Report
Jean Danjou

Hermès International : Croissance toujours remarquable mais que dire alors de la marge ?

>CA T2 à +19.5% tcc et marge S1 au niveau record de 42.1% - Le groupe publie pour le S1 un CA de 5475 M€ (dont 2710 M€ pour le seul T2, soit une croissance organique y-o-y atteignant 19.5%, vs +27% au T1) et un EBIT de 2304 M€ (marge à 42.1% vs 40.7% au S1 l’an dernier et 38.1% au S2, c’est un nouveau record en absolu pour le groupe). Nous tablions sur un CA de 5237 M€ (T2 : 2472 M€, +10% org.) et un EBIT de 1953 M€ (marge 37.3%) et le consensus Visible Alpha avant p...
Underlying
Hermes International SCA

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.

Provider
Oddo BHF
Oddo BHF

​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.

Analysts
Jean Danjou

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