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...
Dustin Group AB: 1 director
A director at Dustin Group AB bought 5,830,000 shares at 13.188SEK and the significance rating of the trade was 68/100. 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 two years cl...
- Martin Arnell
Kambi (Buy, TP: SEK180.00) - Preparing for more action
We reiterate our BUY and SEK180 target price, and expect Q1 to show Kambi is on track to meet its 2024 revenue and EBIT guidance. The near-term outlook is positive in our opinion (key sports events like UEFA Euro 2024, and onboarding new key customers), and a new CEO should be announced soon. We have raised our 2024e EBIT by 3%, and expect more clarity on future potential buybacks (new framework to be put to the AGM).
- 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...
- 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.
Kambi Group Plc: 2 directors
Two Directors at Kambi Group Plc bought 15,000 shares at between 101.700SEK and 105.308SEK. The significance rating of the trade was 53/100. 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 ...
- Martin Arnell
Kambi (Buy, TP: SEK180.00) - Succession in the making
We have cut our 2024e adj. EPS by c30% reflecting Kambi’s cautious revenue guidance, partly explained by the less-attractive terms in the contract extension with Kindred. Consequently, we have cut our target price to SEK180 (235) but reiterate our BUY ahead of the CEO change, re-based consensus, a healthy customer pipeline, intact structural tailwind, and as we remain optimistic on earnings growth in the forecast period.
- 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...
- Simen Aas
Hennes & Mauritz (Buy, TP: SEK180.00) - Positive store contribution in...
The Q4 results marked a weak ending to 2023, and 2024 has started off soft in terms of sales growth. Although H&M expects its store network to be a net positive contributor to 2024 growth, we believe a turn in near-term sales is needed to build investor confidence. We still believe 2025 could mark the first year with a net addition, which is yet to be reflected in consensus. We reiterate our BUY, but have cut our target price to SEK180 (190) on lower estimates.
- Simen Aas
Hennes & Mauritz (Buy, TP: SEK190.00) - Weak Q4 and current trading
We consider this a weak report for H&M, including weaker-than-expected Q4 results, weak current trading, higher-than-expected capex, and a new CEO. We expect c2–4% negative revisions to consensus 2024e adj. EBIT and believe a negative share price reaction is warranted. The weak current trading looks to have been well flagged in the market ahead of the report.
- Martin Arnell
Kambi (Buy, TP: SEK235.00) - An eventful year ahead
We reiterate our BUY but have lowered our target price to SEK235 (250) after cutting our 2024 adj. EPS by 8%. We expect soft Q4 earnings, burdened by player-friendly results (sports margin) and a high drop through. However, the 2024 outlook remains positive, with key sport events and contributions from new key clients. The negatives are more than discounted, we believe.
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