Andrew Macken of Montaka Global Investments presented his investment thesis on LVMH Moet Hennessy Louis Vuitton (France: MC) at Wide-Moat Investing Summit 2024.

Thesis summary:

LVMH is a high-probability long-term winner in the high-end luxury space. Many of the group’s 75 brands bring a heritage that spans decades and even centuries. LVMH has deliberately invested to nurture the brands since its inception nearly four decades ago. These are monopoly-like assets with advantageous and sustainable entry barriers.

LVMH is well-positioned to take advantage of long-term structural growth in high-end luxury. The group’s revenue is driven overwhelmingly by high-net-worth customers who are fairly immune to the economic cycle. The long-term growth in wealth of this customer cohort is large and likely underestimated. This represents a large and sustainable growth opportunity for LVMH.

Andrew believes LVMH is significantly undervalued at the recent market quotation. In Andrew’s assessment, Mr. Market is underestimating (and undervaluing) the long-term earning power of LVMH.

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About the instructor:

Andrew Macken is the Co-Founder and CIO of Montaka Global Investments, a global equity manager based in Sydney and New York. Prior to establishing Montaka, Andrew worked as a senior member of Jim Chanos’ research team at Kynikos Associates, a global equity long/short fund based in New York. Andrew holds a Master of Business Administration (Dean’s List) from the Columbia Business School in New York. Andrew also graduated with High Distinction with a Master of Commerce; and First Class Honours with a Bachelor of Engineering from the University of New South Wales in Sydney.

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