Lalique Group SA (LLQ.SW) | Investment Case

1. Company Snapshot

1.a. Company Description

Lalique Group SA creates, develops, markets, and distributes luxury goods worldwide.It offers perfumes, cosmetics, crystal, jewelry, high-end furniture and lifestyle accessories, art, and interior design products, as well as single malt whisky.The company also provides gastronomy and hospitality services, which include the operation of hotels and restaurants.

It markets its products under the Lalique, Jaguar Fragrances, Ultrasun, Parfums Grès, Parfums Samouraï, Bentley Fragrances, Brioni, and The Glenturret brands.The company was formerly known as Art & Fragrance SA and changed its name to Lalique Group SA in June 2016.Lalique Group SA was founded in 2000 and is headquartered in Zurich, Switzerland.

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1.b. Last Insights on LLQ

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1.c. Company Highlights

Last Price	35
Change Percentage	-4.89%
Open	37
Previous Close	36.8
Market Cap ( Millions)	268
Volume	1991
Year High	40
Year Low	29.2
M A 50	38.25
M A 200	34.9

FCF Yield	-6.04%
Dividend Yield	0.00%
ROE	1.36%
Debt / Equity	33.41%
Net Debt / EBIDTA	170.19%
Price To Book	1.44
Price Earnings Ratio	110.69
Price To FCF	-16.55
Price To sales	1.62
EV / EBITDA	14.6

2. Transcript Summary

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3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.48%)

6. Segments

Lalique

Expected Growth: 9%

Lalique's 9% growth is driven by increasing demand for luxury crystal glassware and jewelry, particularly in Asia. Strong brand recognition, strategic partnerships, and limited edition collections contribute to its success. Additionally, the company's focus on e-commerce and omnichannel retailing enhances customer experience, further boosting sales.

Other Brands

Expected Growth: 7%

Lalique Group SA's Other Brands segment growth is driven by increasing demand for luxury goods, strategic brand acquisitions, and expansion into new markets. Additionally, the company's focus on e-commerce and digital marketing has improved brand visibility and customer engagement, contributing to the 7% growth rate.

Jaguar

Expected Growth: 10%

Jaguar's 10% growth is driven by increasing demand for luxury goods, strategic partnerships, and expansion into new markets. The brand's rich heritage, sleek designs, and high-quality materials resonate with affluent consumers. Additionally, Lalique Group's expertise in crystal craftsmanship and Jaguar's commitment to innovation and sustainability contribute to the brand's growth momentum.

Ultrasun

Expected Growth: 8%

Ultrasun's 8% growth is driven by increasing demand for premium sun care products, expansion into new markets, and strategic partnerships. The brand's focus on high-quality, eco-friendly products resonates with consumers seeking sustainable luxury. Additionally, Lalique Group's strong distribution network and marketing efforts contribute to Ultrasun's growth momentum.

Wine & Spirits

Expected Growth: 6%

Lalique Group SA's Wine & Spirits segment growth of 6% is driven by increasing demand for premiumization, rising popularity of craft spirits, and strategic partnerships. Additionally, the segment benefits from the company's strong brand portfolio, including The Glenrothes and The Glendronach, as well as its expanding presence in key markets such as Asia and the US.

Holding and Eliminations

Expected Growth: 5%

Lalique Group SA's 5% growth in Holding and Eliminations is driven by strategic acquisitions, effective cost management, and optimized capital allocation. The company's focus on luxury goods and strong brand portfolio have also contributed to its growth. Additionally, efficient supply chain management and favorable market trends have supported the segment's expansion.

7. Detailed Products

Crystal Jewellery

Lalique Group SA offers a range of exquisite crystal jewellery pieces, including necklaces, earrings, and pendants, featuring intricate designs and craftsmanship.

Home Decor

The company's home decor segment features beautifully crafted crystal objects, including vases, sculptures, and decorative items, that add a touch of luxury to any room.

Wine and Barware

Lalique Group SA's wine and barware collection includes exquisite crystal wine glasses, decanters, and bar accessories, perfect for wine connoisseurs and entertainers.

Art and Collectibles

The company's art and collectibles segment features limited-edition crystal sculptures, figurines, and other unique pieces created in collaboration with renowned artists and designers.

Fragrances

Lalique Group SA's fragrance segment offers a range of luxurious perfumes and scented candles, featuring unique fragrances and elegant packaging.

8. Lalique Group SA's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Lalique Group SA is moderate, as there are some alternatives available in the market, but they are not very close substitutes.

Bargaining Power Of Customers

The bargaining power of customers for Lalique Group SA is low, as the company operates in a niche market with a loyal customer base.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Lalique Group SA is moderate, as the company relies on a few key suppliers for its raw materials.

Threat Of New Entrants

The threat of new entrants for Lalique Group SA is high, as the luxury goods industry is attractive and there are low barriers to entry.

Intensity Of Rivalry

The intensity of rivalry for Lalique Group SA is high, as the company operates in a highly competitive market with many established players.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	25.04%
Debt Cost	4.63%
Equity Weight	74.96%
Equity Cost	7.63%
WACC	6.88%
Leverage	33.41%

11. Quality Control: Lalique Group SA passed 3 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Bijou Brigitte

A-Score: 6.4/10

Value: 7.8

Growth: 4.0

Quality: 6.0

Yield: 8.1

Momentum: 7.0

Volatility: 5.7

1-Year Total Return ->

Basic-Fit

A-Score: 4.1/10

Value: 5.3

Growth: 7.8

Quality: 2.8

Yield: 0.0

Momentum: 5.5

Volatility: 3.0

1-Year Total Return ->

Watches of Switzerland

A-Score: 3.5/10

Value: 6.9

Growth: 6.4

Quality: 3.3

Yield: 0.0

Momentum: 2.5

Volatility: 2.0

1-Year Total Return ->

Fastned

A-Score: 3.4/10

Value: 4.8

Growth: 5.2

Quality: 2.2

Yield: 0.0

Momentum: 5.5

Volatility: 2.7

1-Year Total Return ->

Lalique

A-Score: 3.0/10

Value: 4.9

Growth: 2.8

Quality: 4.7

Yield: 0.6

Momentum: 4.0

Volatility: 1.0

1-Year Total Return ->

Ferragamo

A-Score: 2.5/10

Value: 5.4

Growth: 1.1

Quality: 1.5

Yield: 2.5

Momentum: 2.5

Volatility: 2.0

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

23.90%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

6.88%

Lalique Group SA - CH0033813293

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on LLQ

Have nothing to say about that one ...

1.c. Company Highlights

Lower Growth

Weak Momentum

Medium Volatility

Lower Yield

More Volatile

Fairly Valued

Strong Momentum

Stable Momentum

Average Yield

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.48%)

6. Segments

Lalique

Expected Growth: 9%

Other Brands

Expected Growth: 7%

Jaguar

Expected Growth: 10%

Ultrasun

Expected Growth: 8%

Wine & Spirits

Expected Growth: 6%

Holding and Eliminations

Expected Growth: 5%

7. Detailed Products

Crystal Jewellery

Home Decor

Wine and Barware

Art and Collectibles

Fragrances

8. Lalique Group SA's Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Lalique Group SA passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

35.0$

Current Price

35$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA