Report
Peter Farren

Un Boss fringuant de croissance - ACHAT - OC 128€

Le groupe allemand bénéficie d’un profil de croissance dynamique : sur la période 201416, nous tablons sur un TMVA des ventes et des BNA de respectivement +7,5% et +10,3%. Le groupe a 4 leviers de croissance bien définis à MT/LT : l’évolution de la distribution en propre, le développement de l’offre pour les femmes, un rattrapage dans les pays émergents et l’amélioration du mix produits. Nous initions la couverture à ACHAT avec un objectif par DCF de 128€ (+29%). La réduction graduelle de la participation de Permira est positive à MT car le flottant s’en retrouvera renforcé : une entrée au DAX deviendra d’ailleurs une réelle possibilité.
Underlying
Hugo Boss AG

HUGO BOSS Group is engaged in the global apparel market. The Group, which is based in Metzingen Germany employs almost 12,500 people, generated annual sales of EUR 2.4 billion in fiscal year 2013 and is an apparel manufacturer. The Group focuses on developing and marketing high-end women's and men's fashion and accessories. With its brand including the BOSS core brand, the lines BOSS Orange, BOSS Green and the progressive brand HUGO, Co. targets different, consumer groups. The brands consists of modern business wear, evening wear and sportswear, shoes and leather accessories as well as licensed fragrances, eyewear, watches, children's fashion, home textiles and mobile accessories.

Provider
Invest Securities
Invest Securities

Since 2006, Invest Securities has become one of the leading players in investment services for funds and managers, to whom we offer a global and personalised service. Our track record differentiates us and proves our leadership in numerous promising sectors like property and growth companies.

Consisting of 13 different profiles (pharmacist, engineer, financier, etc), the DNA of our financial analysis office is value added and sector expertise. Through daily monitoring and detailed analyses of companies and sectors, we seek to provide a differentiating vision of our 120 stocks followed. Our ideas are circulated every day to nearly 1,000 professionals.

Analysts
Peter Farren

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