Agreement PPR - GUCCI - LVMH September 10, 2001

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Agreement PPR - GUCCI - LVMH September 10, 2001
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Agreement PPR - GUCCI - LVMH
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A three step agreement
excluding treasury stocks
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Analysis of the mechanism of April 2004
¹ Average of target prices in research reports
published since May 1, 2001
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Ajustment to Corporate Governance
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End to all litigation
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Financing structure
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Impact on PPR
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Gucci key financials
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Gucci an excellent investment for PPR
Achievements since March 1999
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A solid multibrand group
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Gucci an excellent investment for PPR
Achievements since March 1999
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A price in line with the market
PE 2002
At 7/09/01
GUCCI Cash earnings January 2003 (market
consensus1 ) 4.5 Implicit PE at 94 20.9
Bulgari
18.4
Hermes
27.1
LVMH
22.6
Tiffany
17.1
Richemont
21.8
21.3
Average
1 annual result growth 14.6 (Jan. 2002 / Jan.
2003)
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Agreement PPR - GUCCI - LVMH September 10, 2001