(News Bulletin 247) – Hermès published revenue for the 2022 financial year of 11,602 ME, up +23% cc and EBIT of 4,697 ME, i.e. a margin of 40.5%.
Oddo forecasts were respectively 11,406 ME and 4,464 ME (margin 39.1%) and the Visible Alpha consensus was at 11,427 ME and 4,555 ME (margin just under 40%).
‘The annual turnover exceeded consensus expectations by 2% and the difference reached 3% at the level of EBIT, which in fact highlights an excellent performance at the end of the year’ indicates the analyst.
‘Within Asia Pacific, China remained at double-digit growth at Hermès, with the group feeling far less than its competitors from COVID disruptions’.
The group published net income group share of €3,367 million (Oddo expected €3,143 million) and its net cash position crossed the €9 billion mark at the end of 2022 (it amounted to c. €6.7 billion at the end of 2021).
‘No break in the trend entering 2023 but a still cautious message on the margin, we are still raising our EBIT forecasts by +2%’ adds Oddo.
Oddo confirms its Outperformance advice on the stock and raises its price target from €1,794 to €1,854.
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