We maintain Hermes’ wide moat rating but see shares as richly valued at current levels.
We are not making changes to our wide moat rating and fair value estimate following Hermes' first-quarter results, which were slightly above consensus. We see shares as currently overvalued.Hermes sales grew by 11.2% on a constant currency basis, with 13% growth in its own stores. Regionally, as for its competitors, Asia excluding Japan was strong with 16% sales growth driven by mainland China as well as improvements in Hong Kong and Macau. Hermes brand, unlike some competitors, remains strong ...
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
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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