![H&M Q2'24: Strong Q2, but more margin pressure in H2](https://www.inderes.se/cdn-cgi/image/format=auto,width=640,height=358,quality=90,fit=cover/https://content.inderes.se/assets/ceeffbfc-fd7b-40d9-9840-4beab77277d5.png)
H&M
165.95 SEK +0.21%3,716 investors are following this company
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.
P/E (24e)
19.02
EV/EBIT (adj.) (24e)
15.66
P/B (24e)
5.25
Dividend yield-% (24e)
4.22 %
Target price
170.00 SEK
Recommendation
Reduce
Updated
28.6.2024
NASDAQ Stockholm
HM B
Daily low / high price
164.75 / 166.65
SEK
Market cap
267.27B SEK
Turnover
256.28M SEK
Volume
1.5M
Business risk
Valuation risk
Current
Previous
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Rauli Juva
Analyst
Financial calendar
Interim report
2024-09-26
Half year dividend
2024-11-07
Annual report
2025-01-30
Interim report
2025-03-27
Major OwnersSource: Millistream Market Data AB
Owner | Capital | Votes |
---|---|---|
Stefan Persson and family | 59.9 % | 80.8 % |
Lottie Tham | 5.5 % | 2.6 % |
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Income statement
2020 | 2021 | 2022 | 2023 | 2024e | 2025e | 2026e | 2027e | |
---|---|---|---|---|---|---|---|---|
Revenue | 187,031.0 | 198,967.0 | 223,553.0 | 236,035.0 | 239,274.0 | 249,800.0 | 261,827.0 | 274,600.0 |
growth-% | -19.6 % | 6.4 % | 12.4 % | 5.6 % | 1.4 % | 4.4 % | 4.8 % | 4.9 % |
EBITDA | 29,052.0 | 37,575.0 | 29,748.0 | 37,492.0 | 42,186.0 | 46,515.9 | 47,624.6 | 49,027.1 |
EBIT (adj.) | 3,099.0 | 15,255.0 | 9,760.0 | 13,538.0 | 20,482.0 | 23,799.9 | 24,856.5 | 26,047.2 |
EBIT | 3,099.0 | 15,255.0 | 7,169.0 | 14,537.0 | 20,283.0 | 23,799.9 | 24,856.5 | 26,047.2 |
Profit before taxes | 2,052.0 | 14,300.0 | 6,216.0 | 13,010.0 | 18,482.0 | 22,299.9 | 23,656.5 | 25,547.2 |
Net income | 1,243.0 | 11,010.0 | 3,566.0 | 8,723.0 | 13,852.0 | 16,836.5 | 17,860.7 | 19,288.2 |
EPS (adj.) | 0.75 | 6.65 | 3.74 | 4.73 | 8.72 | 10.45 | 11.09 | 11.98 |
growth-% | -90.8 % | 785.8 % | -43.8 % | 26.4 % | 84.5 % | 19.8 % | 6.1 % | 8.0 % |
Dividend | 0.00 | 6.50 | 6.50 | 6.50 | 7.00 | 7.50 | 8.50 | 11.98 |
Dividend ratio | 97.7 % | 299.8 % | 120.9 % | 81.4 % | 71.7 % | 76.6 % | 100.0 % |
Profitability and return on capital
2020 | 2021 | 2022 | 2023 | 2024e | 2025e | 2026e | 2027e | |
---|---|---|---|---|---|---|---|---|
EBITDA-% | 15.5 % | 18.9 % | 13.3 % | 15.9 % | 17.6 % | 18.6 % | 18.2 % | 17.9 % |
EBIT-% (adj.) | 1.7 % | 7.7 % | 4.4 % | 5.7 % | 8.6 % | 9.5 % | 9.5 % | 9.5 % |
EBIT-% | 1.7 % | 7.7 % | 3.2 % | 6.2 % | 8.5 % | 9.5 % | 9.5 % | 9.5 % |
ROE | 2.2 % | 19.2 % | 6.4 % | 17.7 % | 28.1 % | 31.4 % | 30.1 % | 29.6 % |
ROI | 3.0 % | 11.7 % | 5.7 % | 11.7 % | 16.1 % | 18.7 % | 19.6 % | 20.2 % |
Valuation
2020 | 2021 | 2022 | 2023 | 2024e | 2025e | 2026e | 2027e | |
---|---|---|---|---|---|---|---|---|
Share price (SEK) | 172.00 | 178.08 | 112.24 | 176.62 | 165.95 | 165.95 | 165.95 | 165.95 |
Shares | 1,655.1 | 1,655.1 | 1,645.0 | 1,622.0 | 1,610.5 | 1,610.5 | 1,610.5 | 1,610.5 |
Market cap | 284,672.0 | 294,734.9 | 184,634.8 | 286,477.6 | 267,262.5 | 267,262.5 | 267,262.5 | 267,262.5 |
Enterprise value | 348,197.0 | 333,954.9 | 235,562.8 | 338,049.6 | 320,752.5 | 318,894.6 | 317,703.4 | 317,340.9 |
EV/S | 1.9 | 1.7 | 1.1 | 1.4 | 1.3 | 1.3 | 1.2 | 1.2 |
EV/EBITDA | 12.0 | 8.9 | 7.9 | 9.0 | 7.6 | 6.9 | 6.7 | 6.5 |
EV/EBIT (adj.) | 112.4 | 21.9 | 24.1 | 25.0 | 15.7 | 13.4 | 12.8 | 12.2 |
EV/EBIT | 112.4 | 21.9 | 32.9 | 23.3 | 15.8 | 13.4 | 12.8 | 12.2 |
P/E (adj.) | 229.0 | 26.8 | 30.0 | 37.4 | 19.0 | 15.9 | 15.0 | 13.9 |
P/E | 229.0 | 26.8 | 51.8 | 33.1 | 19.3 | 15.9 | 15.0 | 13.9 |
P/B | 5.2 | 4.9 | 3.6 | 6.0 | 5.2 | 4.7 | 4.3 | 3.9 |
P/S | 1.5 | 1.5 | 0.8 | 1.2 | 1.1 | 1.1 | 1.0 | 1.0 |
Dividend yield | 3.7 % | 5.8 % | 3.7 % | 4.2 % | 4.5 % | 5.1 % | 7.2 % | |
Equity ratio | 31.3 % | 33.4 % | 27.9 % | 26.3 % | 28.4 % | 31.0 % | 34.4 % | 36.1 % |
Gearing ratio | 116.3 % | 65.3 % | 100.3 % | 108.3 % | 105.1 % | 91.4 % | 81.0 % | 73.8 % |
Quarter data
Q3/23 | Q4/23 | 2023 | Q1/24 | Q2/24 | Q3/24e | Q4/24e | 2024e | Q1/25e | |
---|---|---|---|---|---|---|---|---|---|
Revenue | 60,897.0 | 62,650.0 | 236,035.0 | 53,669.0 | 59,605.0 | 61,600.0 | 64,400.0 | 239,274.0 | |
EBITDA | 10,466.0 | 10,562.0 | 37,492.0 | 7,480.0 | 12,598.0 | 11,332.0 | 10,776.0 | 42,186.0 | |
EBIT | 4,739.0 | 4,332.0 | 14,537.0 | 2,077.0 | 7,098.0 | 5,832.0 | 5,276.0 | 20,283.0 | |
Profit before taxes | 4,373.0 | 3,916.0 | 13,010.0 | 1,606.0 | 6,668.0 | 5,382.0 | 4,826.0 | 18,482.0 | |
Net income | 3,319.0 | 1,576.0 | 8,723.0 | 1,201.0 | 4,995.0 | 4,036.5 | 3,619.5 | 13,852.0 |
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![H&M Q2'24: Strong Q2, but more margin pressure in H2](https://www.inderes.se/cdn-cgi/image/format=auto,width=640,height=358,quality=90,fit=cover/https://content.inderes.se/assets/ceeffbfc-fd7b-40d9-9840-4beab77277d5.png)
H & M Hennes & Mauritz AB Six-month report 2024
H & M Hennes & Mauritz AB Sexmånadersrapport 2024
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H&M Q2’24 earnings preview: Positive margin trend set to continue
H & M Hennes & Mauritz AB: New number of shares and votes in H&M
H & M Hennes & Mauritz AB: Nytt antal aktier och röster i H&M
Kommuniké från H & M Hennes & Mauritz AB:s årsstämma 2024
H & M Hennes & Mauritz AB: Information from the 2024 AGM of H & M Hennes & Mauritz AB
![Gross margin improved faster than expected](https://www.inderes.se/cdn-cgi/image/format=auto,width=640,height=358,quality=90,fit=cover/https://content.inderes.se/assets/ceeffbfc-fd7b-40d9-9840-4beab77277d5.png)
Gross margin improved faster than expected
![H&M Q1: Ahead of expectations thanks to strong gross margin](https://www.inderes.se/cdn-cgi/image/format=auto,width=640,height=358,quality=90,fit=contain/https://content.inderes.se/assets/58b6a8b3-2955-470d-a2d9-d462ed649a66.png)
H&M Q1: Ahead of expectations thanks to strong gross margin
H & M Hennes & Mauritz AB: H&M's nomination committee proposes Helena Saxon as new board member
H & M Hennes & Mauritz AB: H&M:s valberedning föreslår nyval av Helena Saxon
H & M Hennes & Mauritz AB: KALLELSE
H & M Hennes & Mauritz AB: NOTICE OF ANNUAL GENERAL MEETING
H & M Hennes & Mauritz AB:s års- och hållbarhetsredovisning för 2023 är publicerad
H & M Hennes & Mauritz AB's Annual and Sustainability Report 2023 is published
H & M Hennes & Mauritz AB Three-month report
H & M Hennes & Mauritz AB Tremånadersrapport
![H&M Q1 on Wednesday: Negative revenue growth but clearly higher margin expected](https://www.inderes.se/cdn-cgi/image/format=auto,width=640,height=358,quality=90,fit=contain/https://content.inderes.se/assets/43d7cc37-f8c5-4d19-85a6-35d7e109deed.png)