging its Gucci brand to be “better equipped to avoid the missteps of the past“.
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After the market capitalization record set on Monday by the French luxury goods giant LVMH, Kering in turn recovered on Wednesday. The Paris market continues to keep its head above water, and Groupama Asset Management remains confident about its objectives.
The Kering group is recovering, with a share price target of 605 to 675 euros, due in particular to the recent revaluation of peer valuation multiples for the French luxury group.
Credit Suisse continues to view Kering as one of the most attractive luxury stocks over the long term, given the strength of its brand portfolio and its size advantage, also judging its Gucci brand to be “better equipped to avoid the missteps of the past“.
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