HERMÈS INTERNATIONAL SOCIÉTÉ EN COMMANDITE PAR ACTIONS

Financials Hermès International Société en commandite par actions Börse Stuttgart

Equities

HMIA

US42751Q1058

Apparel & Accessories

End-of-day quote Börse Stuttgart Other stock markets 23:00:00 09/06/2024 BST			5-day change	1st Jan Change
210 ^USD	-5.41%		-.--%	+6.60%

01:00pm	New semester, new state of mind
06-28	Would you like some more inflation?

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	69,444	92,007	160,733	151,055	200,590	224,127	-	-
Enterprise Value (EV) ¹	65,109	87,290	154,062	141,867	192,025	212,664	209,958	207,105
P/E ratio	45.8 x	66.6 x	65.9 x	45 x	46.7 x	48.1 x	42.7 x	38.5 x
Yield	0.75%	0.52%	0.52%	0.9%	1.3%	0.81%	0.98%	1.03%
Capitalization / Revenue	10.1 x	14.4 x	17.9 x	13 x	14.9 x	14.8 x	13.3 x	12 x
EV / Revenue	9.46 x	13.7 x	17.2 x	12.2 x	14.3 x	14.1 x	12.4 x	11.1 x
EV / EBITDA	25.3 x	38.8 x	40.1 x	26.7 x	29.9 x	30.3 x	26.6 x	23.5 x
EV / FCF	40.5 x	73.1 x	53.6 x	38.7 x	55.4 x	47.1 x	41.5 x	38 x
FCF Yield	2.47%	1.37%	1.86%	2.58%	1.81%	2.12%	2.41%	2.63%
Price to Book	10.7 x	12.6 x	17.3 x	12.1 x	13.2 x	13 x	10.9 x	9.18 x
Nbr of stocks (in thousands)	104,238	104,601	104,644	104,536	104,539	104,732	-	-
Reference price ²	666.2	879.6	1,536	1,445	1,919	2,140	2,140	2,140
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	15,128	16,867	18,666
EBITDA ¹	2,575	2,252	3,842	5,304	6,422	7,021	7,904	8,806
EBIT ¹	2,339	1,981	3,530	4,697	5,650	6,262	7,063	7,860
Operating Margin	33.98%	31.01%	39.3%	40.48%	42.08%	41.39%	41.88%	42.11%
Earnings before Tax (EBT) ¹	2,270	1,986	3,435	4,635	5,840	6,408	7,166	7,956
Net income ¹	1,528	1,390	2,445	3,367	4,311	4,656	5,240	5,794
Net margin	22.2%	21.75%	27.22%	29.02%	32.11%	30.78%	31.07%	31.04%
EPS ²	14.55	13.21	23.30	32.09	41.12	44.48	50.14	55.52
Free Cash Flow ¹	1,609	1,194	2,873	3,666	3,469	4,518	5,055	5,453
FCF margin	23.38%	18.69%	31.99%	31.6%	25.84%	29.86%	29.97%	29.22%
FCF Conversion (EBITDA)	62.49%	53.01%	74.78%	69.12%	54.02%	64.35%	63.95%	61.93%
FCF Conversion (Net income)	105.31%	85.9%	117.51%	108.88%	80.47%	97.04%	96.46%	94.13%
Dividend per Share ²	5.000	4.550	8.000	13.00	25.00	17.30	21.07	21.96
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	3,616	7,483	3,678	3,766	7,666
EBITDA	-	-	-	-	-	-	-	-	-	2,591	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	1,195	535	1,446	1,722	-	-	1,722	-	-	2,304	-	-	2,393	-	-1,750	2,947	-	-	2,703	-	-	3,138	-	-	3,016
Operating Margin	33.2%	21.5%	37.07%	40.66%	-	-	40.66%	-	-	42.08%	-	-	39.06%	-	-52.74%	44%	-	-	40.17%	-	-	41.94%	-	-	39.34%
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	11,462	14,169	17,021
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	1,609	1,194	2,873	3,666	3,469	4,518	5,055	5,453
ROE (net income / shareholders' equity)	25.4%	19.9%	29.1%	30.8%	31.2%	28.4%	27.2%	25.5%
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	22,047	24,920	28,632
Book Value Per Share ²	62.50	69.90	89.00	119.0	145.0	165.0	196.0	233.0
Cash Flow per Share ²	19.90	15.70	32.40	39.90	41.30	48.40	55.10	59.20
Capex ¹	478	448	532	518	859	831	802	812
Capex / Sales	6.94%	7.02%	5.92%	4.46%	6.4%	5.49%	4.75%	4.35%
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 Société en commandite par actions

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,140 EUR

Average target price

2,328 EUR

Spread / Average Target

+8.78%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Handbags & Luggage

	1st Jan change	Capi.
SAFARI INDUSTRIES (INDIA) LIMITED	+7.48%	1.19B
V.I.P. INDUSTRIES LIMITED	-19.06%	827M
ANHUI KORRUN CO., LTD.	+44.92%	683M
WW HOLDING INC.	+10.95%	240M
VERA BRADLEY, INC.	-21.88%	185M
PIQUADRO S.P.A.	-2.74%	107M
PROSPEROUS INDUSTRIAL (HOLDINGS) LIMITED	-8.70%	90.37M
BRAND CONCEPTS LIMITED	-14.85%	89.97M
EMINENT LUGGAGE CORPORATION	-28.29%	83.12M

Handbags & Luggage