(News Bulletin 247) – Stifel maintains its ‘hold’ recommendation on Hermès shares, with an unchanged price target of 1,500 euros.
The analysis office highlights the strong organic growth in Q4 (+23%) and high FY22 profitability (operating margin of 40.5%), both significantly above expectations.
Thus, operating profit stands at 4.7 billion euros for the 2022 financial year, i.e. 3% higher than the consensus.
According to the analyst, Hermès is already trading at hard-hitting multiples suggesting the potential for modest yield growth, but with lower risk than its peers.
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