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.
Outperform rating confirmed with a target price cut to € 15 after lowering our 2023 estimates for the sake of caution. The share’s strong discount to the market is not justified in view of the growth outlook, which is in line with the average for peers. A spin-off of GPN (sports and functional nutrition) might be a solution to drive a re-rating of the share but is hard to execute in the current context. We expect further details at the next CMD scheduled in October. - ...
Surperformance confirmée avec un OC abaissé à 15 € après avoir abaissé par prudence nos prévisions 2023. La forte décote du titre par rapport au marché n’est pas justifiée au regard des perspectives de croissance qui se situent dans la moyenne des comparables. Un spin off de GPN (nutrition sportive et fonctionnelle) pourrait être une solution pour impulser un rerating du titre mais difficilement réalisable dans le contexte actuel. Nous attendons plus de détails lors du prochain CMD pr...
>Final Q2 in line with preliminaries - In Q2 2022, sales increased 34% y-o-y excluding FX to € 878m (40% including FX). This reflects the successful re-branding of BOSS and HUGO. Regions: Europe (up 41%) and Americas (up 45%) were driving this while China was down in double digits due to regional lockdowns. Distribution channels: Retail rose 38% while Wholesale could even grow 51%. Digital did face tough comparatives and thus increased 11%. EBIT came in at € 100m, imp...
Given the urgent nature of climate change and in view of the various objectives of the energy transition, hydrogen is experiencing a new wave of strong interest. Awareness is growing over the fact that hydrogen can complement and decarbonise the energy mix, as well as improve its resilience. We initiate coverage with a Buy rating and a Target Price of EUR14.3/share.
Genmab released 2Q after a pre-announcement of improved guidance (~8% for FY) earlier this week, the midpoint of guidance is already near consensus expectations, and results feature nothing new in terms of sales trends with Darza (1LMM) continuing on a strong trajectory with Kesimpta (2L MS), and Tepezza (TED). We continue to believe epcoritamab sales are likely too bullish given the options and complexity in 1L/2L DLBCL/NHL. We re-iterate Neutral and DKK2150 target price.
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