reports
H & M Hennes & Mauritz AB: 1 director
A director at H & M Hennes & Mauritz AB bought 1,700,000 shares at 166.391SEK 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...
- Ana Arjona-Martinez
- Antonio Rodriguez Vicens
Inditex : Recent growth acceleration shows structural features, which ...
>Latest data leads us to raise our estimates… - The +11% sales growth at constant FX from the latest trading update compares to the 7.4% we were previously expecting for FY 2024 or to 8.5% for Q1 2024, as mentioned in our latest note on the FY 2023 results, and shows that the company’s trend of strong growth continues. The 5% increase in gross space anticipated for 2024 should easily lead to a c.2% net space contribution. Over the last few years, such new space is co...
- 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
- Florent Laroche-Joubert
- Jean-Baptiste Rouphael
- Stefano Toffano
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 13/03/2024
L’année 2024 sera marquée par l’élection présidentielle américaine et l’annonce des rabais pour les 10 médicaments dont les prix sont dorénavant négociés directement par Medicare dans le cadre de l’IRA. Nous tablons sur une croissance des BPA 24e de 8% et relevons nos OC de 1% en moyenne. Nous privilégions GSK (Surperformance) qui allie valorisation attractive, croissance et newsflow. Nous maintenons notre recommandation Surperformance sur Sanofi qui devrait bénéficier d’un catalyseur...
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- Baptiste Salaville
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- Jean-Baptiste Rouphael
- Stefano Toffano
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/13/2024
2024 is set to be marked by the US presidential election and the announcement of rebates for the 10 drugs for which prices are now negotiated directly through Medicare under the IRA. We forecast EPS 24e growth of 8% and lift our target prices by 1% on average. We prefer GSK (Outperform) which combines an attractive valuation, growth and clinical newsflow. We maintain our Outperform rating on Sanofi which should benefit from a transformative clinical catalyst in H1. We lower our rating...
RNO RENAULT SA
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ROG ROCHE HOLDING LTD
NOVN NOVARTIS AG
EOAN E.ON SE
G ASSICURAZIONI GENERALI S.P.A.
ZAL ZALANDO SE
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- Ana Arjona-Martinez
- Antonio Rodriguez Vicens
Inditex : +11% trading update means growth remains strong; in-line res...
>Strong growth remains and opex is fully under control - Inditex’s Q4 2023 results were in line with both the consensus and our estimates at the P&L level due to almost no differences in sales performance (0.1% or € 6m a above our estimates) with gross profit 1.0% above consensus and 1.1% below our estimates (€ 54m above and € 62m below respectively) and with such limited differences maintained in relative terms but reduced in absolute terms at EBITDA level (€ 23m ab...
- Simen Aas
Hennes & Mauritz (Buy, TP: SEK180.00) - A good start to the spring nee...
We expect focus in the Q1 report to be on the start to spring sales and the gross margin recovery. Longer-term, we still expect a return to store growth following its entry into Brazil, and we will look for updates on this throughout 2024. We reiterate our BUY and SEK180 target price.
- Jerôme Bodin
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- Jerôme Bodin
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- Ana Arjona-Martinez
- Antonio Rodriguez Vicens
Inditex : Top line growth and solid margins to continue proving the co...
>Q4 2023 should maintain strong top line growth - We expect Q4 results (to be published on 13 March) to maintain strong sales growth of 8.6% y-o-y following the positive data reported in 9M and assuming a deceleration in the second half of the quarter (similar to the one experienced during Q3): trading update was +14% y-o-y sales growth at constant FX from 1 November to 11 December, which compares to +14.9% in 9M. In fact, we are estimating +12% at constant FX, as we...
- Bruno Cavalier
- Jerôme Bodin
ROG ROCHE HOLDING LTD
SSAB A SSAB AB CLASS A
ABB ABB LTD.
VIV VIVENDI SE
G ASSICURAZIONI GENERALI S.P.A.
SAN SANOFI
SOLB SOLVAY SA
HM B H&M HENNES & MAURITZ AB CLASS B
ASRNL ASR NEDERLAND NV
SKF B SKF AB CLASS B
INGA ING GROEP NV
LDO LEONARDO SPA
SHL SIEMENS HEALTHINEERS AG
DSY DASSAULT SYSTEMES SA
SHEL SHELL PLC
- Bruno Cavalier
- Jerôme Bodin
ROG ROCHE HOLDING LTD
SSAB A SSAB AB CLASS A
ABB ABB LTD.
VIV VIVENDI SE
G ASSICURAZIONI GENERALI S.P.A.
SAN SANOFI
SOLB SOLVAY SA
HM B H&M HENNES & MAURITZ AB CLASS B
ASRNL ASR NEDERLAND NV
SKF B SKF AB CLASS B
INGA ING GROEP NV
LDO LEONARDO SPA
SHL SIEMENS HEALTHINEERS AG
SHEL SHELL PLC
- Ana Arjona-Martinez
- Antonio Rodriguez Vicens
H&M : Q4 2023 results below estimates, trading update -4% and new CEO
>P&L and trading update below, with Opex 3% above our estimates - H&M’s Q4 2023 results fell short of both our and consensus estimates, with gross profit in line (SEK 33,657m vs SEK 33,642m in our estimates), EBITDA of SEK 10,573m, i.e. SEK 598m or 5% below, EBIT of SEK 4,332m, i.e. SEK 1,078m or 20% below, and net profit of SEK 1,576m vs SEK 3,464m estimated, i.e. SEK 1,888m or 55% below. This underperformance vs our estimates resulted from higher Opex, higher D&A a...
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