Hermes International SA

RMS: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€9,199.00	Gxrp	Zfyhdgyrm

Hermes Is in Demand, but Capacity Constraints, Modest Pricing Relative to Peers Can Damp Growth

Jelena Sokolova

Feb 18, 2022

We expect to increase our fair value estimate for wide-moat Hermes, as the company reported strong revenue and profitability development in 2021, ahead of our expectations. We still view shares as expensive, despite a more than 20% decline year to date and would recommend investors a wider margin of safety.

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