Hennes & Mauritz AB Class B

HM B: XSTO (SWE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	SEK 945.00	Hrsg	Wymrbzf

H&M Sets Ambitious Long-Term Growth and Sustainability Targets, Eyes Circularity as Profits Improve

Jelena Sokolova

Jan 28, 2022

We are maintaining our fair value estimate of SEK 168 per share for no-moat H&M as the company reported full-year revenue broadly in line with our projections. We regard shares as approximately fairly valued at this moment and would recommend to investors its peer Inditex for better business model and execution quality and valuation (4-star, 15% discount to our fair value).

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