Strong Position in Menswear Market Grants Hugo Boss a Narrow Moat; Shares a Bit Rich
We are initiating coverage of Hugo Boss with a narrow moat rating, stable moat trend rating, and fair value estimate of EUR 62 per share. Our valuation implies a 2017 adjusted earnings multiple of 17.3 and enterprise value/EBITDA of 8.5.We believe Hugo Boss benefits from a brand intangible asset moat source through its strong position (almost 10% market share) and brand recognition in designer menswear as well as solid control over distribution channels (more than 60% of its revenue is generat...
HUGO BOSS Group is engaged in the global apparel market. The Group, which is based in Metzingen Germany employs almost 12,500 people, generated annual sales of EUR 2.4 billion in fiscal year 2013 and is an apparel manufacturer. The Group focuses on developing and marketing high-end women's and men's fashion and accessories. With its brand including the BOSS core brand, the lines BOSS Orange, BOSS Green and the progressive brand HUGO, Co. targets different, consumer groups. The brands consists of modern business wear, evening wear and sportswear, shoes and leather accessories as well as licensed fragrances, eyewear, watches, children's fashion, home textiles and mobile accessories.
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