Hugo Boss AG

BOSS: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€28.00	Ncfdcsd	Xvrzdlrbx

Hugo Boss Sales And Profits Boosted by Easy Comparison, Improved Brand Momentum in Q1; FVE Unchanged

Jelena Sokolova

May 4, 2022

We retain our fair value estimate for narrow-moat Hugo Boss following a strong first-quarter 2022 that benefited from an easy comparison base versus 2021, when it was still heavily hit by lockdowns and store closures in Europe, as well as revived brand momentum following a style refresh and boost in marketing spending. We view shares as fairly valued at current levels.

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