H & M Hennes & Mauritz AB: 1 director

A director at H & M Hennes & Mauritz AB bought 1,850,000 shares at 153.698SEK and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last t...

Betting big, as it should: reiterate BUY

Hennes & Mauritz (Buy, TP: SEK190.00) - Building momentum into 2025

With a scrapped 2024 margin ambition amid weaker than expected sales and a drag from external factors YTD, we believe investor focus is shifting to 2025 as the relaunch of its autumn collection and marketing efforts appear well received by customers, creating optimism for a favourable sales backdrop into the Christmas season and next year. We also remain hopeful for a return to store growth in 2025, supporting sales and profitability. We reiterate our BUY and SEK190 target price.

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/26/2024

‘Soft landing’... the term is in vogue and we think it aptly describes the current situation in the energy market. After a period of “excess profits”, the fundamentals are back in favour and prompt us to revise down our estimates for energy prices. - Alongside renewable energies, pockets of sustainable value creation are emerging for players capable of capitalising on the structural growth in volatility on the electricity markets but which are nonetheless trading at a discount In the U...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 26/09/2024

“Soft landing”… le terme est à la mode et nous pensons qu’il caractérise bien la situation du marché de l’énergie aujourd’hui. Après une parenthèse de « surprofits », les fondamentaux reprennent leur droit et nous conduisent à réviser en baisse nos hypothèses de prix de l’énergie. A côté du renouvelable, des poches pérennes de création de valeur apparaissent pour les acteurs capables de profiter de la croissance structurelle de la volatilité des marchés électriques et qui souffrent ma...

Hennes & Mauritz (Buy, TP: SEK190.00) - Weak Q3, scrapped margin targe...

We consider this a mixed report for H&M, including weak Q3 figures and scrapped 2024 EBIT margin guidance, but strong current trading in September. We expect consensus 2024e adj. EBIT to come down 3–6% on the back of the report and see a negative share price reaction as warranted as we believe the bar was higher into the report given recent share price strength.

H&M : Q3 below, FY margin target cut, positive September trading, SBB ...

>Sales flat, EBIT 25% below consensus, reducing margin target as expected - Today, H&M released results for Q3 2024 to end-August. Q3 sales were flat excluding FX at SEK 59,011m (consensus: SEK 60,386m, ODDO BHFe: SEK 61,083m), or 2% below the consensus. For June, the company already reported a 6% decline in sales in local currencies. As such, July and August were better months. The gross margin was up 20bp at 51.1% (consensus: 51.2%, ODDO BHFe: 51.1%), i.e. in line. ...

Soft Q3 results but strong sales momentum

Brand reignition around the corner?

Hennes & Mauritz (Buy, TP: SEK190.00) - Q3 likely weak, focus on Q4

We are cautious ahead of H&M’s Q3 report, as we are c14% below consensus on Q3e adj. EBIT. Our view reflects a near-term drag on its gross margin from external factors (e.g. freight, currency and raw materials), along with lower average sales prices, higher marketing spend, and markdowns to drive sales. Furthermore, we expect focus to be on current trading figures, along with the margin outlook for Q4 (and into 2025) and should also get an update on its store expansion plans. We reiterate our BU...

Hennes & Mauritz (Buy, TP: SEK200.00) - Muted near-term outlook

With external factors set to burden H2, creating uncertainty for the 10% margin target this year, we believe H&M’s near-term estimate trend is muted. We still like the longer-term equity story, as H&M continues to invest in its store network and online offering, which is yielding results. We reiterate our BUY, but have cut our target price to SEK200 (210) on lower estimates.

Sales growth set to take off

Q2 results roughly in line , but soft current trading. We expect H2'24e sales growth to reach +5% (lccy). TP cut to SEK 195 (205), reiterate BUY into sales acceleration.

Hennes & Mauritz (Buy, TP: SEK210.00) - Weak Q2

We consider this a negative report for H&M, with Q2 EPS slightly missing consensus, weak current trading, and soft commentary regarding its 2024 EBIT margin guidance. We expect a negative share price reaction on the back of the results.

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/27/2024

...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 27/06/2024

...

H&M : Q2 in line, but cautious outlook statements

>Q2 sales up 3% but June down 6% - Today, H&M released results for Q2 2024 which ended in May. Q2 sales increased 3% excluding FX to SEK 59,605m (consensus: SEK 59,614m, ODDO BHFe: SEK 59,046m) and was thus in line with the consensus. This compares to 2% growth in local currencies for the period 1–25 March. The gross margin was up 370bp to 56.3% (consensus: 55.9%, ODDO BHFe: 56.0%), i.e. was a notch better. Operating profit excl. one-offs rose to SEK 7,297m (consensus...

Q2 results in line but softer outlook

A sunkissed second quarter

Good prerequisites for a solid end to Q2. We forecast Q2'24e EBIT of SEK 7.0bn (+47% y-o-y). We raise our '24e-'26e EPS by 5%-3%, reiterate BUY.

Hennes & Mauritz (Buy, TP: SEK210.00) - Better weather to drive sales

We expect good Q2 results (our EBIT forecast is 7% above consensus), driven by decent spring/summer sales on positive weather effects and a continued gross margin recovery helped by commodity prices, transportation costs and inventory management. We reiterate our BUY and have raised our target price to SEK210 (200) on higher estimates.

Hennes & Mauritz (Buy, TP: SEK200.00) - 10% EBIT-margin target in its ...

A strong start to 2024, and spring sales with solid gross margins, have boosted confidence in H&M’s near-term 10% EBIT margin target. We like the store-refurbishment acceleration too, supporting our view of it returning to store growth in 2025e. We reiterate our BUY, but have raised our target price to SEK200 (180) on higher forecasts.