Hermès International : Croissance sous contrainte en fin d’année mais profitabilité record
>Pas de surprise sur les ventes T4 mais la profitabilité reste très élevée au S2 avec une marge EBIT à 38.1% - Le CA 2021 de Hermès ressort à 8 982 M€ (croissance org y/y à c.42%) pour un EBIT de 3 530 M€ (marge à 39.3%), ce qui correspond à un CA T4 de 2 380 M€ en croissance org de c11% (+28% à 2 ans) et à un EBIT S2 à 1 808 M€, soit une marge de 38.1% (la marge au S1 était de 40.7%). Nos prévisions annuelles (CA 8 855 M€, EBIT 3 326 M€) reflétaient un CA T4 à 2 253 ...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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