Hermes International SA

RMS: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Hermès: Fares Better Than Most, but Not Immune From Sectorwide Deceleration; Shares Expensive

Jelena Sokolova

Apr 17, 2025

We are increasing our fair value estimate for wide-moat Hermès International to EUR 1,580 from EUR 1,480, largely as a result of the time value of money effect as we update our models following a solid first-quarter 2025 revenue announcement. We view shares as overvalued.

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Hermes International SA

Hermès: Fares Better Than Most, but Not Immune From Sectorwide Deceleration; Shares Expensive

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