Research
Multiples now at fair levels
By Rauli Juva
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).
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.
Read more on company pageKey Estimate Figures2023-12-18
| 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 % | 3.9 % | 4.2 % |
| P/E (adj.) | 30.0 | 27.5 | 17.7 |
| EV/EBITDA | 7.9 | 8.5 | 7.6 |
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