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  "notes": "Includes a bubble chart mapping WACC vs LTGR and a detailed data table of financial parameters.",
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      "text": "Market capitalization of almost all luxury companies has increased. The average increase has been 8% compared with last year, with LVMH surpassing the €100b threshold.",
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      "text": "Market capitalization of almost all luxury companies has increased. The average increase has been 8% compared with last year, with LVMH surpassing the €100b threshold.",
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      "text": "The weighted average cost of capital (WACC) ranges from 6.7% (Tiffany) to 8.6% (Ralph Lauren)...",
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      "text": "Luxury companies are on average debt free with an average indebtedness of 0.8%...",
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      "text": "The long-term growth rate (LTGR) is in line with last year's figure (2.9% in 2018 compared with 2.7% in 2017)...",
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      "text": "Sources: WACC and LTGR: based on consensus of several brokers' reports for each company. Market capitalization and beta: EY elaboration based on S&P Capital IQ.",
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      "text": "Notes: Companies are sorted by decreasing order based on market capitalization. Gearing is defined as net position / enterprise value.",
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      "text": "Market capitalization of almost all luxury companies has increased. On average, it has increased by 8% compared with 2017, mainly driven by the jump of more than 20% of LVMH",
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