Hermès International SCA: Q2 raised questions around growth algorithm

研报英文原文证据摘录

Hermès International SCA: Q2 raised questions around growth algorithm

Global Research

30 July 2026ab

Hermès International SCA Equities

FranceQ2 raised questions around growth algorithm

Clothing & Fabrics

12-month rating Neutral

Leather goods miss raises questions on growth visibility

Yesterday morning, RMS reported H1 results broadly in line with expectations, with a 12m price target €1,695.00

modest 1ppt sequential acceleration in sales growth, a 2% EBIT beat, and an industry- Prior : €1,795

leading 41% operating margin. However, results fell short of elevated investor

Price (29 Jul 2026) €1,508.5

expectations, which had been supported by hopes of stronger demand from wealth

creation in the US and South Korea. Most notably, leather goods (44% of sales) missed RIC: HRMS.PA BBG: RMS FP

expectations despite prior guidance for more meaningful accelerating growth through

Trading data and key metrics

the year. Combined with management appearing to soften its long-standing growth

52-wk range €2,270.00-1,508.50

framework of 6-7% annual volume growth plus price, this raised questions around the

visibility of LT sales growth, particularly given still-high cons expectations and valuation. Market cap. €158b/US$181b

This was a key reason behind our downgrade to Neutral last summer. We cut our FY26/ Shares o/s 105m (ORD)

FY27/FY28 estimates by -1%/-3%/-3%, lowering our FY27 sales growth forecast to 7% Free float 33%

from 8% previously due to reduced growth visibility. We stay Neutral. Avg. daily volume ('000) 93.2

Avg. daily value (m) €152.5

Q2 in-line but leather goods missed expectations Common s/h equity (12/26E) €21.5b

Q2 group OSG +7% in-line with. cons (UBSe +6%). H1 EBIT €3,351m, +2% vs. cons P/BV (12/26E) 7.4x

€3,293m (+3% vs. UBSe), with a margin of 41.0% vs.