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Hennes & Mauritz AB Class B HM B

Rating as of

Morningstar’s Analysis

Currency in SEK
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H&M's Rebound From Coronavirus Pandemic Is Hindered by Currencies, China; Profit Development Solid

Jelena Sokolova, CFA Senior Equity Analyst

Analyst Note

| Jelena Sokolova, CFA |

We are maintaining our fair value estimate of SEK 168 for no-moat Hennes & Mauritz as the company reported an expected uplift in third-quarter revenue and improvement in its operating margin to 11.3%. Shares look fairly valued.

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Company Profile

Business Description

Hennes & Mauritz is a global multibrand fashion conglomerate that was founded in 1947. Its flagship H&M brand accounts for most of revenue (90%), but the newer brands (COS, &Other Stories, Monki, Weekday, and newly launched Arket) are growing more quickly. H&M commands low-single-digit market share in a fragmented global apparel market. Just under 70% of revenue is generated in Europe and Africa, 15% in Asia and Oceania, and 16% in North and South America. The company operates over 5,000 stores globally (60% of those in Europe), of which 4,429 are H&M-brand stores.

Master Samuelsgatan 46A
Stockholm, SE-106 38, Sweden
T +46 87965500
Sector Consumer Cyclical
Industry Apparel Manufacturing
Most Recent Earnings Aug 31, 2021
Fiscal Year End Nov 30, 2021
Stock Type
Employees 153,000