Holding company discount update: back below its medium-term average
Our Hold rating on Dior is based on: 1) disappointing trends at Dior Couture (c.8-9% of EV), the only operating asset apart from the LVMH stake, on both revenues and profitability; 2) the unattractive current holding company discount (near the average at c.15%); and 3) a lack of catalysts for a major change in the holding company discount, i.e. no changes to the shareholding structure