Hermes Delivers Solid Performance in 2Q; FVE Maintained
We are maintaining our wide-moat ratingand fair value estimate of 364 EUR per share for Hermes International as the company reported
solid first-half sales figures. We view shares as expensive. Revenues
improved by 15.1% at actual exchange rates (versus 11.3%, our annual
projection). At constant exchange rates, revenues improved by 12% in first-half 2019 and by 12.3% in the second quarter. Hermes expects a slightly
lower operating margin for the first half of the year, dampened by an unfavorabl...
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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