L’ajustement des coûts booste le T3 - ACHAT - OC 80€ (vs 82€)
Hier, la société a publié un EBITDA courant T3 supérieur aux attentes grâce aux économies de coûts, dont l’objectif a été revu à la hausse pour 2016 (65m€ vs 50m€ préc). Malgré une nette amélioration en Chine, la tendance sous-jacente des ventes reste toutefois en ligne avec celle du S1. Nous abaissons nos BNA 2016-18 de -2,5% environ et maintenons notre recommandation à ACHAT avec un objectif de 80€ vs 82€. Hugo Boss affiche des PE 2016-17e de 14,8x-14x, proches des plus bas historiques. Le PE relatif à l’Eurostoxx est également à un niveau attractif (environ 1,25x vs une moyenne 5 ans de 1,3x).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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