La fin des mauvaises surprises au T2? - ACHAT - OC 85€
Nous pensons que les résultats T2 16, publiés le 5 août, pourraient dépasser les attentes du consensus et rassurer le marché. Les cours actuels représentent donc un point d’entrée intéressant, même si nous avons conscience que le management doit regagner la confiance des investisseurs après les profit warnings des derniers trimestres. Bien que nous n’attendons pas d’amélioration au niveau de la croissance à magasins comparables après les -6% du T1, nous estimons que la dégradation de la rentabilité a atteint un point bas au T1 (marge d’EBITDA sous-jacent en baisse de 510bps et nous attendons -390bps au T2). Par ailleurs, la tendance devrait s’améliorer au S2 grâce à la marge brute et aux économies de coûts. Nous conservons nos estimations, notre objectif de 85€ et notre recommandation à ACHAT. Hugo Boss affiche des PE 2016-17e de 12,5x-12,2x, proches des plus bas historiques. Le PE relatif à l’Eurostoxx est également à des niveaux très bas (environ 1x vs une moyenne 5 ans deHUGO 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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Consisting of 13 different profiles (pharmacist, engineer, financier, etc), the DNA of our financial analysis office is value added and sector expertise. Through daily monitoring and detailed analyses of companies and sectors, we seek to provide a differentiating vision of our 120 stocks followed. Our ideas are circulated every day to nearly 1,000 professionals.
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