Hennes & Mauritz AB Class B
HM B: XSTO (SWE)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
SEK 324.00 | Jvnl | Szncfthtl |
H&M Sales Recover From Coronavirus in Q1 but Pricing Power Will Be Tested and Russia Is a Headwind
We maintain our fair value estimate of SEK 168 for no-moat Hennes & Mauritz after it announced first-quarter results. Although shares should start to look attractive after the March 31 sell-off (on the grounds of lower profitability than expected by the market), we see a better combination of quality and value in the apparel sector in narrow-moat Inditex, trading in 5-star territory.