Le cycle de nature à relativiser l'unicité d'Hermès - NEUTRE vs ACHAT - OC 400€ (vs 380€)
A momentum de croissance spécifique, valorisation à part… Ce raisonnement qui justifiait lors de notre initiation de couverture en Octobre dernier une opinion à l’Achat malgré des objectifs de cours non rémunérateurs, trouve avec un cours de bourse près de 20% supérieur, des limites qui justifient notre changement d’Opinion à Neutre. Surtout que dans l’intervalle, la toile de fond sur le secteur s’est quelque peu modifiée, pour passer d’une consolidation des ventes à un net regain de croissance. La spécificité d’HERMES dont les performances surclassent celles de ses pairs principalement en bas de cycle, s’en voit naturellement diminuée pour à nouveau pointer les limites de son évaluation.Hermes International is engaged in the manufacture, sale, and distribution of luxury goods primarily in France, rest of Europe, Japan, Asia-Pacific, and Americas. Co.'s activities can be divided into two segments: the distribution via Co.'s exclusive network and the distribution via specialist outlets. The distribution via Co.'s exclusive network comprises silks and textiles, leather goods and saddlery, ready-to-wear and fashion accessories (men and women's clothing, belts, jewellery accessories, gloves, hats and shoes), and other goods (jewellery and products of the art of living department). The distribution via specialist outlets comprise perfumes, tableware and watches.
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