Strong Third-Quarter Results for Hermes Lift Our Fair Value Estimate; Shares Remain Overvalued
Wide-moat Hermes delivers solid sales results for another quarter despite a challenging environment in some of the key markets. As a result, we increase our fair value estimate to EUR 300, up from EUR 282, to reflect our more optimistic near-term top-line assumptions. We reiterate our wide moat rating, which is based on the strength of the Hermes brand.Third-quarter organic growth of 9% puts Hermes on track to beat our full-year forecast; as a result we are raising our full-year forecast from t...
Hermes International is engaged in the manufacture, sale, and distribution of luxury goods primarily in France, rest of Europe, Japan, Asia-Pacific, and Americas. Co.'s activities can be divided into two segments: the distribution via Co.'s exclusive network and the distribution via specialist outlets. The distribution via Co.'s exclusive network comprises silks and textiles, leather goods and saddlery, ready-to-wear and fashion accessories (men and women's clothing, belts, jewellery accessories, gloves, hats and shoes), and other goods (jewellery and products of the art of living department). The distribution via specialist outlets comprise perfumes, tableware and watches.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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