Financials Hennes & Mauritz AB Deutsche Boerse AG

Equities

HMSB

SE0000106270

Apparel & Accessories Retailers

Market Closed - Deutsche Boerse AG Other stock markets 02:14:20 2024-07-01 EDT			5-day change	1st Jan Change
15.05 ^EUR	+1.01%		-11.94%	-5.49%

07-01	H&M : RBC reiterates its Buy rating	ZD
07-01	French vote, China trade row cast cloud over European earnings	RE

Valuation

Fiscal Period: November	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	305,924	300,561	264,812	190,119	272,519	269,685	-	-
Enterprise Value (EV) ¹	311,310	364,086	304,032	241,047	324,091	319,241	316,966	316,037
P/E ratio	22.8 x	242 x	24.1 x	54 x	31.4 x	19.5 x	16.7 x	15.5 x
Yield	-	-	4.06%	5.57%	3.87%	4.24%	4.62%	5%
Capitalization / Revenue	1.31 x	1.61 x	1.33 x	0.85 x	1.15 x	1.13 x	1.09 x	1.06 x
EV / Revenue	1.34 x	1.95 x	1.53 x	1.08 x	1.37 x	1.34 x	1.29 x	1.24 x
EV / EBITDA	11 x	12.5 x	8.09 x	8.1 x	8.64 x	7.47 x	6.91 x	6.62 x
EV / FCF	16.7 x	16.3 x	7.39 x	13.1 x	13 x	19.2 x	14.8 x	15.2 x
FCF Yield	5.99%	6.12%	13.5%	7.66%	7.71%	5.2%	6.77%	6.59%
Price to Book	5.36 x	5.5 x	4.41 x	3.75 x	5.72 x	5.58 x	5.03 x	4.7 x
Nbr of stocks (in thousands)	1,655,072	1,655,072	1,655,072	1,629,687	1,623,103	1,610,542	-	-
Reference price ²	184.8	181.6	160.0	116.7	167.9	167.4	167.4	167.4
Announcement Date	20-01-30	21-01-29	22-01-28	23-01-27	24-01-31	-	-	-

¹SEK in Million²SEK

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: November	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	232,764	187,031	198,967	223,571	236,035	238,914	246,542	254,904
EBITDA ¹	28,397	29,052	37,575	29,748	37,492	42,745	45,849	47,727
EBIT ¹	17,346	3,099	15,255	7,169	14,537	20,198	22,693	24,205
Operating Margin	7.45%	1.66%	7.67%	3.21%	6.16%	8.45%	9.2%	9.5%
Earnings before Tax (EBT) ¹	17,391	2,052	14,300	6,216	13,010	18,541	21,146	22,912
Net income ¹	13,443	1,243	11,010	3,566	8,752	14,010	16,049	17,390
Net margin	5.78%	0.66%	5.53%	1.6%	3.71%	5.86%	6.51%	6.82%
EPS ²	8.120	0.7500	6.650	2.160	5.350	8.595	10.00	10.80
Free Cash Flow ¹	18,646	22,294	41,155	18,465	24,985	16,586	21,469	20,829
FCF margin	8.01%	11.92%	20.68%	8.26%	10.59%	6.94%	8.71%	8.17%
FCF Conversion (EBITDA)	65.66%	76.74%	109.53%	62.07%	66.64%	38.8%	46.83%	43.64%
FCF Conversion (Net income)	138.7%	1,793.56%	373.8%	517.81%	285.48%	118.38%	133.77%	119.77%
Dividend per Share ²	-	-	6.500	6.500	6.500	7.106	7.742	8.371
Announcement Date	20-01-30	21-01-29	22-01-28	23-01-27	24-01-31	-	-	-

¹SEK in Million²SEK

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: November	2020 S1	2020 S2	2021 S1	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3
Net sales ¹	83,612	103,419	86,569	49,166	54,504	103,670	57,450	62,451	54,872	57,616	112,488	60,897	62,650	123,547	53,669	59,605	113,274	61,246	64,325	55,866	61,372	63,213
EBITDA ¹	-	-	-	5,851	10,197	16,048	7,088	6,612	6,230	10,234	-	10,466	10,562	-	7,482	12,525	20,007	11,145	11,394	8,499	13,236	11,774
EBIT ¹	-3,498	6,597	2,724	458	4,988	5,446	902	821	725	4,741	5,466	4,739	4,332	-	2,077	7,098	9,175	5,565	5,663	3,048	7,731	6,108
Operating Margin	-4.18%	6.38%	3.15%	0.93%	9.15%	5.25%	1.57%	1.31%	1.32%	8.23%	4.86%	7.78%	6.91%	-	3.87%	11.91%	8.1%	9.09%	8.8%	5.45%	12.6%	9.66%
Earnings before Tax (EBT) ¹	-3,978	6,030	2,204	282	4,688	4,913	689	463	396	4,325	4,721	4,373	3,916	-	1,606	6,668	8,274	5,136	5,266	2,652	7,335	5,710
Net income ¹	-3,063	-	1,697	217	3,682	3,899	531	-864	541	3,296	3,837	3,328	1,587	4,915	1,209	4,995	6,196	3,863	3,925	1,998	5,520	4,298
Net margin	-3.66%	-	1.96%	0.44%	6.76%	3.76%	0.92%	-1.38%	0.99%	5.72%	3.41%	5.46%	2.53%	3.98%	2.25%	8.38%	5.47%	6.31%	6.1%	3.58%	9%	6.8%
EPS ²	-1.850	-	1.030	0.1300	2.220	2.360	0.3200	-0.5300	0.3300	2.020	2.350	2.040	0.9700	3.000	0.7500	3.110	3.850	2.419	2.301	1.180	3.520	2.750
Dividend per Share ²	-	-	-	-	-	-	-	6.500	-	-	-	-	3.250	-	-	-	-	-	3.417	-	3.625	-
Announcement Date	20-06-26	21-01-29	21-07-01	22-03-31	22-06-29	22-06-29	22-09-29	23-01-27	23-03-30	23-06-29	23-06-29	23-09-27	24-01-31	24-01-31	24-03-27	24-06-27	24-06-27	-	-	-	-	-

¹SEK in Million²SEK

Estimates

Balance Sheet Analysis

Fiscal Period: November	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	5,386	63,525	39,220	50,928	51,572	49,556	47,281	46,352
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.1897 x	2.187 x	1.044 x	1.712 x	1.376 x	1.159 x	1.031 x	0.9712 x
Free Cash Flow ¹	18,646	22,294	41,155	18,465	24,985	16,586	21,469	20,829
ROE (net income / shareholders' equity)	23.3%	2.2%	19.2%	6.4%	17.7%	29%	31.4%	31.2%
ROA (Net income/ Total Assets)	11.2%	0.84%	6.22%	3.11%	4.82%	6.64%	8.12%	8.6%
Assets ¹	119,638	147,432	177,076	114,508	181,660	211,085	197,624	202,281
Book Value Per Share ²	34.50	33.00	36.30	31.20	29.30	30.00	33.30	35.60
Cash Flow per Share ²	17.50	15.60	27.00	14.90	20.80	14.60	16.80	17.70
Capex ¹	10,340	3,606	3,464	6,011	8,964	11,286	11,038	11,228
Capex / Sales	4.44%	1.93%	1.74%	2.69%	3.8%	4.72%	4.48%	4.4%
Announcement Date	20-01-30	21-01-29	22-01-28	23-01-27	24-01-31	-	-	-

¹SEK in Million²SEK

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Hennes & Mauritz AB

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

167.4 SEK

Average target price

174.9 SEK

Spread / Average Target

+4.43%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Apparel & Accessories Retailers

	1st Jan change	Capi.
INDITEX	+16.41%	155B
FAST RETAILING CO., LTD.	+15.80%	77.33B
ROSS STORES, INC.	+4.95%	48.48B
KERING	-15.79%	44.46B
BURLINGTON STORES, INC.	+19.82%	15.15B
NEXT PLC	+12.34%	13.69B
TAPESTRY, INC.	+14.07%	9.83B
ABERCROMBIE & FITCH CO.	+109.24%	9.09B
THE GAP, INC.	+11.29%	8.96B

Other Apparel & Accessories Retailers