Hennes & Mauritz AB Class B

HM B: XSTO (SWE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	SEK 996.00	Kwknk	Ssmclplh

H&M Earnings: Strong Profitability and Inventory Development, but Sales Still Underwhelm

Jelena Sokolova

Sep 27, 2023

We are maintaining our fair value estimate of SEK 190 for no-moat Hennes & Mauritz as the company reported flat constant currency revenue but solid profit improvement in the first nine months of 2023. At current levels, shares look attractive.

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