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H & M Hennes & Mauritz AB: 2 directors
A director at H & M Hennes & Mauritz AB bought 1,990,000 shares at 173.942SEK 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...
SSAB AB: 2 directors
Two Directors at SSAB AB bought 15,813 shares at between 60.100SEK and 61.060SEK. The significance rating of the trade was 70/100. 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...
- Johannes Grunselius
SSAB (Buy, TP: SEK100.00) - Impressive earnings resilience
Q1 proved another solid quarter, aided by impressive earnings resilience in SSAB Special Steels and SSAB Europe. While we have lowered our 2024-25 forecasts for SSAB Americas, this is offset by a more positive view on SSAB Special Steels and SSAB Europe, meaning our group earnings are largely unchanged. We reiterate our BUY, but given the stock is now trading ex-dividend (DPS of SEK5), we have lowered our target price to SEK100 (SEK105).
- Chaima Ferrandon
- Sven Edelfelt
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- Emna Ben Bdira
- Maxime Kogge
SSAB : Sound Q1 results thanks to Special Steels and Europe, decent Q2...
>Q1 a strong beat on Europe and Special Steels, Americas more underwhelming - SSAB delivered better-than-expected Q1 results with EBITDA at SEK 4.1bn, 18% > consensus and 26% > ODDO BHF. The beat was essentially driven by the Special Steels division which achieved SEK 2.1bn of EBITDA, 45% > consensus on very sound volume growth (+17% q-o-q) as good demand in material handling offset weakness in construction. Europe also outperformed with EBITDA at SEK 0.6bn, 44% > con...
- Emna Ben Bdira
- Maxime Kogge
SSAB : Sound Q1 results thanks to Special Steels and Europe, decent Q2...
>Q1 a strong beat on Europe and Special Steels, Americas more underwhelming - SSAB delivered better-than-expected Q1 results with EBITDA at SEK 4.1bn, 18% > consensus and 26% > ODDO BHF. The beat was essentially driven by the Special Steels division which achieved SEK 2.1bn of EBITDA, 45% > consensus on very sound volume growth (+17% q-o-q) as good demand in material handling offset weakness in construction. Europe also outperformed with EBITDA at SEK 0.6bn, 44% > con...
- Johannes Grunselius
SSAB (Buy, TP: SEK105.00) - Transformational story is unfolding
Due to negative effects from the ongoing strikes in Finland and a more cautious view on prices for the America’s division, we have cut our EBITDA for 2024e by c9%. More importantly, we have also revised our long-term forecast following SSAB’s cSEK50bn capex plan to turn the Lulea steel mill into a new fossil-free mini-mill system by 2028e that we estimate will mean at least SEK5bn structurally higher annual EBITDA. Reflecting the estimate cuts and heavier capex than previously assumed, we have c...
- Simen Aas
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.
- Ana Arjona-Martinez
- Antonio Rodriguez Vicens
H&M : Good results on the back of outperformance from COGS
>Higher gross margin more than offsets in-line sales and higher opex… - H&M’s Q1 2024 results were ahead of our and consensus estimates (EBITDA 9.4% above consensus and 7.8% above our estimates) due to stronger tailwinds from COGS (5.8% lower than estimated) and despite in-line sales in the quarter (0.6% above consensus and 0.6% below our estimates). The better performance from COGS fed through to the rest of the P&L, obviously with a positive leverage effect, le...
- Aurore Tigerschiöld
- Aurore Tigerschiöld
- Simen Aas
Hennes & Mauritz (Buy, TP: SEK180.00) - Strong Q1
We consider this a positive report for H&M, including EBIT 53% above consensus, a reiterated 2024 EBIT margin target, and decent start to spring sales. We expect consensus 2024e adj. EBIT to come up by 5%+ on the back of the Q1 report, and believe a positive share price reaction is warranted.
- Ana Arjona-Martinez
- Antonio Rodriguez Vicens
- Ana Arjona-Martinez
- Antonio Rodriguez Vicens
- Ana Arjona-Martinez
- Antonio Rodriguez Vicens
H&M : Top line growth is key and necessary for an inflection point
>We are lowering our estimates after disappointing results in the last quarters, especially in Q4 2023, showing the challenges faced by the company… - We continue to think that H&M needs a significant change in its model in order not to lose market share, and that the results published over the last few quarters are testimony of the difficulty in achieving such transformation. The decline in sales in the last reported quarter, as well as the negative top line growth p...
- Baptiste Salaville
- Bruno Cavalier
- Jean Danjou
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- Emna Ben Bdira
- Maxime Kogge
SSAB : Preview T1 : impacté par la grève en Finlande et la baisse des ...
>Environnement de marché plus faible qu’attendu notamment sur les plates US - Dans la continuité de 2023, SSAB affiche la meilleure performance boursière du secteur depuis le début 2024, en hausse (modeste) de 1,5%, grâce à ses positions sur les aciers spéciaux et aux US qui le rendent moins sensible que les autres acteurs à la dégradation actuelle du marché de l’acier due à la faible conjoncture en Chine. Toutefois, le groupe n’est pas complètement à l’écart. En part...
- Emna Ben Bdira
- Maxime Kogge
SSAB : Q1 preview: affected by Finland strike and falling US plate ste...
>Weaker market environment than expected, notably in US plate steel - Carrying on from 2023, SSAB has posted the best share performance in the sector year-to-date, up a (modest) 1.5%, thanks to its positions in special steels and in the US, which make it less sensitive than other players to the current deterioration of the steel market due to the weak Chinese economy. However, the group is not completely shielded. In particular, US plate prices continue to trend downw...
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