Financials HERMES INTERNATIONAL

Equities

RMS

FR0000052292

Apparel & Accessories

Market Closed - Euronext Paris Other stock markets 11:36:39 2024-02-09 am EST			5-day change	1st Jan Change
2,174 ^EUR	+4.80%		+7.49%	+13.33%

Feb. 09	European Equities Close Lower on Friday; Mining, Bank Stocks in Tow	MT
Feb. 09	HERMES INTERNATIONAL : Hermès plays its own game

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	50,549	69,444	92,007	160,733	151,055	227,320	227,320	-
Enterprise Value (EV) ¹	47,084	65,109	87,290	154,062	141,867	200,590	215,119	212,141
P/E ratio	36.2 x	45.8 x	66.6 x	65.9 x	45 x	46.7 x	51.4 x	46.9 x
Yield	0.94%	0.75%	0.52%	0.52%	0.9%	0.7%	0.82%	0.87%
Capitalization / Revenue	8.47 x	10.1 x	14.4 x	17.9 x	13 x	14.9 x	15 x	13.8 x
EV / Revenue	7.89 x	9.46 x	13.7 x	17.2 x	12.2 x	14.9 x	14.2 x	12.8 x
EV / EBITDA	20.8 x	25.3 x	38.8 x	40.1 x	26.7 x	31.2 x	31.4 x	27.6 x
EV / FCF	32.5 x	40.5 x	73.1 x	53.6 x	38.7 x	57.3 x	46.5 x	44.3 x
FCF Yield	3.07%	2.47%	1.37%	1.86%	2.58%	1.75%	2.15%	2.26%
Price to Book	9.3 x	10.7 x	12.6 x	17.3 x	12.1 x	15.1 x	12.7 x	11 x
Nbr of stocks (in thousands)	104,268	104,238	104,601	104,644	104,536	104,539	104,539	-
Reference price ²	484.8	666.2	879.6	1,536	1,445	2,174	2,174	2,174
Announcement Date	3/20/19	2/26/20	2/19/21	2/18/22	2/17/23	2/9/24	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	5,966	6,883	6,390	8,982	11,602	13,427	15,112	16,522
EBITDA ¹	2,262	2,575	2,252	3,842	5,304	6,422	6,845	7,697
EBIT ¹	2,045	2,339	1,981	3,530	4,697	5,650	6,103	6,833
Operating Margin	34.28%	33.98%	31.01%	39.3%	40.48%	42.08%	40.38%	41.36%
Earnings before Tax (EBT) ¹	2,063	2,270	1,986	3,435	4,635	5,840	6,078	6,861
Net income ¹	1,405	1,528	1,390	2,445	3,367	4,311	4,539	4,964
Net margin	23.55%	22.2%	21.75%	27.22%	29.02%	32.11%	30.03%	30.04%
EPS ²	13.39	14.55	13.21	23.30	32.09	41.12	42.29	46.33
Free Cash Flow ¹	1,447	1,609	1,194	2,873	3,666	3,784	4,628	4,792
FCF margin	24.25%	23.38%	18.69%	31.99%	31.6%	28.28%	30.63%	29%
FCF Conversion (EBITDA)	63.97%	62.49%	53.01%	74.78%	69.12%	60.96%	67.62%	62.25%
FCF Conversion (Net income)	102.99%	105.31%	85.9%	117.51%	108.88%	93.29%	101.98%	96.53%
Dividend per Share ²	4.550	5.000	4.550	8.000	13.00	15.17	17.83	18.88
Announcement Date	3/20/19	2/26/20	2/19/21	2/18/22	2/17/23	2/9/24	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S1	2019 S2	2020 S1	2020 S2	2021 Q1	2021 Q2	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 S1	2024 S2
Net sales ¹	3,284	3,599	2,488	3,902	2,084	2,151	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	3,274	6,729	7,531	7,699
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	2,591	-	-	-	-	-	-	-	-	-	-	-
EBIT	1,144	1,195	535	1,446	-	-	1,722	-	-	1,722	-	-	2,304	-	-	2,393	-	-1,750	2,947	-	-	2,703	-	-
Operating Margin	34.83%	33.2%	21.5%	37.07%	-	-	40.66%	-	-	40.66%	-	-	42.08%	-	-	39.06%	-	-52.74%	44%	-	-	40.17%	-	-
Earnings before Tax (EBT)	1,128	1,143	491.3	1,495	-	-	-	-	-	1,760	-	-	2,270	-	-	2,365	-	-	3,021	-	-	2,819	-	-
Net income	754.3	773.9	335	1,050	-	-	1,174	-	-	1,174	-	-	1,641	-	-	1,726	-	-	2,226	-	-	2,085	-	-
Net margin	22.97%	21.5%	13.46%	26.92%	-	-	27.72%	-	-	27.72%	-	-	29.97%	-	-	28.17%	-	-	33.23%	-	-	30.99%	-	-
EPS	7.190	7.360	3.200	10.01	-	-	11.19	-	-	12.11	-	-	15.64	-	-	16.45	-	-	21.26	-	-	19.86	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	9/11/19	2/26/20	7/30/20	2/19/21	4/22/21	7/30/21	7/30/21	10/21/21	2/18/22	2/18/22	4/14/22	7/29/22	7/29/22	10/20/22	2/17/23	2/17/23	4/14/23	7/28/23	7/28/23	10/24/23	-	2/9/24	-	-

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	3,465	4,334	4,717	6,671	9,188	10,550	12,201	15,180
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	1,447	1,609	1,194	2,873	3,666	3,784	4,629	4,792
ROE (net income / shareholders' equity)	26.7%	25.4%	19.9%	29.1%	30.8%	29.1%	26.2%	25.1%
ROA (Net income/ Total Assets)	19.7%	16.7%	13.2%	19.6%	21.5%	20.5%	19.7%	18.9%
Assets ¹	7,120	9,166	10,501	12,449	15,653	19,763	23,088	26,293
Book Value Per Share ²	52.10	62.50	69.90	89.00	119.0	144.0	172.0	198.0
Cash Flow per Share ²	16.20	19.90	15.70	32.40	39.90	42.90	52.40	50.10
Capex ¹	312	478	448	532	518	855	722	777
Capex / Sales	5.23%	6.94%	7.02%	5.92%	4.46%	6.39%	4.77%	4.7%
Announcement Date	3/20/19	2/26/20	2/19/21	2/18/22	2/17/23	2/9/24	-	-

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 HERMES INTERNATIONAL

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,174 EUR

Average target price

2,026 EUR

Spread / Average Target

-6.82%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Handbags & Luggage

	1st Jan change	Capi.
HERMES INTERNATIONAL	+13.33%	245 B $
SAFARI INDUSTRIES (INDIA) LIMITED	+6.83%	1 223 M $
V.I.P. INDUSTRIES LIMITED	-10.91%	910 M $
ANHUI KORRUN CO., LTD.	-22.49%	381 M $
WW HOLDING INC.	+1.90%	224 M $
BRAND CONCEPTS LIMITED	+6.55%	109 M $
SITOY GROUP HOLDINGS LIMITED	-2.25%	107 M $
EMINENT LUGGAGE CORPORATION	-13.61%	107 M $
PIQUADRO S.P.A.	-5.48%	106 M $
PROSPEROUS INDUSTRIAL (HOLDINGS) LIMITED	-7.25%	92 M $

Handbags & Luggage