Hugo Boss: On track with the strategic realignment but limited upside in the near-term
Hugo Boss: (NEUTRAL, Fair Value EUR79 (+11%))On track with the strategic realignment but limited upside in the near-term
Following the adj. EBITDA miss yesterday and the ensuing negative market reaction (-7.8%), management spent much time answering questions about drivers of the GM rebound in H2 and confirmed that inventory levels would normalise in H2 (hence no markdown risk). We have only made minor updates to our FY forecasts, which are well aligned with the group’s outlook. Pending the first indications on FY19 that will be shared with the market during the CMD (15th Nov.) we see limited upside with regard to our forecasts. Neutral recommendation and FV of EUR79 confirmed.
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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