Hermes Continues to Deliver Strong Results Boosted by Asia; Shares Expensive
We are maintaining our wide moat rating and fair value estimate of EUR 364 per share for Hermes as the company reported first-quarter constant-currency sales growth of 11.6%, ahead of our 8.9% full-year expectation. Leather goods division sales grew 12.5% versus the 10% we expect for the year. Management highlighted increased product diversity in this division with 10 recently launched or older relaunched bag models driving growth. Increasing diversity of product offerings in this core division ...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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