Financials Hermès International

Equities

RMS

FR0000052292

Apparel & Accessories

Market Closed - Euronext Paris Other stock markets 09:05:20 26/04/2024 pm IST			5-day change	1st Jan Change
2,350 ^EUR	+2.31%		+1.29%	+22.47%

26/04	HERMES : Deutsche Bank reaffirms its Neutral rating	ZD
26/04	HERMES INTERNATIONAL : Handbag heat erases softer aspirational demand in China

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	69,444	92,007	1,60,733	1,51,055	2,00,590	2,46,120	-	-
Enterprise Value (EV) ¹	65,109	87,290	1,54,062	1,41,867	1,92,025	2,34,593	2,31,640	2,28,717
P/E ratio	45.8 x	66.6 x	65.9 x	45 x	46.7 x	52.7 x	46.8 x	42.1 x
Yield	0.75%	0.52%	0.52%	0.9%	1.3%	0.74%	0.87%	0.94%
Capitalization / Revenue	10.1 x	14.4 x	17.9 x	13 x	14.9 x	16.3 x	14.6 x	13.2 x
EV / Revenue	9.46 x	13.7 x	17.2 x	12.2 x	14.3 x	15.5 x	13.7 x	12.2 x
EV / EBITDA	25.3 x	38.8 x	40.1 x	26.7 x	29.9 x	33.3 x	29.2 x	25.9 x
EV / FCF	40.5 x	73.1 x	53.6 x	38.7 x	55.4 x	50.7 x	44.8 x	41 x
FCF Yield	2.47%	1.37%	1.86%	2.58%	1.81%	1.97%	2.23%	2.44%
Price to Book	10.7 x	12.6 x	17.3 x	12.1 x	13.2 x	14.2 x	12 x	10.1 x
Nbr of stocks (in thousands)	1,04,238	1,04,601	1,04,644	1,04,536	1,04,539	1,04,732	-	-
Reference price ²	666.2	879.6	1,536	1,445	1,919	2,350	2,350	2,350
Announcement Date	26/02/20	19/02/21	18/02/22	17/02/23	09/02/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	6,883	6,390	8,982	11,602	13,427	15,138	16,909	18,707
EBITDA ¹	2,575	2,252	3,842	5,304	6,422	7,055	7,935	8,834
EBIT ¹	2,339	1,981	3,530	4,697	5,650	6,292	7,092	7,889
Operating Margin	33.98%	31.01%	39.3%	40.48%	42.08%	41.56%	41.94%	42.17%
Earnings before Tax (EBT) ¹	2,270	1,986	3,435	4,635	5,840	6,446	7,220	7,976
Net income ¹	1,528	1,390	2,445	3,367	4,311	4,666	5,248	5,812
Net margin	22.2%	21.75%	27.22%	29.02%	32.11%	30.82%	31.03%	31.07%
EPS ²	14.55	13.21	23.30	32.09	41.12	44.59	50.24	55.76
Free Cash Flow ¹	1,609	1,194	2,873	3,666	3,469	4,630	5,165	5,584
FCF margin	23.38%	18.69%	31.99%	31.6%	25.84%	30.58%	30.54%	29.85%
FCF Conversion (EBITDA)	62.49%	53.01%	74.78%	69.12%	54.02%	65.62%	65.09%	63.22%
FCF Conversion (Net income)	105.31%	85.9%	117.51%	108.88%	80.47%	99.23%	98.42%	96.08%
Dividend per Share ²	5.000	4.550	8.000	13.00	25.00	17.33	20.50	22.02
Announcement Date	26/02/20	19/02/21	18/02/22	17/02/23	09/02/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2
Net sales ¹	3,599	2,488	3,902	4,235	2,367	2,380	4,235	2,765	2,710	5,475	3,136	2,991	6,127	3,380	3,318	6,698	3,365	3,364	6,729	3,805	3,646	7,528	3,734	3,805	7,668
EBITDA	-	-	-	-	-	-	-	-	-	2,591	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	1,195	535	1,446	1,722	-	-	1,722	-	-	2,304	-	-	2,393	-	-1,750	2,947	-	-	2,703	-	-	-	-	-	-
Operating Margin	33.2%	21.5%	37.07%	40.66%	-	-	40.66%	-	-	42.08%	-	-	39.06%	-	-52.74%	44%	-	-	40.17%	-	-	-	-	-	-
Earnings before Tax (EBT)	1,143	491.3	1,495	-	-	-	1,760	-	-	2,270	-	-	2,365	-	-	3,021	-	-	2,819	-	-	-	-	-	-
Net income	773.9	335	1,050	1,174	-	-	1,174	-	-	1,641	-	-	1,726	-	-	2,226	-	-	2,085	-	-	-	-	-	-
Net margin	21.5%	13.46%	26.92%	27.72%	-	-	27.72%	-	-	29.97%	-	-	28.17%	-	-	33.23%	-	-	30.99%	-	-	-	-	-	-
EPS	7.360	3.200	10.01	11.19	-	-	12.11	-	-	15.64	-	-	16.45	-	-	21.26	-	-	19.86	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	26/02/20	30/07/20	19/02/21	30/07/21	21/10/21	18/02/22	18/02/22	14/04/22	29/07/22	29/07/22	20/10/22	17/02/23	17/02/23	14/04/23	28/07/23	28/07/23	24/10/23	09/02/24	09/02/24	25/04/24	-	-	-	-	-

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	4,334	4,717	6,671	9,188	8,565	11,527	14,480	17,403
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	1,609	1,194	2,873	3,666	3,469	4,630	5,165	5,584
ROE (net income / shareholders' equity)	25.4%	19.9%	29.1%	30.8%	31.2%	28.5%	27.3%	25.6%
ROA (Net income/ Total Assets)	16.7%	13.2%	19.6%	21.5%	22.7%	21.1%	21%	20.2%
Assets ¹	9,166	10,501	12,449	15,653	18,953	22,094	24,957	28,723
Book Value Per Share ²	62.50	69.90	89.00	119.0	145.0	166.0	197.0	234.0
Cash Flow per Share ²	19.90	15.70	32.40	39.90	41.30	49.30	54.60	56.70
Capex ¹	478	448	532	518	859	778	787	795
Capex / Sales	6.94%	7.02%	5.92%	4.46%	6.4%	5.14%	4.65%	4.25%
Announcement Date	26/02/20	19/02/21	18/02/22	17/02/23	09/02/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Hermès International

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

2,350 EUR

Average target price

2,327 EUR

Spread / Average Target

-0.96%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Handbags & Luggage

	1st Jan change	Capi.
HERMÈS INTERNATIONAL	+22.47%	263B
SAFARI INDUSTRIES (INDIA) LIMITED	+5.80%	1.21B
V.I.P. INDUSTRIES LIMITED	-8.63%	929M
ANHUI KORRUN CO., LTD.	+35.58%	657M
WW HOLDING INC.	+12.38%	239M
VERA BRADLEY, INC.	-12.40%	207M
BRAND CONCEPTS LIMITED	-1.32%	101M
PROSPEROUS INDUSTRIAL (HOLDINGS) LIMITED	-2.90%	95.86M
PIQUADRO S.P.A.	-17.12%	92.05M
EMINENT LUGGAGE CORPORATION	-32.61%	80.21M

Handbags & Luggage