Hugo Boss AG

BOSS: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€16.00	Mwtwlj	Mfjfsxyb

Hugo Boss Momentum Remains Strong in Q3, but Comes at a Cost; Shares Attractive

Jelena Sokolova

Nov 3, 2022

We are maintaining our fair value estimate for narrow-moat Hugo Boss as the company delivered solid third-quarter results and increased its full-year outlook. Shares are looking attractive after a pullback, trading in 4-star territory. For the full year the company now guides for revenue growth of 25%- 30% and for EBIT to grow 35%-45% (24% and 36% respectively in our models). Prior management guidance was for 20%-25% growth in revenue and 25%-30% growth in EBIT.

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