Hermes International : Still in great shape
>Demand still strong at the end of the year, growth not a concern - The group benefited from favourable comps in Q4 (growth y-o-y cc at only 11% in Q4 2021 whereas it stood at +42% for the full year) and, on this basis, it makes sense to forecast double-digit growth (we expected +13.6%). We have no reason to think that revenues did not deliver, and we believe that the group could achieve a few points above this (consensus in the 14-17% range). The top line performance...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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