Hermes International : Growth still strong but the lofty valuation reduces the share's defensive aspect
>Q3 growth should remain comfortably in double digits - Much as expected, demand for the group’s products has not fallen substantially in recent months bearing in mind that the sales growth of +28% y-o-y at CER reported for Q2 reflected a very favourable base of comparison in Asia/China. We understand that in the Americas (Q2 at 20.5%), Europe (Q2 at +22%), France (Q2 at +20%) as well as Japan (Q2 at +26%), growth did not fall off significantly and could remain close ...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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