contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment CompanyTagList on Company {
  pageUrl
  name
  viewerIsFollowing
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    ...CompanyTagList
    id
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
      id
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    id
    name
    pageUrl
    viewerIsFollowing
    defaultInstrument {
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


handm-q224-earnings-preview-positive-margin-trend-set-to-continue

__typename

title

isPremium

lang

htmlBody

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Rauli Juva

Hennes & Mauritz is a retail chain. The range consists of clothing, shoes, and accessories. The group also includes brands such as COS, Monki, Weekday, Cheap Monday, and Other Stories. Today, the company also conducts business in home furnishings via H&M Home. The company has a presence in all global regions. H&M was originally founded in 1947 and is headquartered in Stockholm, Sweden. 

H&M will report its Q2’24 (March-May) results on Thursday at 8:00 am CET. We expect revenue to be flattish in local currencies, but EBIT to improve clearly, supported by both gross margin improvement and lower opex. The company has said its targeting 10% EBIT margin in 2024, which looks optimistic to us as we expect only 7.9%, while the consensus is at 8.9%.

<img src="https://content.inderes.se/assets/fbc82f31-1a3d-428d-9e79-2cea959525ba?width=1254&amp;height=514" alt="Screenshot 2024 06 25 at 10.16.31">
H&amp;M will report its Q2&#x2019;24 (March-May) results on Thursday at 8:00 am CET. We expect revenue to be flattish in local currencies, but EBIT to improve clearly, supported by both gross margin improvement and lower opex. The company has said its targeting 10% EBIT margin in 2024, which looks optimistic to us as we expect only 7.9%, while the consensus is at 8.9%. Revenue expected to grow slightly
We expect H&amp;M&#x2019;s revenue in local currencies to be flattish and to grow some 1 % in SEK with modest growth in all regions. Consensus is expecting 3% growth in SEK. The growth figures have been flat or negative for the last four quarters, so in our view the comparison figures are not challenging.
Margins expected to continue improving H&amp;M&apos;s margins were already at a decent level in the comparable period, but we see further gross margin improvement, albeit to a much lesser extent than the consensus. This is supported by easing pressure from external costs, which we believe could be partially mitigated by lower prices. H&amp;M&apos;s efficiency program should also help keep opex/revenue on a declining trend. Overall, this supports an EBIT margin improvement of more than 2pp in our forecasts, while the consensus expects an improvement of around 4pp.
10% EBIT margin target for 2024 continues to look challenging
H&amp;M does not give financial guidance but has said that it aims for an EBIT margin of 10% in 2024. We forecast an EBIT margin of 7.9% in 2024, so we would not be surprised to see more cautious comments around the margin target, although getting at least close to it is still within reach with good execution. The cost and margin environment in 2024 looks quite stable, which we see as supportive for H&amp;M&#x2019;s expected margin improvement. We are expecting flattish sales development in local currencies in 2024 so the revenue growth needs to pick up after the decline in Q1. 
&#xa0;

	2023	24e	25e
Revenue	236,035.0	237,069.0	247,555.0
growth-%	5.6 %	0.4 %	4.4 %
EBIT (adj.)	13,538.0	20,737.4	23,718.9
EBIT-% (adj.)	5.7 %	8.7 %	9.6 %
EPS (adj.)	4.73	8.81	10.42
Dividend	6.50	7.00	7.50
Dividend %	3.7 %	4.9 %	5.2 %
P/E (adj.)	37.4	16.3	13.8
EV/EBITDA	9.0	6.7	6.1

H&M Q2’24 earnings preview: Positive margin trend set to continue

H&M

Key Estimate Figures28.03.2024

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