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 ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...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
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    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
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

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


__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Rauli Juva

H&M, Hennes & Mauritz, is a Swedish company that designs, produces and sells clothing and fashion items including accessories and home textiles. The company targets fashion-conscious consumers and collaborates with suppliers worldwide. H&M operates globally through both stores and e-commerce. The company was founded in 1947 and is headquartered in Stockholm, Sweden.

Lucas has published a new company report on H&M regarding Q1  In our view, H&M’s Q1 report did not contain any major surprises. The overall picture remains unchanged; the company still faces challenges in growing sales, while profitability improvements are primarily supported by internal initiatives and external factors, rather than revenue growth. In our view, valuation levels remain high, and due to ongoing revenue-related concerns, we continue to consider the risk-reward ratio unattractive.                   Inderes              H&M Q1’26: Vaimea myynnin kasvu jää kannattavuusparannuksen varjoon - Inderes    H&M:n Q1-raportti ei mielestämme sisältänyt suuria yllätyksiä. Kokonaiskuva pysyy ennallaan; yhtiöllä on edelleen haasteita myynnin kasvattamisessa, kun taas kannattavuuden paranemista tukevat ensisijaisesti sisäiset aloitteet ja ulkoiset tekijät,...

Here are Lucas’s preliminary comments as the company releases its Q1 results on Thursday, March 26 (Q1: Dec 1, 2025 – Feb 28, 2026)  We believe H&M’s Q1 (December-February) revenue growth remained subdued, and we have therefore slightly revised our revenue forecasts downwards. However, we continue to believe that supply chain efficiencies, strong operational cost discipline, and external margin-supportive factors will support profitability. In our view, valuation levels remain elevated, and due to ongoing revenue-related concerns, we continue to see the risk/reward ratio as unattractive. As a result, we reiterate our sell recommendation and a target price of SEK 155 per share.                   Inderes              H&M Q1’26 -ennakko: Liikevaihdon kehitys huolestuttaa edelleen - Inderes    Uskomme liikevaihdon kasvun pysyneen vaisuna Q1:llä, ja olemme siksi tarkistaneet liikevaihtoennusteitamme hieman alaspäin.

Lucas has published a new company report following H&M’s Q4  H&M’s Q4 results once again exceeded expectations, increasing our confidence that a gradual recovery in profitability is taking shape. Although operational cost control was strong this quarter, sales growth remained modest, which we consider critical for reaching its long-term margin targets. In our view, valuation levels remain elevated, and considering the ongoing revenue-related concerns, we still find the risk-reward ratio unattractive. As a result, we reiterate our sell recommendation but raise our target price to SEK 155 per share (previously SEK 140 per share), primarily due to increased earnings estimates.                   Inderes              H&M Q4'25: Hidas kasvu, vahvempi kannattavuuden toteutus - Inderes    H&M:n Q4-tulos ylitti jälleen odotukset, mikä lisää luottamustamme siihen, että asteittainen kannattavuuden elpyminen on muotoutumassa. Vaikka operatiivinen kulukuri oli vahvaa tällä neljänneksellä, myynnin kasvu pysyi vaatimattomana, mitä...

Here is an earnings preview from Lucas as H&M releases its Q4 results on January 29.  We believe consumer demand remained sluggish in H&M’s Q4 (September-November), even though supply chain efficiencies and external margin tailwinds supported profitability. We have lowered our earnings forecasts for 2025 and subsequent years, but margins remain largely unchanged, reflecting our confidence that H&M will continue its strong cost discipline. We still see the stock as expensive at current valuation levels and reiterate our sell recommendation.                   Inderes              H&M Q4'25 -ennakko: Kasvu pysyy pehmeänä - Inderes    Uskomme kuluttajakysynnän pysyneen vaisuna H&M:n Q4:llä (syys-marraskuu), vaikkakin toimitusketjun tehostumisen ja ulkoisten marginaalimyötätuulien pitäisi tukea kannattavuutta. Olemme laskeneet tulosennusteitamme vuodelle 2025 ja sen jälkeiselle...

Our own @lucas.mattsson comments on H&M’s development in the article below: H&M at a 14-month high – analyst: What determines the share price | EFN.se

Below is news on how H&M is launching a SEK 1 billion share buyback to return money to shareholders and at the same time tidy up its capital structure. The program is, however, small, i.e., only about 0.4% of the company’s value and concerns B-shares. According to the article, the debt level is still within the target range. https://www.investing.com/news/stock-market-news/hm-launches-sek1bn-share-buyback-program-to-adjust-capital-structure-93CH-4372249

Hi! My name is Lucas, and I cover H&M, among other things. Since our forum has now switched to multilingual mode, you can ask me questions, and I will participate in the discussion here.

H&M’s Q4 sales development was slightly behind our forecast, leading to minor estimate cuts. The share has performed well since our initiation and the multiples have corrected to quite fair levels in our view (P/E 19x for 2024). 

<p>H&amp;M&rsquo;s Q4 sales development was slightly behind our forecast, leading to minor estimate cuts. The share has performed well since our initiation and the multiples have corrected to quite fair levels in our view (P/E 19x for 2024).&nbsp;</p>

	2022	23e	24e
Revenue	223,553.0	235,958.0	233,764.0
growth-%	12.4 %	5.5 %	-0.9 %
EBIT (adj.)	9,760.0	14,523.1	21,332.7
EBIT-% (adj.)	4.4 %	6.2 %	9.1 %
EPS (adj.)	3.74	6.06	9.38
Dividend	6.50	6.50	7.00
Dividend %	5.8 %	3.8 %	4.1 %
P/E (adj.)	30.0	28.4	18.3
EV/EBITDA	7.9	8.8	7.9

Multiples now at fair levels

Key Estimate Figures18.12.2023

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