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
        }
      }
      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
    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
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


__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:s utsikter har försämrats på grund av tullar, avmattad ekonomisk tillväxt och ökad osäkerhet. Prognoserna har sänkts, rekommendationen har ändrats till minska och riktkursen har justerats ned till 130 kronor. Här är den nya analysen av bolaget: We have updated our short- and medium-term forecasts for H&M in light of the potential tariffs, expectations of slower economic growth and escalating uncertainty. In our view, the short-term multiples reflecting this are not particularly attractive. We therefore change our recommendation to Reduce (was Accumulate) and lower our target price to SEK 130 per share (was SEK 145), mainly due to lowered estimates.                   Inderes              H&M: Now is not the time to hope for a profitability turnaround - Inderes    We have updated our short- and medium-term forecasts for H&M in light of the potential tariffs, expectations of slower economic growth and escalating uncertainty. In our view, the short-term multiples reflecting this are not particularly...

Det här är absolut läsvärt om man är intresserad av det här bolaget.                    Inderes              Tariff headwinds raise concerns around margin pressure for H&M - Inderes    As the US escalates its trade war with new tariffs on imported goods, we see rising risks of continued margin pressure for H&M. While competitors are similarly affected, the scale of these new tariffs will likely be difficult for H&M to fully...

Lucas har gjort en ny analys av H&M, jag rekommenderar att läsa den.  H&M’s Q1 earnings were weaker than expected, and we anticipate continued margin headwinds in Q2. However, we foresee revenue growth and a shift from gross margin headwinds to tailwinds starting in H2’25, leading to continued sales and margin improvements throughout 2026-27. We maintain our view that earnings growth and dividends offer a reasonable expected return and, therefore, reiterate our Accumulate recommendation with a slightly lowered target price of SEK 145 per share (previously SEK 150), reflecting lower short-term estimates.                   Inderes              H&M Q1'25: Gross margin more sluggish than expected - Inderes    H&M's Q1 earnings were weaker than expected, and we anticipate continued margin headwinds in Q2. However, we foresee revenue growth and a shift from gross margin headwinds to tailwinds starting in H2’25, leading to continued sales and margin...

I H&M:s Q1-rapport var marginalerna lägre än förväntat, men VD Daniel Ervér är optimistisk om en vändning. Analytikern Lucas Mattsson intervjuades av Jesper Hagman.                    Inderes              H&M Q1´25: Lägre bruttomarginal än väntat - Inderes    Time: 2025-03-27 11:51 H&M har idag publicerat sin Q1 rapport, där marginalen kom in lägre än väntat men VD Daniel Ervér är positiv till en vändning. Hur skulle analytiker Lucas sammanfatta Q1 rapporten, hur ska man tolka bruttomarginalen, och...

H&M’s expected decline in gross margins and the impact of external factors during the first quarter (December-February) led to a revision of earnings forecasts. However, Inderes still expects sales growth and a good return on dividends.                   Inderes              H&M Q1'25 preview: Risk/reward attractive despite slower recovery - Inderes    We believe that the headwinds to gross margins, including price investments, increased markdowns, and negative impacts from external factors, have been stronger than earlier anticipated in H&M’s Q1 (Dec-Feb). As a result, we have lowered our...

USA announced several tariffs over the weekend, including a 10 % tariff for China. As we have highlighted in the latest reports, US is one of H&M largest markets (some 15% of revenue), while China accounts around 25% of its sourcing. Hence, the new tariff will increase costs for the goods shipped from China to US. The magnitude of the impact for the group is however modest give the tariff is only 10 % at least for now. Also, we understand the situation is pretty similar for competitors so the industry is likely to push the increased costs to higher selling prices. This will not happen overnight however, so there’s some margin pressure for H&M in the US in the short term, we believe.

Analys ute nu efter H&M:s Q4 rapport igår:                   Inderes              H&M Q4'24: Risk/reward turns positive - Inderes    H&M's Q4 results beat our forecasts thanks to a strong gross margin. However, we kept our estimates largely intact and continue to see sales and margin improvement in 2025-26. We see earnings growth and dividends offering a reasonable expected...                             Vi ser att vinsttillväxt och utdelning ger en rimlig förväntad avkastning!

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 %	4.9 %	5.3 %
P/E (adj.)	30.0	21.9	14.1
EV/EBITDA	7.9	7.1	6.3

Multiples now at fair levels

H&M

Key Estimate Figures2023-12-18