Bryan Garnier - HENNES AND MAURI-B (HM-B) H M: Solid Q4 earnings performance and reassuring current trading | NEUTRAL | SEK200(+5%)

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Bryan Garnier

Cedric Rossi

H & M: Solid Q4 earnings performance and reassuring current trading | NEUTRAL | SEK200(+5%)

H & M - NEUTRAL | SEK200(+5%)
Solid Q4 earnings performance and reassuring current trading

Q4 earnings topped expectations despite a slight GM miss
Pre-announced Q4 and FY19 sales were in line
Stable dividend at SEK9.75 and improving FCF generation
Reassuring current trading

30/01/2020 5 EN

Underlying

HENNES AND MAURI-B

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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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H & M: Solid Q4 earnings performance and reassuring current trading | NEUTRAL | SEK200(+5%)

Luxury & Fashion: Sales growth or margin protection? H&M seems to have chosen the former

LUXURY & FASHION Fashion: Inditex better suited to navigate through turbulent times

Monthly LMI Update Independent Investment Research

Eutelsat: EUR1.35bn raise and step towards becoming a strategic French asset

Camurus: CAM2029 Ph2/3 in PLD met primary endpoint, follow up Ph3 TBD

Medincell FY24: Uzedy TRx growth momentum; Runway to profitability

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