Bryan Garnier - HM Hennes Mauritz AB Class B (HM B) H M: The challenger back on its feet despite the Covid-19 storm | BUY vs. NEUTRAL | SEK195 vs. SEK180 (+23%)

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Bryan Garnier

Cedric Rossi

H & M: The challenger back on its feet despite the Covid-19 storm | BUY vs. NEUTRAL | SEK195 vs. SEK180 (+23%)

H & M - BUY vs. NEUTRAL | SEK195 vs. SEK180 (+23%)
The challenger back on its feet despite the Covid-19 storm

Reassuring Q3 numbers: transformation well underway
Self-help drivers to deliver more efficiency gains over the MT
Inventory levels: room for improvement
We now feel H&M is worth a look: upgraded to Buy and TP of SEK195

17/09/2020 5 EN

Underlying

H&M Hennes & Mauritz AB Class 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.

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SE0000106270 Nasdaq Nordic Stockholm Sweden

Provider

Bryan Garnier

Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.

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Analysts

Cedric Rossi

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