LVMH at P/E 18 - growth is back, but market prices it like a no-growth retailer. What am I missing?

We are talking about the best luxury conglomerate in the world, 75 brands, pricing power like no one else, family owned (Arnault owns ∼49%), and insane capital allocation. This thing traded at P/E 28-32 for years.

Now it's sitting at P/E ∼18 and people act like it's over.

Most branches have returned to a organic growth (beside leather and clothing). Jewelry (Tiffany and Bvlgari are doing amazing in this market). Recently LVMH have increased stake in Loro Piana (which growths double digit).

The average for LVHM is about \~\~ 25 P/E

So this would give us

2026: 22,5\*25 = 562,5 (38% up)

2027: 25,35\*25 = (55% up)

LVMH as well pays regular dividends and does share buybacks so it's not like they do not mobilise their capital for shareholders.

We are now in the phase of taking care of a body (Ozempic, HYROX etc). But at some point people will like again to put on some fashionable clothes.

What's your take on a broad luxury sector?

LVMH, Monclear (as well 18 P/E) and Hermes?

(Pls do not talk about LULU as it's not even the same league, thanks)