Extensive research
Value creation is always in fashion
By Rauli Juva
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, 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 Figures2023-10-09
| 2022 | 23e | 24e | |
|---|---|---|---|
| Revenue | 223,553.0 | 237,615.0 | 241,000.0 |
| growth-% | 12.4 % | 6.3 % | 1.4 % |
| EBIT (adj.) | 9,760.0 | 14,905.5 | 21,595.7 |
| EBIT-% (adj.) | 4.4 % | 6.3 % | 9.0 % |
| EPS (adj.) | 3.74 | 6.24 | 9.45 |
| Dividend | 6.50 | 6.50 | 7.00 |
| Dividend % | 5.8 % | 3.8 % | 4.1 % |
| P/E (adj.) | 30.0 | 27.3 | 18.0 |
| EV/EBITDA | 7.9 | 8.6 | 7.8 |
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