SGAM_Vortrag_Lasnier de Lavette - FONDS professionell
SGAM_Vortrag_Lasnier de Lavette - FONDS professionell
SGAM_Vortrag_Lasnier de Lavette - FONDS professionell
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
Conclusion2 - On the micro si<strong>de</strong> we are still positive on 2008[ Luxury & Lifestyle Strategy ]P/E 07 P/E 08EPS %P/E Change 07e07EPS %PEGChange P/E 08e07/0808EPS % Change07eEPS % Change08ePEG 07/08<strong>SGAM</strong> Invest<strong>SGAM</strong> Invest Secteur 20.3 Luxex Secteur Luxe17.6 x 17.8 20.2 x% 15.515.6 % x1,149 % 14.1 % 1,54MSCI WorldMSCI World In<strong>de</strong>x Bench 15.9 xIn<strong>de</strong>x Bench14.4 x 14.9 % x 10,8 13.3x % 1,34 -0.9 % 11,6 % 2.79DJ Euro StoxxDJ Euro Stoxx 50 Bench 12.7 x50 Bench11.8 x 12.3 9.1 % x 7.2 % 11.4x1,568.6 % 9.2% 1,38Head winds : potential negative currency impact on some stocks and <strong>de</strong>celeration of thegrowth of the Japanese <strong>de</strong>mandPositive factors : strong growth in the rest of Asia and RussiaWe expect a significant single digit organic growthSource: JCF. In Euros as 08/01/2008January 08Société Générale Asset Management20
Change language