Category: 3. Business

Dr Lars Immisch has been a member of the Management Board of HENSOLDT AG since 1 October 2022. In addition to his responsibility for human resources, he was also responsible for sustainability and facility management. During his tenure, he has played a key role in shaping the further development of the management and corporate culture and has established modern HR processes and tools as part of the company’s strategic transformation. He has played a key role in the company’s strong growth during this period with targeted recruiting and prudent initiatives to integrate a large number of new employees.

Under his leadership, sustainability reporting in accordance with CSRD was also successfully introduced. Facility management also gained in importance under his responsibility – in particular through numerous projects for the expansion and new construction of locations as part of the strategic axis ‘Deliver at Scale’.

‘Lars Immisch provided decisive impetus during a period of profound change,’ said Reiner Winkler, Chairman of the Supervisory Board of HENSOLDT AG. ‘With great commitment, he has created structures that will strengthen HENSOLDT in the long term – in terms of management culture as well as sustainability and modern working practices. On behalf of the entire Supervisory Board, I would like to thank him very much for his passion, his humanity and his tireless dedication, and wish him all the best for the future.’

Oliver Dörre, CEO of HENSOLDT AG, also praised the collaboration: “With his heart, energy and empathy, Lars Immisch has contributed to HENSOLDT being perceived today as a modern, attractive and responsible technology company. His work on the strategic axis “Lead our Team into the Future” and his commitment to sustainability and the further development of our locations have left a lasting mark. I would like to thank Lars personally and on behalf of the entire Executive Board for his trusting and inspiring collaboration and wish him all the best for the future.”

Story Continues

LVMH currently trades at a PE ratio of 28.3x. To put this in context, the average PE for the luxury industry stands at 17.5x, while LVMH’s direct peers average a higher 37.9x. These benchmarks help set the stage, but they do not capture company-specific nuances like future growth, risk profile, or competitive advantages.

This is where Simply Wall St’s proprietary “Fair Ratio” comes in. The Fair Ratio for LVMH, which blends expectations for earnings growth, market cap, profit margins, industry factors, and risk level, is calculated at 33.1x. This tailored measure provides a more nuanced gauge of what would be a reasonable PE for LVMH today, going beyond broad industry or peer analogies by including all the company’s relevant fundamentals and outlooks.

Comparing LVMH’s actual PE of 28.3x with its Fair Ratio of 33.1x shows the stock is being valued slightly below what would be considered fully fair according to the analysis. While not dramatically underpriced, LVMH’s shares look about right compared to where one would expect, given all the company- and sector-specific factors.

Result: ABOUT RIGHT

PE ratios tell one story, but what if the real opportunity lies elsewhere? Discover 1433 companies where insiders are betting big on explosive growth.

Earlier we mentioned that there is an even better way to understand valuation, so let’s introduce you to Narratives. A Narrative is simply your personal story or perspective about a company, tying together what you believe about its future prospects, growth rates, earnings potential, and margins. Narratives connect the story behind LVMH to a concrete financial forecast and an estimated fair value, giving context to the numbers and making valuation more meaningful.

These Narratives are available to use on Simply Wall St’s Community page, where millions of investors create, share, and update their views as new information becomes available. Narratives make investment decisions easier by letting you see how your Fair Value compares to the current Price, helping you decide if now is the time to buy or sell.

Best of all, Narratives dynamically adapt to new headlines or earnings reports, so your investment thesis always stays current. For example, some investors may set their fair value for LVMH as high as €720 based on optimism about luxury sector recovery and brand strength, while others might be more cautious, valuing it closer to €434 due to global risks and margin pressures.

Do you think there’s more to the story for LVMH Moët Hennessy – Louis Vuitton Société Européenne? Head over to our Community to see what others are saying!

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include MC.PA.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

• Basel Committee provides additional information regarding the 2025 G-SIB assessment.
• Further details include global denominators and individual bank indicators.
• The release accompanies the Financial Stability Board’s updated G-SIB list.

The Basel Committee on Banking Supervision today published further information related to its 2025 assessment of global systemically important banks (G-SIBs), with additional details to improve understanding of the scoring methodology.

The publication accompanies the Financial Stability Board’s release of the updated list of G-SIBs and includes:

• The denominators of the high-level indicators used to calculate banks’ scores.
• The high-level indicators for each bank in the sample used to calculate these denominators.
• The cut-off score used to identify the G-SIBs in the updated list and the thresholds used to allocate G-SIBs to buckets for calculating the higher loss-absorbency requirements.

The Committee’s methodology assesses the systemic importance of global banks using indicators calculated from data for the previous fiscal year-end (2024) supplied by banks and validated by national authorities. The final scores are mapped to corresponding buckets that determine the higher loss-absorbency requirement for each G-SIB.

Maximizing the Value of Data-Driven Asset Selection

In today’s competitive oncology landscape, identifying and prioritizing the right assets is critical for portfolio growth and long-term success. See how a leading biotech partnered with Evaluate to transform its in-licensing strategy, screening over 4,700 assets and leveraging a bespoke, dynamic prioritization model to select high-potential candidates for negotiation.

The Challenge

• Develop a bespoke, dynamic asset prioritization model that was aligned with the biotech’s strategy
• Deliver unbiased secondary research to evaluate the potential value of key assets of interest
• Validate the path forward for successful in-licensing and future revenue generation

Our Approach

1. Longlist generation: Evaluate’s consultants generated a longlist of over 4,700 assets using data from Evaluate Pharma. They used this list to drive a discussion with key stakeholders from the client company which would be used to identify the key parameters for prioritization.
2. Dynamic prioritization model: Using the range of highly-detailed data in Evaluate Pharma the consulting team then built a dynamic asset prioritization model. They used this to quantitatively compare assets at an indication-level across market factors, unmet need, and development feasibility and assess potential licensors through their likelihood to partner.
3. Tailored secondary research: Armed with a list of five assets of interest, the Evaluate team conducted additional research to augment the insight gathered from Evaluate Pharma. For each of the assets, they provided detailed insight – both qualitative and quantitative.

The Impact

• 4,700 assets screened
• 1 custom asset prioritization model created
• 5 assets selected for research

Samsung hosted its annual National Skills & Repair Competitions, celebrating the top Mobile Experience (MX) and Consumer Electronics (CE) technicians from across Canada and the U.S. The events highlight Samsung’s ongoing commitment to delivering a customer-first care experience, while investing in the development and advancement of its technical workforce. 

“We were pleased to see our Canadian Authorized Service Centres participate alongside our U.S. counterparts in this year’s competition,” said Frank Martino, Vice President, Corporate Service, Samsung Canada. “Initiatives like this foster cross-border collaboration, knowledge sharing, and the continued enhancement of the exceptional service and support that define our brand across North America.” 



Samsung’s National Skills & Repair Competition is designed to strengthen the foundation of Samsung’s authorized service network by advancing technician skills in both technical repair and customer service. Through hands-on challenges that test speed, accuracy and soft skills, technicians sharpen the capabilities that directly impact the customer experience. This investment helps bring faster, more reliable service across all channels, from carry-into in-home services, reinforcing Samsung’s commitment to quality, convenience and care at every touchpoint. 

“We commend the Samsung Care team for their ongoing focus on exceptional customer service across their entire network of technicians serving all their product categories,” said Michelle James, CTIA Vice President of Strategic Industry Programs. “We are proud the WISE Certification team was invited to participate in this annual Technician Repair Competition held at Samsung Electronics America’s North American headquarters, and we applaud all of the technicians who earned their spot in this nationwide.” 

CE Technicians Show Off Precision and Professionalism

At the seventh annual Samsung CE Care Skills Competition, 10 finalists from across the U.S. and Canada gathered to compete for the prestigious Top Tech title. The finals, held at Samsung’s Technical Training Center in New Jersey, featured the best of the best Samsung technicians from their respective areas. 

The competition challenged participants to simulate real-world customer service scenarios, including diagnose an issue as if they were working in a customer’s home, replace part, with an emphasis on speed and accuracy and engage in a customer-based scenario to demonstrate effective communication and problem-solving skills.  

“I want to thank Samsung for the opportunity to compete on a national scale and be able to bring home an accolade as prestigious as this. This is the ultimate culmination of a journey living for the singular purpose of service excellence,” said Alex Nahum, skills competition winner from Samsung Electronics America. 

“The competition was a good experience to confirm I’m on the right track and that I am providing the best service possible and the customer is being taken care of,” said David Seiko, skills competition winner from Samsung Electronics Canada. “I thank Samsung for offering this opportunity to see their headquarters, to see their team and see how it all works.” 

The Top Canadian winners from the competition included: 

 To learn more about Samsung Canada’s branded service and service network visit https://www.samsung.com/ca/support/Home-Appliance-Service/  

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Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

What do you get if you mix together tech billionaires, performance-enhancing drugs and a Spac merger? The answer is a surprisingly intriguing investment case, albeit one pumped up with risk.

On Wednesday, The Enhanced Group, best known as the creator of the future “steroid Olympics”, said it would list its shares in the US via a merger with a US blank cheque company sponsored by a Chinese businessman. It expects negligible revenue until its inaugural games next year. Nonetheless, Enhanced plans to go public at a mooted enterprise value of $1.3bn.

Enhanced’s primary backer, German entrepreneur Christian Angermayer, has built what looks like a sporting league running live events, plus a DIY pharmacy. It can sell media rights to competitions such as the Enhanced Games, which will be held in Las Vegas next year, where athletes under the care of doctors are permitted to take drugs otherwise banned in mainstream athletics. Alongside this, it can peddle medicines such as “peptide hormones” and “metabolic modulators” through online prescriptions and over-the-counter ventures.

That fits with the zeitgeist. Longevity is increasingly a pet project of Silicon Valley. Enhanced’s backers include PayPal and Palantir co-founder Peter Thiel, Donald Trump Jr, tech investor Balaji Srinivasan and Saudi prince Khaled bin Alwaleed bin Talal. True, there is some controversy over the games themselves: it is not yet clear what treatments for athletes cross ethical and safety barriers and which do not.

Fans may not be overly perturbed by that, as long as they are watching feats of extraordinary skill and strength. And perhaps they will be wowed enough by what they see to buy the pills and supplements that their boosted heroes are ingesting. Enhanced projects $357mn of revenue by 2028, evenly split between media, prescriptions and over-the-counter products. Its valuation would be less than 10 times that year’s forecast ebitda. Hims & Hers Health, a US online provider of sexual health and hair loss treatments, trades at more than 20 times, according to LSEG.

One question for investors is when Enhanced’s current backers might make a dash for it. Angermayer’s firm and its affiliates will be the biggest shareholders and will keep control through a dual-class structure. Insiders can sell some of their shares a month before the 2026 games and all of them 18 months after the event. But investors in a new $40mn financing will get to sell a slug of their existing holdings immediately, equivalent to four times their new contribution.

While enhanced athletes may beat the regular kind, it remains to be seen whether Enhanced can beat the Spac pack. The median return on Spac mergers completed on US exchanges since 2020 is minus 85 per cent, according to ListingTrack, with fortified projections rarely getting real results. Only 2 per cent of those closed in 2024 are above their listing price. Whatever the financial equivalent of a metabolic modulator is, this company will need a double dose.

sujeet.indap@ft.com

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Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

Indian business tycoon Prateek Gupta has denied funnelling millions of dollars to his wife or sprawling group of companies, the missing cash that Trafigura alleges disappeared as part of a huge fraud scheme.

The commodities trading house claims to have lost around $600mn when it became the victim of a “systemic fraud” that it alleges was perpetrated by Gupta and companies he controlled. Trafigura is suing the businessman in London’s High Court.

Gupta claimed on Thursday that he had no knowledge of where the money had gone, telling the court: “I cannot recollect the exact breakdown.”

“So you just lost hundreds of millions of dollars and you can’t remember where it went, is that right?” said Nathan Pillow KC, a lawyer representing Trafigura.

“I don’t have an answer to that,” said Gupta in response, giving evidence via video link on the second day of his testimony as a defendant.

“You don’t, do you, because you’re lying about it,” said Pillow, to which Gupta responded: “I’m not lying.”

Gupta argues that Trafigura’s former star nickel trader, Socrates Economou, orchestrated the scheme, which involved the transportation of purported nickel shipments that in fact contained various low-value materials. Economou staunchly denies he had any knowledge of the arrangement at the time.

Gupta, based in Dubai, denied when questioned that he had given the money to his wife or to other senior officials in his group of companies. 

In response to Pillow’s suggestion that he had been “robbing Peter to pay Paul”, by using the money from Trafigura to “pay off other creditors in your business empire”, Gupta said: “No, I don’t agree with that.”

Gupta said in his witness statement that his company, UD Group, had been facing depleted cash reserves in early 2021, when the arrangement was ongoing. 

Gupta claimed in court on Thursday that “substantial” sums went towards shipping costs and interest payments, but could not otherwise outline where the money paid by Trafigura for purported nickel shipments had gone.

Giving evidence in the case this week, the businessman repeatedly claimed that he did not oversee the day-to-day operations of the arrangement.

The trial continues.

The SEC is seeking information from Jefferies about whether it gave investors in one of its funds enough information about their exposure to the auto business, the report said.

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Jefferies declined to comment.

“The SEC does not comment on the existence or nonexistence of a possible investigation,” an agency spokesperson said.

First Brands did not respond to a Reuters request for comment.

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