Bryan Garnier - HM Hennes and Mauritz AB (HM) H M - BUY | SEK225(+30%) Strong earnings beat on Q4 numbers and in-line current trading

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Bryan Garnier

Cedric Rossi

H & M - BUY | SEK225(+30%) Strong earnings beat on Q4 numbers and in-line current trading

Significant margin beat in Q4
Q4 FX-n growth was also better-than-expected
Inventories start again a healthy reduction
Current trading in line with CS expectations
FY21 divided of SEK6.5 and new share buyback programme announced

28/01/2022 1 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 - BUY | SEK225(+30%) Strong earnings beat on Q4 numbers and in-line current trading

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%)

Median Technologies: reports Q1 2024 results

Jeronimo Martins: Q1 topping expectations; price war ongoing in Poland

Nel: Capacity reservation agreement with Hy Stor Energy

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