Page 20 DCF and valuation parameters D SOTP and segment analyses LVMH: SOTP • LVMH SOTP analysis implies a total enterprise valuation of €100.6b in FY15E. • The fashion and leather goods segment is the largest contributor both in terms of sales (35%) and EBIT (57%). Sales breakdown FY15E (in €b) EBIT breakdown FY15E (in €b) Enterprise value breakdown FY15E (in €b) 10.9 34.7 1.1 6.6 13.9 0.3 100.6 1.3 16% 22.6 0% 14% 31% 0.3 20% 5.2 4.4 0.5 8.0 22% 3.1 13% 3.7 5% 55.1 7% 5% 4.4 9% 8% 12.2 13% 57% 55% 35% (0.4) (0.3) (4.4) -5% -4% Fashion and Perfumes and Watches and Wines and Selective Eliminations Total Fashion and Perfumes and Watches and Wines and Selective Eliminations Total Fashion and Perfumes Watches and Wines and Selective Elimination Surplus Total leather goods cosmetics jewelry spirits retailing leather goods cosmetics jewelry spirits retailing leather and jewelry spirits retailing assets goods cosmetics Luxury products Luxury products Luxury products (excluding spirits) (excluding spirits) (excluding spirits) Source: SOTP based on EY analysis and on the following brokers reports: RBC Capital (11 February 2015), Deutsche Bank AG (23 February 2015) and JP Morgan (23 March 2015) The luxury and cosmetics financial factbook 2015