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Emil Hartela

Independent Equity Research, Alternative Data & Primary Research

1 Jul, 09:59Latest

The listed mega-yacht value chain is a long-term opportunity because mega yachts have more than quadrupled in number in ten years and the drivers should persist. Social media normalizes yachting, tech wealth makes buyers younger, and charter infrastructure has matured; AI should create even more wealth. Builder Sanlorenzo has a huge backlog and MarineMax profits from selling and chartering yachts. These names trade around 10x earnings, far below Hermes despite arguably comparable brand loyalty. x.com x.com x.com x.com x.com x.com

HZO

SL.MI

Martin Bradstreet

Investor & Programmer, Former Poker Player

7 Oct

MC.PA

RMS.PA

Hermès and LVMH are a tough long pitch at about 30x earnings while the luxury slump stays broad-based. Per alphaportai, LVMH's business units are struggling across spirits, leather goods and perfume. Hermès is a little better and looks to be taking some share in leather goods. Buying luxury when it is distressed would be appealing, and this is not a reason to short Bernard Arnault, but a 30 P/E is hard to accept. x.com x.com x.com

Techquity

Technology Investor, Fundamental Research

21 Mar

RACE

RMS.PA

Hermès and Ferrari are the only luxury companies worth holding, as unique, concentrated brands in a sector that has mostly ridden momentum. Ferrari stands out most for its premium product, with only about 14,000 cars a year, its pricing, repeat customers and order book. x.com x.com

Leandro

Equity Analyst at Best Anchor Stocks

22 Oct

RMS.PA

Hermès' leather business underpins its resilience because it is the category the company controls most. Its most impressive Q3 result was about 10% organic leather growth while peers struggled; overall growth was 4.3% in Q3 and 5.5% over nine months despite challenges in the Middle East, China and France. The valuation pays for mid-single-digit growth when few luxury peers are growing, with somewhat less upside in a boom. x.com x.com

Jimmy Investor

Former Equity Analyst

5 Oct

MC.PA

LVMH deserves another look now that sentiment has turned against luxury and its brand moat, leaving the stock at about 15x earnings. x.com

Techquity

Technology Investor, Fundamental Research

7 Oct

RMS.PA

Hermès now trades at its cheapest price-to-free-cash-flow in 10 years, 29.6x against a 47x ten-year median. The main appeal is that it is an easy stock to hold for a very long time. AI makes the world very uncertain and many businesses will change a lot, but people will still want a Hermès bag in 20 years. It is the one portfolio stock that can be held for 20+ years. x.com

Mike

Investor, Creator of HiddenSmallCaps

2 Apr

RACE

MC.PA

RMS.PA

Ferrari, Hermès and LVMH are the perfect anti-AI investments because the rich, and those who want to be rich, love these brands. x.com

Techquity

Technology Investor, Fundamental Research

25 Aug

MC.PA

LVMH still looks somewhat expensive despite falling about 50% over three years. A 20x P/E is not cheap given weak recent quarters and falling sales. Management's performance has been disappointing, and new risks are starting to emerge. x.com

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