Hermès International : Croissance toujours forte mais une valorisation élevée réduit le caractère défensif du titre
>La croissance au T3 devrait rester confortablement à deux chiffres - Sans grande surprise, la demande adressée au groupe n’a pas fléchi substantiellement ces derniers mois et ce étant entendu que la croissance du CA de 28% y/y tcc publiée pour le T2 reflétait une base de comparaison Asie/Chine très favorable. Nous comprenons que tant aux Amériques (T2 à 20.5%), qu’en Europe (T2 à +22%), en France (T2 à +20%) ou au Japon (T2 à +26%), la croissance sur le T3 n’a pas ...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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