Hugo Boss AG

BOSS: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€64.00	Yczsnz	Khdyxdhv

Hugo Boss' Sales Rise Above Pre-COVID-19 Levels With Over 30% Growth in Fiscal 2022; Shares Rich

Jelena Sokolova

Mar 9, 2023

We are currently maintaining our fair value estimate of EUR 56 for narrow-moat Hugo Boss as we update our model to reflect full fiscal 2022 earnings. EBIT came in at the median consensus estimate of EUR 335 million, beating our expectations of approximately EUR 310 million despite total marketing expenses growing over 40% to just under 8% of sales. This remained in line with management's CLAIM 5 plan previously disclosed. We currently view shares as overvalued.

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