Bryan Garnier - HM Hennes and Mauritz AB (HM) H M: A brighter 2020 outlook which now seems fairly priced in | NEUTRAL | SEK210 vs. SEK200 (+11%)

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Bryan Garnier

Cedric Rossi

H & M: A brighter 2020 outlook which now seems fairly priced in | NEUTRAL | SEK210 vs. SEK200 (+11%)

H & M - NEUTRAL | SEK210 vs. SEK200 (+11%)
A brighter 2020 outlook which now seems fairly priced in

Opex leverage to continue thanks to self-help catalysts
Top line growth: less new space contribution and more LFL?
Top management shakeup but smooth transition
New FV of SEK210 but Neutral recommendation

31/01/2020 4 EN

Underlying

HM Hennes and Mauritz AB

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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: A brighter 2020 outlook which now seems fairly priced in | NEUTRAL | SEK210 vs. SEK200 (+11%)

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

H & M: Q2 sales topped CS expectations by 2% | NEUTRAL | SEK190

H & M: Zone of turbulence | NEUTRAL vs. BUY | SEK190 VS. SEK225 (+46%)

Ebusco: The expert e-bus platform

Nikola Corp: The dual e-trucking arm

Electrifying the future of on-road HDVs

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