LVMH Moet Hennessy

“LVMH owns the most durable portfolio of luxury brands in existence, generates EUR 9-11bn of annual free cash flow at 30-40% organic reinvestment returns, and trades at 17x forward earnings — near multi-decade lows — driven by a cyclical China air pocket and Wines & Spirits headwinds that are real but non-permanent; the franchise moat is widening, the balance sheet is clean, and a probability-weighted 10-year return of 2.5-3.5x is credible with limited risk of permanent capital impairment, making this a high-conviction long-horizon buy at current prices.”