Hermès International : Pas si différent de l’industrie sur le T2, nous abaissons modérément nos prévisions
>Notre prudence récente sur le titre apparaît justifiée - Quoique toujours résolument convaincus des mérites intrinsèques de la franchise, nous avions abaissé notre recommandation à Neutre sur le titre début juin car nous pensions que sa performance récente (en particulier performance ytd nettement positive) le plaçait un peu en porte à faux dans le contexte de chiffres 2020 qui vont forcément être très impactés par la crise pandémique. Notre sentiment à la lumière d’...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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