Hugo Boss AG

BOSS: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€98.00	Qxprtx	Dvsxvlc

Hugo Boss Earnings: Strong Growth All Around Has Management Raising Guidance; Shares Rich

Jelena Sokolova

May 4, 2023

We anticipate an increase to our EUR 56 fair value estimate for narrow-moat Hugo Boss following model updates to include first-quarter results as well as raised management guidance. In the first quarter, Hugo Boss saw strong growth companywide, and EBIT margin expanded roughly 30% year over year as selling and marketing expenses as a percentage of revenue decreased on the back of brick-and-mortar retail efficiency. We currently view the shares as overvalued.

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