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Extensive research

Value creation is always in fashion

By Rauli JuvaAnalyst
H&M
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We believe H&M is on an improving margin trend and will get close to its 10% margin target in 2024, driving a substantial earnings growth y/y during 2023-24. We see solid growth potential for this globally strong fashion brand.

H&M

148.08SEK09.10.2023, 18.00
165SEKTarget price
Accumulate
Recommendation updated:09.10.2023

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.

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Key Estimate Figures09.10.2023

202223e24e
Revenue223,553.0237,615.0241,000.0
growth-%12.4 %6.3 %1.4 %
EBIT (adj.)9,760.014,905.521,595.7
EBIT-% (adj.)4.4 %6.3 %9.0 %
EPS (adj.)3.746.249.45
Dividend6.506.507.00
Dividend %5.8 %4.9 %5.3 %
P/E (adj.)30.021.214.0
EV/EBITDA7.97.06.3
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