Hermes International SA

RMS: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€7,792.00	Qbw	Zjbwlwcgx

Hermes Earnings: Holding Up Solidly During Industry Slowdown, but Shares Are Expensive

Jelena Sokolova

Jul 26, 2024

We are maintaining our fair value estimate of EUR 1,480 for wide-moat Hermes as the company reported strong, but decelerating revenue trends in the second quarter with some margin pressure. We are reducing our expectations for 2024 revenue growth and profits. Despite Hermes’ resilience during the industry downturn, shares look expensive.

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