INVEST SECURITIES - Hugo Boss : Vulnérable à une prise de profits à CT - ACHAT, OC 78€ vs 83€
Le groupe allemand a dévoilé des résultats 2017 sans surprise mais la guidance d'EBITDA 2018 est d'environ 4% en dessous des attentes. Nous abaissons nos estimations d'EBITDA 2018/19e de -3% pour intégrer un effet devises négatif plus prononcé qu'attendu et une croissance top-line un peu plus prudente. Nous conservons notre recommandation ACHAT (obj. de 78€ vs 83€) compte tenu à la fois du redressement de la top-line et du potentiel d'amélioration des marges à MT. La performance pourrait néanmoins être freinée à CT à cause d'une valorisation relative en haut de fourchette et de la guidance prudente.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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