Hermes’ 4Q 2018 Sales In Line With Expectations. Shares Expensive
We are maintaining our wide-moat rating and fair value estimate of EUR 347 for Hermes as the company reported full-year sales 2018 in line with our expectations. In the fourth quarter revenue increased by 9.6% at constant currencies, matching our expectations, and at 10.1% in EUR terms. As in previous quarters, growth was driven by volumes with little scope and price effect. Operating margin for 2018 (published on March 20) is expected to be 34%, in line with our forecasts. For the next year, He...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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