Hennes & Mauritz AB Class B

HM B: XSTO (SWE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	SEK 939.00	Zhlp	Ljmylbfh

H&M Sales Recover From Coronavirus in Q1 but Pricing Power Will Be Tested and Russia Is a Headwind

Jelena Sokolova

Mar 31, 2022

We maintain our fair value estimate of SEK 168 for no-moat Hennes & Mauritz after it announced first-quarter results. Although shares should start to look attractive after the March 31 sell-off (on the grounds of lower profitability than expected by the market), we see a better combination of quality and value in the apparel sector in narrow-moat Inditex, trading in 5-star territory.

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