Hermes International SA

RMS: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€4,949.00	Ckbr	Chvkwvtndm

Hermes: Solid Growth, Helped by Pricing, but Deceleration Should Be Expected in Quarters to Come

Jelena Sokolova

Apr 25, 2024

We are maintaining our fair value estimate for wide-moat Hermes at EUR 1,480 as the company reported another solid quarterly sales growth in the first quarter. Despite defensive characteristics during industry slowdowns and exposure to more affluent clientele, we believe Hermes is trading at expensive levels, at over 50 times FactSet consensus forward earnings.

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