Hermès Intl.: Prospects remain buoyant
Hermès Intl.: (BUY, Fair Value EUR525 vs. EUR510 (-4%))Prospects remain buoyant
Following strong H1 sales and an anticipation of stable EBIT margin, we have slightly adjusted our FY 2018 EPS (1.5%). We expect EBIT margin stability on FY 2018 versus -30bp previously. Buy recommendation maintained with EUR 525 FV vs EUR510 previously.
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.
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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