Hermes International S.C.A.

Hermes International is engaged in the manufacture, sale, and distribution of luxury goods primarily in France, rest of Europe, Japan, Asia-Pacific, and Americas. Co.'s activities can be divided into two segments: the distribution via Co.'s exclusive network and the distribution via specialist outlets. The distribution via Co.'s exclusive network comprises silks and textiles, leather goods and saddlery, ready-to-wear and fashion accessories (men and women's clothing, belts, jewellery accessories, gloves, hats and shoes), and other goods (jewellery and products of the art of living department). The distribution via specialist outlets comprise perfumes, tableware and watches.
  • TickerRMS
  • ISINFR0000052292
  • ExchangeEuronext Paris
  • SectorPersonal Goods
  • CountryFrance

Analysts

Jelena Sokolova

Morningstar | Hermes' Results in Line, With No Major Change in 2019 Demand Trends Expected; FVE Maintained

We are maintaining our EUR 347 fair value estimate for wide-moat Hermes shares as the company reported full-year sales and profits in line with our expectations and previously communicated guidance. Gross margin was just a little lower versus the prior year, as nonrecurrence of last year’s hedging gains was offset by strong capacity utilization. Hermes benefitted from operating leverage on its selling expenses, as sales were primarily driven by volume and less by perimeter (selling expenses declined to 24.7% of sales versus 24.9% in 2017), and communication expenses were stable as percentage o...

Jelena Sokolova

Hermes' Results in Line, With No Major Change in 2019 Demand Trends Expected; FVE Maintained

We are maintaining our EUR 347 fair value estimate for wide-moat Hermes shares as the company reported full-year sales and profits in line with our expectations and previously communicated guidance. Gross margin was just a little lower versus the prior year, as nonrecurrence of last year’s hedging gains was offset by strong capacity utilization. Hermes benefitted from operating leverage on its selling expenses, as sales were primarily driven by volume and less by perimeter (selling expenses decl...

Loic Morvan

HERMÈS INTL.: EBIT margin slightly down (-30bp) | BUY | EUR535(

HERMÈS INTL. - BUY | EUR535(-8%) EBIT margin slightly down (-30bp) FY 2018 sales up 10% 2018 EBIT margin down 30bp to 34.3% Buy recommendation unchanged

Jelena Sokolova

Morningstar | Hermes' Results in Line, With No Major Change in 2019 Demand Trends Expected; FVE Maintained

We are maintaining our EUR 347 fair value estimate for wide-moat Hermes shares as the company reported full-year sales and profits in line with our expectations and previously communicated guidance. Gross margin was just a little lower versus the prior year, as nonrecurrence of last year’s hedging gains was offset by strong capacity utilization. Hermes benefitted from operating leverage on its selling expenses, as sales were primarily driven by volume and less by perimeter (selling expenses declined to 24.7% of sales versus 24.9% in 2017), and communication expenses were stable as percentage o...

Jelena Sokolova

Hermes' Results in Line, With No Major Change in 2019 Demand Trends Expected; FVE Maintained

We are maintaining our EUR 347 fair value estimate for wide-moat Hermes shares as the company reported full-year sales and profits in line with our expectations and previously communicated guidance. Gross margin was just a little lower versus the prior year, as nonrecurrence of last year’s hedging gains was offset by strong capacity utilization. Hermes benefitted from operating leverage on its selling expenses, as sales were primarily driven by volume and less by perimeter (selling expenses decl...

Loic Morvan

HERMÈS INTL.: EBIT margin slightly down (-30bp) | BUY | EUR535(

HERMÈS INTL. - BUY | EUR535(-8%) EBIT margin slightly down (-30bp) FY 2018 sales up 10% 2018 EBIT margin down 30bp to 34.3% Buy recommendation unchanged

Jelena Sokolova

Hermes’ 4Q 2018 Sales In Line With Expectations. Shares Expensive

We are maintaining our wide-moat rating and fair value estimate of EUR 347 for Hermes as the company reported full-year sales 2018 in line with our expectations. In the fourth quarter revenue increased by 9.6% at constant currencies, matching our expectations, and at 10.1% in EUR terms. As in previous quarters, growth was driven by volumes with little scope and price effect. Operating margin for 2018 (published on March 20) is expected to be 34%, in line with our forecasts. For the next year, He...

Loic Morvan

HERMÈS INTL.: 2018 sales grew by 10.4% FX-n, fairly in line with expectations | BUY | EUR535

HERMÈS INTL. - BUY | EUR535(+1%) 2018 sales grew by 10.4% FX-n, fairly in line with expectations FY sales up 10.4% FX-n and 9.6% FX-n in Q4 Asia-Pacific increased 13.7% FX-n in Q4 Leather goods revenues grew 9.4% in 2018 and 9.8% in Q4 Buy recommendation confirmed

2 directors bought/sold

Two Directors at Hermes International bought/sold 34,000 shares at 495.620EUR. The significance rating of the trade was 100/100. 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. The...

Alex Koagne ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Anis Zgaya
  • Charles Lepetitpas
  • Delphine Brault
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Laurence Hofmann
  • Léopold Authié
  • Louis Boujard
  • Martial Descoutures
  • Matthias Desmarais
  • Philippe Ourpatian
  • Pierre Corby
  • Samantha Jeary
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/08/2018

A few weeks after the French government officially mandated advisers to work on EDF’s “architecture”, we provide an update on the main scenarios and their financial consequences. Our status-quo approach gives a valuation of between € 18.0 (+20%) and € 19.2 (+28%), depending on the outcome of the Multiannual Energy Plan (MEP). Under alternative scenarios, with total regulation of the nuclear sector or segregation of nuclear power, our valuation ranges from € 22.5 (+50%) to € 24.0 (+71%...

Alex Koagne ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Anis Zgaya
  • Charles Lepetitpas
  • Delphine Brault
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Laurence Hofmann
  • Léopold Authié
  • Louis Boujard
  • Martial Descoutures
  • Matthias Desmarais
  • Philippe Ourpatian
  • Pierre Corby
  • Roland Pfaender
  • Samantha Jeary
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 08/11/2018

Quelques semaines après que l’Etat ait officiellement mandaté des conseils pour travailler sur « l’architecture d’EDF », nous revenons sur les principales hypothèses d’évolution et leurs conséquences financières. Notre approche statu quo nous amène à une valorisation du titre entre 18.0 € (+20%) et 19.2 € (+28%), en fonction de la PPE, tandis que les hypothèses alternatives, avec régulation totale du nucléaire ou sanctuarisation du nucléaire, la porterait entre 22.5 € (+50%) et 24.0 €...

Alex Koagne ...
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Léopold Authié
  • Nicolas Kieffer
  • Stephane Houri
  • Steven Gould
  • Veysel Taze

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/13/2018

...

Alex Koagne ...
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Léopold Authié
  • Nicolas Kieffer
  • Stephane Houri
  • Steven Gould
  • Veysel Taze

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 13/09/2018

...

Alfred Glaser ...
  • Antoine Boivin-Champeaux
  • Bruno Cavalier
  • Delphine Brault
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Harald Eggeling
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Léopold Authié
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas Kieffer
  • Nicolas David
  • Olivier Lebrun
  • Oussema Denguir
  • Pierre Corby
  • Rémi Adam, CFA
  • Salma Bouraoui
  • Stephane Houri
  • Steven Gould
  • Veysel Taze
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/23/2018

...

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Hermes International

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Loic Morvan

SECTOR | Luxury Goods | Slowdown Likely but no Break in the Trend

• The high growth trend also enabled most groups (at least the “best in class”) to deliver improved profitability levels over the half year thanks to operating leverage and, for some groups, to hedging gains that offset the negative EUR/USD impact on sales (-8% on average).

Hermès - Assemblée générale des actionnaires du 04 juin 2019

Proxinvest publiera une étude analysant les résolutions proposées lors de la tenue de l’assemblée générale des actionnaires. Vous pouvez l'acquérir dès à présent et elle vous sera adressée par ResearchPool une fois publiée.

Hermès International – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Jehanne Leroy

Proxy Report - 05/06/2018

ITEMS 9 to 12: The company proposes to re-elect to the Supervisory Board Robert Peugeot. In addition to being the Chairman and CEO of FFP, a French listed company, he sits on the board of 4 listed companies that do not belong to his group (Safran, Sofina, DKSH and Hermès). This raises the issue of the availability of this director. On that matter, we note that in 2017, he attended only 71.7% of Board meetings. The other re-elections proposed are members of the founding family. As long as the board does not comprise a majority of independent members, these re-elections will not be supported.  ...

Jehanne Leroy

Proxy Report - 05/06/2018

La société propose le renouvellement de 4 administrateurs, dont celui de Robert Peugeot. Celui-ci est Président Directeur Général d'une société cotée (FFP) et siège aux conseils de 4 sociétés cotées n'appartenant pas au groupe FFP (Sofina, DKSH, Safran et Hermès), ce qui est excessif et pose un probleme de disponibilité du mandataire. On notera sur ce point d'ailleurs qu'en 2017, il n'a assisté qu'à 71% des réunions du conseil d'Hermès. Les autres renouvellements proposés concernent des membres du conseil de surveillance liée à la famille actionnaire fondatrice. Cependant, tant que le conseil ...

Matthieu DRIOL

Analyse court terme - HERMES INTERNATIONAL : Les prix baissent.

La tendance est baissière. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 482,20 €. La tendance baissière serait remise en cause au-dessus de 572,80 €.

Matthieu DRIOL

Short term view - HERMES INTERNATIONAL : Falling prices.

The trend is bearish. Prices are falling again, but the movement has become hesitant. The next support is at €482.20. The bearish trend would be challenged above €572.80.

Matthieu DRIOL

Short term view - HERMES INTERNATIONAL : The trend is bearish.

The trend is bearish. Prices are falling again, but the movement has become hesitant. The next support is at €482.20. The bearish trend would be challenged above €572.80.

Matthieu DRIOL

Analyse court terme - HERMES INTERNATIONAL : La tendance est baissière.

La tendance est baissière. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 482,20 €. La tendance baissière serait remise en cause au-dessus de 572,80 €.

Matthieu DRIOL

Analyse moyen terme - HERMES INTERNATIONAL : La baisse récente gagne en vigueur.

La tendance est haussière. La baisse récente gagne en vigueur. Le prochain support est à 457,56 €. La tendance serait remise en cause par la rupture de 411,35 €.

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