Hugo Boss' Profit and Guidance as Expected; Maintaining FVE
We retain our narrow moat rating and fair value estimate of EUR 62 per share for Hugo Boss, which reported 2017 profits and provided 2018 guidance in line with our expectations.The company projects low- to mid-single-digit revenue growth in 2018, adjusted for currencies, compared with our expectations for 3% growth. Operating margin is expected to be flat, driven by increasing investments in the business (also largely in line with our expectations). We believe that higher marketing investments ...
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