Morningstar

H & M Hennes & Mauritz AB Class B

HM B: XSTO (SWE)
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Morningstar Rating for Stocks Fair Value Economic Moat Capital Allocation
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H&M: Reaffirming Our No-Moat Rating but Raising Our Fair Value Estimate by 7% to SEK 169

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Business Strategy and Outlook

Although we still believe that H&M (the world’s second-largest fashion company in terms of revenue) benefits from scale advantages and brand recognition, we think these are not sufficient to guarantee medium- to long-term economic profits in an increasingly competitive environment, hence our no-moat rating for the company.

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