Hennes & Mauritz (Buy) 27-09-2013
Investors awaiting a return of earnings growth in H&M have learnt that patience is a virtue. We believe the waiting is over. Gross margin stability signals structural worries are exaggerated. Low SG&A costs signal that costs for new initiatives have stopped rising. We expect EPS to outgrow sales in 2014-15, believe the negative revision trend will reverse and keep our Buy rating.
Regnskab: Hennes & Mauritz
Regnskabet var stærkere end ventet, og aktien stiger derfor 6,7%
Hennes & Mauritz (HM B på Stockholm) har i dag aflagt regnskab for 3. kvartal af regnskabsåret 2012/13, der udløber i november 2013.
Nettoomsætningen steg 11,2% til 32.040 mSEK, EBIT steg 19,8% til 5.755 mSEK og nettoresultatet steg 22,3% til 4.431 SEK. Indtjeningen pr. aktie (EPS) steg 22,4% til 2,68 SEK.
Topchef Karl-Johan Persson udtaler om regnskabet: “The third quarter has been very good as regards both sales and profits. Profits after financial items increased by nearly SEK 1 billion. Our well received summer collections have resulted in strong sales development in the quarter, particularly in Asia but also in a number of European markets. We have also seen the very successful launch of our online store in the US in August and can see that our offering stands up well in the worlds largest online market.”
Om selskabets ekspansion udtaler han: “Our expansion is strong. It is not long since we opened our 2,000th store in 2010, and this September only three years later we opened our store number 3,000 in Chengdu, one of Chinas major cities. China is the country where our expansion is strongest, but we are also expanding in other exciting regions. We have opened 215 new stores so far this year and have had successful openings in four new H&M countries: Chile, Lithuania, Serbia and Estonia. In October this year we will open in another country in Southeast Asia in Indonesia via franchise and in the first half of 2014 we will open our first store in Melbourne, Australia. In 2015 we plan to open in South Africa.”
Markedet har taget godt mod regnskabet og sendt aktien op med 6,7% til 281,6 SEK. Med den pris er H&M prissat svarende til P/E2013=27,4.
H&M indgår i min Nordnetportefølje med en vægt på 5,2%. Jeg ejer selv aktier i H&M.
Med venlig hilsen,