HUGO BOSS: CMD Feedback: Suited to outperform a volatile industry | NEUTRAL | EUR81 vs. EUR79
HUGO BOSS - NEUTRAL | EUR81 vs. EUR79 (+30%)CMD Feedback: Suited to outperform a volatile industry
2022 targets explained by the numbers
Retail sales productivity: CAGR 2018-22 of 4%e
Online sales, to quadruple by 2022 to ~EUR400m
15% EBIT margin: similar contribution from GM and Op. leverage
FV raised to EUR81 (vs. EUR79) – Neutral rating maintained
HUGO BOSS Group is engaged in the global apparel market. The Group, which is based in Metzingen Germany employs almost 12,500 people, generated annual sales of EUR 2.4 billion in fiscal year 2013 and is an apparel manufacturer. The Group focuses on developing and marketing high-end women's and men's fashion and accessories. With its brand including the BOSS core brand, the lines BOSS Orange, BOSS Green and the progressive brand HUGO, Co. targets different, consumer groups. The brands consists of modern business wear, evening wear and sportswear, shoes and leather accessories as well as licensed fragrances, eyewear, watches, children's fashion, home textiles and mobile accessories.
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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