Pair Trade: Long PPR - Short LVMH

Thursday, January 3rd 2013

Investment Case

Technical Comment

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Companies Description

Analysts Recommendations:

Source: Bloomberg

Market Price Data

PPR ( PP FP)

Last Price (€) 143.800

YTD Change 2.02%

Mkt Cap (€ bn) 18.120

LVMH (MC FP)

Last Price (€) 141.750

YTD Change 2.13%

Mkt Cap (€ bn) 72.004

Source: Bloomberg

Market Multiples

P/E EPS DY Net Debt

2013 2011/13 2013 /EBITDA

Est. CAGR Est. Est. Est. 2013

PP FP 14.1 13.6% 3.3% 0.9

MC FP 17.8 14.0% 2.4% 0.3

Source: Bloomberg

Next Report Date & Events

PP FP FY 2012 Results Feb 15th, 2013

MC FP 2012 Annual Results Feb 1st, 2013

Source: Companies information