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
Christian Guyot ...
  • Ludovic Martin

INVEST SECURITIES - HERMES : La résilience du BM du sellier en question - VENTE, OC 530€ (vs 550€)

Jean Danjou

Hermes International : Asia rebounds strongly but the overall performance is not far from that of the industry

>Q2 sales down -41.5% on an organic basis and H1 EBIT -53%, no miracle was ever on the cards - Hermès’ interim figures were actually more or less in line, despite a visible improvement in momentum in the industry over the last weeks of June (cf. table on page 2). Our relatively conservative estimates were only just beaten: sales were down 41.5% in Q2 on an organic basis whereas we had forecast -45% vs the FactSet consensus which was already positioned at around -40%,...

Jean Danjou

Hermès International : L’Asie repart fort mais la performance d’ensemble n’est pas très éloignée de celle de l’industrie

>Ventes T2 à -41.5% en organique et recul de 53% de l’EBIT au S1, aucun miracle n’était possible - Les chiffres semestriels d’Hermès ressortent en fin de compte assez conformes aux attentes et ce, en dépit d’un momentum d’amélioration visible dans l’industrie sur les toutes dernières semaines de juin (cf tableaux ci-après). Nos attentes plutôt conservatrices ne sont que modérément dépassées : ventes en recul sur le T2 de 41.5% en organique alors que nous attendions -4...

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

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

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 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 €.

Christian Guyot ...
  • Ludovic Martin

INVEST SECURITIES - HERMES : La résilience du BM du sellier en question - VENTE, OC 530€ (vs 550€)

Jean Danjou

Hermes International : Asia rebounds strongly but the overall performance is not far from that of the industry

>Q2 sales down -41.5% on an organic basis and H1 EBIT -53%, no miracle was ever on the cards - Hermès’ interim figures were actually more or less in line, despite a visible improvement in momentum in the industry over the last weeks of June (cf. table on page 2). Our relatively conservative estimates were only just beaten: sales were down 41.5% in Q2 on an organic basis whereas we had forecast -45% vs the FactSet consensus which was already positioned at around -40%,...

Jean Danjou

Hermès International : L’Asie repart fort mais la performance d’ensemble n’est pas très éloignée de celle de l’industrie

>Ventes T2 à -41.5% en organique et recul de 53% de l’EBIT au S1, aucun miracle n’était possible - Les chiffres semestriels d’Hermès ressortent en fin de compte assez conformes aux attentes et ce, en dépit d’un momentum d’amélioration visible dans l’industrie sur les toutes dernières semaines de juin (cf tableaux ci-après). Nos attentes plutôt conservatrices ne sont que modérément dépassées : ventes en recul sur le T2 de 41.5% en organique alors que nous attendions -4...

Jean Danjou

ODDO : Exports horlogères suisses à -36% sur le S1 2020, pas de quoi pavoiser

>Exports juin à -35% d’où un T2 à -62% et un S1 à -36% - Après des reculs y/y spectaculaires pour deux mois d’affilée (avril -81% mai -68%), les exports horlogères suisses affichent une performance moins dégradée en juin à -35%. Au final, le T2 montre un recul de 62% après un T1 (-7%) où l’ampleur de la crise provoquée par la pandémie n’était pas encore apparente. Au final, les exports ont reculé de 36% sur le S1. Si la catégorie montres avait plutôt bien résisté sur ...

Jean Danjou

ODDO : Swiss watch exports at -36% in H1 2020, hardly cause for celebration

>June exports at -35%, with -62% in Q2 and -36% in H1 - After breath-taking y-o-y declines for two months in a row (April -81% Mai -68%), Swiss watch exports posted a less severe slump in June at -35%. All told, Q2 saw a decline of -62% after a Q1 (-7%) in which the scale of the crisis triggered by the pandemic was not yet apparent. All told, exports were down by -36% in H1. While the watch category had held up quite well in Q1, the overall showing for H1 highlights ...

Alfred Glaser ...
  • Delphine Brault
  • Jean Danjou
  • Martial Descoutures
  • Sebastien Malafosse

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/24/2020

Recent announcements of stimulus plans in France and in Europe have kindled hope. The present report analyses in detail the different segments of the French construction sector. The sector could contract by 14%e in 2020 whilst 2021 will likely be marked by a rebound (+9% estimated) but this will not be enough to return it to its pre-crisis activity levels. We favour exposure to thermal renovation and infrastructure. Thus, Saint-Gobain, Eiffage and Vinci should turn in decent performan...

Alfred Glaser ...
  • Delphine Brault
  • Jean Danjou
  • Martial Descoutures
  • Sebastien Malafosse

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 24/06/2020

Les annonces récentes de plans de relance en France et en Europe ont alimenté l’espoir. Cette note analyse dans le détail les différents segments dans la construction en France. Le secteur pourrait baisser de 14%e en 2020 alors que 2021 montrera un rebond (+9%e) toutefois insuffisant pour revenir sur les niveaux pré-crise. Nous privilégions les expositions à la rénovation thermique et aux infrastructures. Saint-Gobain, Eiffage et Vinci devraient ainsi tirer leur épingle du jeu, tandis...

Jean Danjou ...
  • Jean Sassus
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/09/2020

...

Due to a more favourable environment, HERMES INTERNATIONAL slightly increases to Neutral

HERMES INTERNATIONAL (FR), a company active in the Clothing & Accessories industry, slightly increases its general evaluation. The independent financial analyst theScreener just confirmed the stock market behaviour of the title as moderately risky. At the fundamental level, theScreener confirms the rating of 1 out of 4 stars; given the more favourable environment, the title's overall rating is upgraded to Neutral even if it remains under pressure. As of the analysis date May 26, 2020, the closing price was EUR 710.00 and its target price was estimated at EUR 584.47.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Hermès International – AGM 24 April 2020

Notice of meeting of 6 April (-officiel.gouv.fr/balo/document/202004062000776-42): - the AGM will be held behind closed doors at the company's premises in Pantin - the dividend is reduced from €5 to €4.55 per share (resolution 4) - the compensation allocated in respect of 2019 that will be paid in 2020 to the Executive Chairmen will be identical to that paid in 2019 (resolutions 7, 8 and 9) ITEMS 7 to 12: In accordance with the new framework for the compensation of "Société en Commandite par Actions" (SCA: unlimited parternship) executives, created by the November 2019 Ordinance, sharehold...

Jehanne Leroy

Hermès International - Aseemblée Générale Mixte du 24 avril 2020

Avis de convocation du 6 avril (-officiel.gouv.fr/balo/document/202004062000776-42) : - l'AG se tiendra à huis clos dans les locau de la société à Pantin - le dividende est ramené de 5 € à 4,55 €/action (résolution 4) - la rémunération attribuée au titre de 2019 qui sera versée en 2020 des gérants sera identique à celle versée en 2019 (résolutions 7, 8 et 9) Conformément au nouveau dispositif encadrant la rémunération des dirigeants de SCA créé par l’ordonnance de novembre 2019, il est proposé aux actionnaires d’approuver les rémunérations versées au cours ou attribuées au titre de 2019 aux ...

Jehanne Leroy

Hermès - Assemblée générale des actionnaires du 04 juin 2019

GouvernanceLa société propose le renouvellement de 3 administrateurs et la nomination de 2 administrateurs indépendants. Parmi les renouvellements proposés figure celui de Julie Guerrand. Selon la politique de vote de Proxinvest, en cas de conseil ne comprenant pas une majorité de membres indépendants, Proxinvest soutient 1 représentant pour chacun des 3 principaux actionnaires. En l'occurrence, le représentant le plus légitime de H51, le premier actionnaire, est sa Présidente, Julie Guerrand. Nous soutenons donc son renouvellement, mais pas celui de M. Bauer. Concernant Mme Sénéquier, bien qu...

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.  ...

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