H&M Q2'25: We are awaiting a sales led margin recovery
27 juni, 06:30
H&M’s Q2 results were operationally largely in line with our expectations, and we made only minor upward revisions to our short-term estimates. The company’s performance and outlook suggest that a meaningful recovery will take time to materialize. In our view, short-term drivers remain weak, including low consumer confidence and a slow margin recovery. As a result, we believe that the stock is already sufficiently priced in for high earnings growth (2025e P/E: 20x). Therefore, we reiterate our Reduce recommendation and target price of SEK 130 per share.
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H&M Q2'25: We are awaiting a sales led margin recovery
27 juni, 06:30
H&M’s Q2 results were operationally largely in line with our expectations, and we made only minor upward revisions to our short-term estimates. The company’s performance and outlook suggest that a meaningful recovery will take time to materialize. In our view, short-term drivers remain weak, including low consumer confidence and a slow margin recovery. As a result, we believe that the stock is already sufficiently priced in for high earnings growth (2025e P/E: 20x). Therefore, we reiterate our Reduce recommendation and target price of SEK 130 per share.
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