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Hennes & Mauritz AB Class B

HM B: XSTO (SWE)
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Morningstar Rating for Stocks Fair Value Economic Moat Capital Allocation
SEK 751.00JprmwGnlxmdgpg

H&M Earnings: Strong Profitability and Inventory Development, but Sales Still Underwhelm

We are maintaining our fair value estimate of SEK 190 for no-moat Hennes & Mauritz as the company reported flat constant currency revenue but solid profit improvement in the first nine months of 2023. At current levels, shares look attractive.

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