HENNES & MAURITZ AB |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 180 SEK | +0.98% |
|
+5.17% | +1.89% |
| 26/04 | NatWest sees "improving" confidence despite profit decline | AN |
| 23/04 | Cotton certifier used by Inditex, H&M finds no evidence Brazil farms breached standards | RE |
Valuation
| Fiscal Period: November | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 3,05,924 | 3,00,561 | 2,64,812 | 1,90,119 | 2,72,519 | 2,89,817 | - | - |
| Enterprise Value (EV) 1 | 3,11,310 | 3,64,086 | 3,04,032 | 2,41,047 | 3,24,091 | 3,41,124 | 3,44,557 | 3,45,188 |
| P/E ratio | 22.8 x | 242 x | 24.1 x | 54 x | 31.4 x | 20.3 x | 17.9 x | 16.6 x |
| Yield | - | - | 4.06% | 5.57% | 3.87% | 3.95% | 4.34% | 4.69% |
| Capitalization / Revenue | 1.31 x | 1.61 x | 1.33 x | 0.85 x | 1.15 x | 1.21 x | 1.17 x | 1.14 x |
| EV / Revenue | 1.34 x | 1.95 x | 1.53 x | 1.08 x | 1.37 x | 1.43 x | 1.4 x | 1.35 x |
| EV / EBITDA | 11 x | 12.5 x | 8.09 x | 8.1 x | 8.64 x | 7.96 x | 7.64 x | 7.35 x |
| EV / FCF | 16.7 x | 16.3 x | 7.39 x | 13.1 x | 13 x | 18 x | 14.5 x | 14.8 x |
| FCF Yield | 5.99% | 6.12% | 13.5% | 7.66% | 7.71% | 5.55% | 6.92% | 6.75% |
| Price to Book | 5.36 x | 5.5 x | 4.41 x | 3.75 x | 5.72 x | 5.86 x | 5.4 x | 5.06 x |
| Nbr of stocks (in thousands) | 16,55,072 | 16,55,072 | 16,55,072 | 16,29,687 | 16,23,103 | 16,10,542 | - | - |
| Reference price 2 | 184.8 | 181.6 | 160.0 | 116.7 | 167.9 | 180.0 | 180.0 | 180.0 |
| Announcement Date | 30/01/20 | 29/01/21 | 28/01/22 | 27/01/23 | 31/01/24 | - | - | - |
1SEK in Million2SEK
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: November | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 2,32,764 | 1,87,031 | 1,98,967 | 2,23,571 | 2,36,035 | 2,39,074 | 2,46,748 | 2,54,801 |
| EBITDA 1 | 28,397 | 29,052 | 37,575 | 29,748 | 37,492 | 42,863 | 45,110 | 46,968 |
| EBIT 1 | 17,346 | 3,099 | 15,255 | 7,169 | 14,537 | 20,495 | 22,607 | 24,061 |
| Operating Margin | 7.45% | 1.66% | 7.67% | 3.21% | 6.16% | 8.57% | 9.16% | 9.44% |
| Earnings before Tax (EBT) 1 | 17,391 | 2,052 | 14,300 | 6,216 | 13,010 | 18,940 | 21,504 | 23,280 |
| Net income 1 | 13,443 | 1,243 | 11,010 | 3,566 | 8,752 | 14,345 | 16,219 | 17,505 |
| Net margin | 5.78% | 0.66% | 5.53% | 1.6% | 3.71% | 6% | 6.57% | 6.87% |
| EPS 2 | 8.120 | 0.7500 | 6.650 | 2.160 | 5.350 | 8.860 | 10.03 | 10.83 |
| Free Cash Flow 1 | 18,646 | 22,294 | 41,155 | 18,465 | 24,985 | 18,926 | 23,840 | 23,308 |
| FCF margin | 8.01% | 11.92% | 20.68% | 8.26% | 10.59% | 7.92% | 9.66% | 9.15% |
| FCF Conversion (EBITDA) | 65.66% | 76.74% | 109.53% | 62.07% | 66.64% | 44.16% | 52.85% | 49.63% |
| FCF Conversion (Net income) | 138.7% | 1,793.56% | 373.8% | 517.81% | 285.48% | 131.94% | 146.99% | 133.15% |
| Dividend per Share 2 | - | - | 6.500 | 6.500 | 6.500 | 7.102 | 7.813 | 8.431 |
| Announcement Date | 30/01/20 | 29/01/21 | 28/01/22 | 27/01/23 | 31/01/24 | - | - | - |
1SEK in Million2SEK
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: November | 2019 S2 | 2020 S1 | 2020 S2 | 2021 S1 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 S1 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 S1 | 2023 Q3 | 2023 Q4 | 2023 S2 | 2024 Q1 | 2024 Q2 | 2024 S1 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 1,24,275 | 83,612 | 1,03,419 | 86,569 | 56,813 | 49,166 | 54,504 | 1,03,670 | 57,450 | 62,451 | 54,872 | 57,616 | 1,12,488 | 60,897 | 62,650 | 1,23,547 | 53,669 | 58,721 | 1,12,053 | 61,675 | 63,900 | 55,807 | 61,833 |
| EBITDA 1 | - | - | - | - | 11,798 | 5,851 | 10,197 | 16,048 | 7,088 | 6,612 | 6,230 | 10,234 | - | 10,466 | 10,562 | - | 7,482 | 12,552 | - | 11,580 | 11,374 | 8,468 | 13,370 |
| EBIT 1 | 10,406 | -3,498 | 6,597 | 2,724 | 6,259 | 458 | 4,988 | 5,446 | 902 | 821 | 725 | 4,741 | 5,466 | 4,739 | 4,332 | - | 2,077 | 7,060 | 10,040 | 6,180 | 5,857 | 3,016 | 7,882 |
| Operating Margin | 8.37% | -4.18% | 6.38% | 3.15% | 11.02% | 0.93% | 9.15% | 5.25% | 1.57% | 1.31% | 1.32% | 8.23% | 4.86% | 7.78% | 6.91% | - | 3.87% | 12.02% | 8.96% | 10.02% | 9.17% | 5.41% | 12.75% |
| Earnings before Tax (EBT) 1 | 10,414 | -3,978 | 6,030 | 2,204 | 6,003 | 282 | 4,688 | 4,913 | 689 | 463 | 396 | 4,325 | 4,721 | 4,373 | 3,916 | - | 1,606 | 6,670 | 9,074 | 5,611 | 5,430 | 2,624 | 7,489 |
| Net income 1 | - | -3,063 | - | 1,697 | 4,621 | 217 | 3,682 | 3,899 | 531 | -864 | 541 | 3,296 | 3,837 | 3,328 | 1,587 | 4,915 | 1,209 | 5,063 | 6,802 | 4,222 | 4,019 | 1,976 | 5,637 |
| Net margin | - | -3.66% | - | 1.96% | 8.13% | 0.44% | 6.76% | 3.76% | 0.92% | -1.38% | 0.99% | 5.72% | 3.41% | 5.46% | 2.53% | 3.98% | 2.25% | 8.62% | 6.07% | 6.85% | 6.29% | 3.54% | 9.12% |
| EPS 2 | - | -1.850 | - | 1.030 | 2.790 | 0.1300 | 2.220 | 2.360 | 0.3200 | -0.5300 | 0.3300 | 2.020 | 2.350 | 2.040 | 0.9700 | 3.000 | 0.7500 | 3.127 | 4.230 | 2.614 | 2.491 | 1.170 | 3.560 |
| Dividend per Share 2 | - | - | - | - | 6.500 | - | - | - | - | 6.500 | - | - | - | - | 3.250 | - | - | 3.250 | - | - | 3.250 | - | 3.625 |
| Announcement Date | 30/01/20 | 26/06/20 | 29/01/21 | 01/07/21 | 28/01/22 | 31/03/22 | 29/06/22 | 29/06/22 | 29/09/22 | 27/01/23 | 30/03/23 | 29/06/23 | 29/06/23 | 27/09/23 | 31/01/24 | 31/01/24 | 27/03/24 | - | - | - | - | - | - |
1SEK in Million2SEK
Estimates
Balance Sheet Analysis
| Fiscal Period: November | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 5,386 | 63,525 | 39,220 | 50,928 | 51,572 | 51,307 | 54,740 | 55,371 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 0.1897 x | 2.187 x | 1.044 x | 1.712 x | 1.376 x | 1.197 x | 1.213 x | 1.179 x |
| Free Cash Flow 1 | 18,646 | 22,294 | 41,155 | 18,465 | 24,985 | 18,926 | 23,840 | 23,308 |
| ROE (net income / shareholders' equity) | 23.3% | 2.2% | 19.2% | 6.4% | 17.7% | 29.4% | 31% | 30.8% |
| ROA (Net income/ Total Assets) | 11.2% | 0.84% | 6.22% | 3.11% | 4.82% | 8.09% | 9.35% | 9.73% |
| Assets 1 | 1,19,638 | 1,47,432 | 1,77,076 | 1,14,508 | 1,81,660 | 1,77,400 | 1,73,483 | 1,79,902 |
| Book Value Per Share 2 | 34.50 | 33.00 | 36.30 | 31.20 | 29.30 | 30.70 | 33.40 | 35.60 |
| Cash Flow per Share 2 | 17.50 | 15.60 | 27.00 | 14.90 | 20.80 | 15.70 | 17.10 | 18.70 |
| Capex 1 | 10,340 | 3,606 | 3,464 | 6,011 | 8,964 | 11,302 | 11,235 | 11,703 |
| Capex / Sales | 4.44% | 1.93% | 1.74% | 2.69% | 3.8% | 4.73% | 4.55% | 4.59% |
| Announcement Date | 30/01/20 | 29/01/21 | 28/01/22 | 27/01/23 | 31/01/24 | - | - | - |
1SEK in Million2SEK
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
C+
Sell
Buy
Mean consensus
HOLD
Number of Analysts
26
Last Close Price
180
SEK
Average target price
167.9
SEK
Spread / Average Target
-6.70%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +1.89% | 26.43B | |
| +14.99% | 151B | |
| +18.29% | 80.65B | |
| -3.45% | 44.8B | |
| -15.30% | 44.23B | |
| +12.34% | 13.71B | |
| -5.29% | 11.76B | |
| +8.80% | 9.19B | |
| +2.10% | 7.97B | |
| -3.95% | 7.13B |
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