H & M Hennes & Mauritz AB B

H & M Hennes & Mauritz is engaged in the sale of clothing and cosmetics in Sweden and internationally. Co.'s stores offer basics, tailored classics, sportswear, and maternity clothes for women; basics, leisurewear, and seasonal fashions for men; denim and street fashions; and fashion wear for children and teenagers, as well as accessories, underwear, and shoes. Co. also provides makeup and body care products; and home fashion products, which include interior textiles for the bedroom, bathroom, living room, and kitchen. Co. has approximately 3,132 stores, including 110 franchise stores, 85 COS stores, 79 Monki stores, 21 Weekday stores, 8 & Other Stories stores and 3 Cheap Monday stores.
  • TickerHM B
  • ISINSE0000106270
  • ExchangeNasdaq Nordic Stockholm
  • SectorGeneral Retailers
  • CountrySweden

Analysts

H&M HENNES & MAURITZ AB with less fundamental stars is reduced to Neutral

H&M HENNES & MAURITZ AB (SE), a company active in the Clothing & Accessories industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 3 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of the analysis date May 17, 2019, the closing price was SEK 160.00 and its expected value was estimated...

1 director bought

A director at H & M Hennes & Mauritz Ab bought 5,072,521 shares at 156.421SEK and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. T...

Jon Masdal ...
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Martin Hoang Nguyen
  • Martin Huseby Karlsen
  • Mattias Holmberg
  • Ole-Andreas Krohn
  • Paul Harper

Northern Lights

Martin Arnell

Hennes & Mauritz (Sell, TP: SEK120.00) - Slowdown still imminent

A stable Q1 gross margin and decent March sales were a small step in the right direction. But several challenges remain including high inventory, price pressure and negative external factors. Taken together, this suggests high risk of further margin pressure. At a current 2020e P/E of 20x, we think the market is assigning too much benefit from management’s growth initiatives. We have raised our target price to SEK120 (115) but reiterate our SELL recommendation.

Jelena Sokolova

Morningstar | H&M Profit Affected by Online Investments, but Sales Solid; Maintaining FVE

We are maintaining our fair value estimate of SEK 153 for H&M shares as the company reported first-quarter results. Revenue growth was 4% in constant-currency terms (10% in kronor) versus our expectations for 4.3% full-year constant-currency growth. Sales at constant currency excluding the transition to the new online platform in Germany grew 6% in the quarter and 7% in March. Online sales grew 18% in the quarter but 27% in local currencies if the online transition in Germany is excluded. Gross margin improved slightly from 49.9% in the first quarter of 2018, boosted by fewer markdowns in the...

Martin Arnell

Hennes & Mauritz (Sell, TP: SEK120.00) - Slowdown still imminent

A stable Q1 gross margin and decent March sales were a small step in the right direction. But several challenges remain including high inventory, price pressure and negative external factors. Taken together, this suggests high risk of further margin pressure. At a current 2020e P/E of 20x, we think the market is assigning too much benefit from management’s growth initiatives. We have raised our target price to SEK120 (115) but reiterate our SELL recommendation.

Jelena Sokolova

Morningstar | H&M Profit Affected by Online Investments, but Sales Solid; Maintaining FVE

We are maintaining our fair value estimate of SEK 153 for H&M shares as the company reported first-quarter results. Revenue growth was 4% in constant-currency terms (10% in kronor) versus our expectations for 4.3% full-year constant-currency growth. Sales at constant currency excluding the transition to the new online platform in Germany grew 6% in the quarter and 7% in March. Online sales grew 18% in the quarter but 27% in local currencies if the online transition in Germany is excluded. Gross margin improved slightly from 49.9% in the first quarter of 2018, boosted by fewer markdowns in the...

Cedric Rossi

H & M: Q1 2019 margin bet while inventories are increasing | NEUTRAL | SEK175(

H & M - NEUTRAL | SEK175(+28%) Q1 2019 margin bet while inventories are increasing Better than expected gross margin No surprise to Q1 sales trends and a slight LFL miss Inventories back to higher levels Encouraging current trading but caution on the GM development

Jelena Sokolova

Morningstar | H&M's Self-Help Initiatives Should Yield Results, but Competitive Landscape Remains Tough

Although we still believe that H&M (the world’s second-largest fashion company in terms of revenue) benefits from scale advantages and brand recognition, we think these are no longer sufficient to guarantee medium- to long-term economic profits in an increasingly competitive environment, hence our no-moat rating for the company. Furthermore, responsive supply chain initiatives seem to no longer be working, as sales faltered and inventory days grew from about 117 in 2015 to 138 days in 2018, while fixed store costs are becoming an increasing drag on profitability as store traffic falls in matur...

Jelena Sokolova

H&M's Self-Help Initiatives Should Yield Results, but Competitive Landscape Remains Tough

We maintain our no-moat rating and SEK 147 fair value estimate for Hennes & Mauritz as the company reported full-year revenue in line with our expectations but an operating margin of 7.4% versus our forecast of 8.3%. This was driven by a lower-than-expected gross margin--52.7% for the full year versus our 53% forecast--and higher operating expenses in relation to sales at 45.3% versus the 44.7% we expected. Operating costs included items related to logistics systems replacement and related d...

1 director bought

A director at H & M Hennes & Mauritz Ab bought 5,072,521 shares at 156.421SEK and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. T...

Jon Masdal ...
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Martin Hoang Nguyen
  • Martin Huseby Karlsen
  • Mattias Holmberg
  • Ole-Andreas Krohn
  • Paul Harper

Northern Lights

Jørgen Lian ...
  • Martin Arnell
  • Mats Bye
  • Nicolay Dyvik
  • Ole Martin Westgaard
  • Ole-Andreas Krohn

Northern Lights

Christer Magnergård ...
  • Frank Maaø
  • Håkon Astrup
  • Jon Masdal
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Martin Huseby Karlsen
  • Mattias Holmberg
  • Mattias Montgomery
  • Ole-Andreas Krohn
  • Paul Harper
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

Christer Magnergård ...
  • Martin Arnell
  • Ole-Andreas Krohn
  • Patrik Ling
  • Simen Mortensen
  • Stefan Gauffin

Northern Lights

Christer Roth ...
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Martin Huseby Karlsen
  • Mattias Holmberg
  • Ole-Andreas Krohn
  • Rune Majlund Dahl

Northern Lights

H&M HENNES & MAURITZ AB with less fundamental stars is reduced to Neutral

H&M HENNES & MAURITZ AB (SE), a company active in the Clothing & Accessories industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 3 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of the analysis date May 17, 2019, the closing price was SEK 160.00 and its expected value was estimated...

Ng Adrian

Hennes & Mauritz

Ng Adrian

Hennes & Mauritz

Ng Adrian

Hennes & Mauritz

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Ng Adrian

Hennes & Mauritz

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