(News Bulletin 247) – Stifel confirms in its analysis of the day its advice to Hold on the value but raises its target price to 1,730 E (against 1,700 E).
“Our 2023-24E revenue and EBIT for Hermès remain broadly unchanged. We expect organic sales growth of +15% in 1Q23 (+94% over four years) against +23% in 4Q22 (+75% over four years)’ indicates the analysis office.
The analyst believes that Hermès offers the best fundamentals in its sector, strong brand awareness in traditional and emerging markets and proven resilience in times of recession.
“But the stock appears to be perfectly priced at 54x 2023E P/E, according to our new numbers,” Stifel adds.
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