Hermes International SA

RMS: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Hermes Earnings: Solid Progression; Slightly Better-Than-Expected Performance; Shares Overvalued

Jelena Sokolova

Feb 14, 2025

We are retaining our fair value estimate for wide-moat Hermes as the company reported strong results for 2024, slightly ahead of our estimates. We see shares as expensive, trading at almost 60 times forward earnings.

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Hermes International SA

Hermes Earnings: Solid Progression; Slightly Better-Than-Expected Performance; Shares Overvalued

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