Bon T3 mais risque d'attentisme à CT - ACHAT - OC 85€ (vs 80€)
Le point clé des résultats T3 est que la croissance à magasins comparables (+5%) s’accélère par rapport au T2 (+3%). Selon nous, le groupe est bien parti pour améliorer sa rentabilité en 2018/19e. Nos BNA 2017-19e (largement audessus du consensus) sont néanmoins abaissés de -11% en moyenne afin d’intégrer la hausse des investissements et un taux d’impôt de 26% vs 24%. Cela n’altère pas notre recommandation ACHAT et notre obj. est même relevé à 85€ vs 80€ en raison de la baisse du bêta (1,1x vs 1,25x) dans notre DCF, lié à l’amélioration du profil de risque. Le marché pourrait faire une pause dans l’attente des commentaires des collections printemps/été en mars 2018.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.
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