業種

Luxury Goods

Luxury Goods のすべてのレポート — 全 1 件。

52/100 93Buffett Hold Hermès International SCA: A 41% Operating Margin Meets 6.1% Constant-Currency Growth, and EUR 1,475 Sits 18-31% Above the Conservative Value Hermès International SCA is a family-controlled French luxury house that makes much of its output in its own workshops and sells it through an exclusive network of 294 stores in 45 countries, with more than 92% of revenue running through directly operated retail and Leather Goods & Saddlery alone supplying 46.1% of H1 2026 revenue. FY2025 revenue of EUR 16.002bn carried a 41.0% recurring operating margin, and restated net cash reached EUR 12.926bn by June 2026, but growth has normalised: H1 2026 rose 6.1% at constant exchange rates and only 1.6% as reported after a EUR 361m currency drag, with Asia-Pacific excluding Japan up just 2.4%. Rating Hold: at EUR 1,475 the shares trade on 34.2x FY2025 EPS of EUR 43.15, inside the EUR 1,280-1,720 acceptable-hold band but 18-31% above the EUR 1,130-1,250 conservative value, so a margin-of-safety purchase only appears near EUR 900-1,000. Hermès International SCARMS · パリLuxury Goods2026年9月8日