Stratégie MT réaffirmée mais 2016 impactée - ACHAT - OC 123€ (vs 129€)
Hier, Hugo Boss a organisé un Investor Day en Allemagne. Alors que la guidance 2015 est maintenue (croissance du CA à changes constants et de l’EBITDA de +3-5%), le management a prévenu que la croissance du CA en 2016 serait en dessous de la guidance moyen terme (croissance high-single digit), ce qui semble intégré par le consensus. L’objectif d’une marge d’EBITDA de 25% à horizon 2020 ne sera atteint que si la dynamique du marché s’améliore. Nous réitérons notre recommandation à ACHAT avec un objectif de 123€ vs 129€ préc. Même s’il n’y a pas de catalyseur positif à CT, la valorisation semble attractive aujourd’hui, Hugo Boss se payant 16x PE 2016e, ce qui fait ressortir une décote de 9% par rapport au secteur.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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