Annuncio • Jun 11
Frasers Group Plc (LSE:FRAS) proposed to acquire remaining 73.42% stake in Hugo Boss AG (XTRA:BOSS) for €1.9 billion. Frasers Group Plc (LSE:FRAS) proposed to acquire remaining 73.42% stake in Hugo Boss AG (XTRA:BOSS) for €1.9 billion on June 10, 2026. Under the terms of the acquisition, Frasers Group Plc will €38 in cash per share or for a total amount of approximately €1.978 billion (£1.727 billion). Upon completion, Frasers Group Plc will own 100% stake in Hugo Boss AG. The transaction will be financed through a facility agreement with BNP Paribas, Deutsche Bank Luxembourg S.A., National Westminster Bank plc and Standard Chartered Bank as lenders.
The Board of Frasers Group Plc is of the opinion that the acquisition of Hugo Boss Shares pursuant to the Offer is in the best interests of Frasers and Frasers' shareholders as a whole. The transaction is subject to approval by Bundesanstalt für Finanzdienstleistungsaufsicht and applicable merger control clearances being satisfied. The Offer will not be subject to a minimum acceptance threshold. The transaction is expected to close in the second half of 2026.
Thomas Christl, Marcellus Ramsauer and Alexander Browne of BNPP Securities Services acted as financial advisor to Frasers Group Plc. Luke Bordewich, Carsten Laux, Oliver Steele and Marcel Reiher of Deutsche Bank AG, London Branch acted as financial advisor to Frasers Group Plc. Reynolds Porter Chamberlain acted as legal advisor to Frasers Group Plc. Gleiss Lutz acted as legal advisor to Frasers Group Plc. Upcoming Dividend • May 15
Upcoming dividend of €0.04 per share Eligible shareholders must have bought the stock before 22 May 2026. Payment date: 27 May 2026. Payout ratio is a comfortable 1.2% and this is well supported by cash flows. Trailing yield: 0.1%. Lower than top quartile of British dividend payers (5.7%). Lower than average of industry peers (2.2%). Reported Earnings • May 07
First quarter 2026 earnings released: EPS: €0.24 (vs €0.51 in 1Q 2025) First quarter 2026 results: EPS: €0.24 (down from €0.51 in 1Q 2025). Revenue: €905.0m (down 9.4% from 1Q 2025). Net income: €17.0m (down 51% from 1Q 2025). Profit margin: 1.9% (down from 3.5% in 1Q 2025). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Luxury industry in Europe. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 18% per year, which means it is performing significantly worse than earnings. New Risk • May 05
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.0% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Annuncio • Apr 04
Hugo Boss AG, Annual General Meeting, May 21, 2026 Hugo Boss AG, Annual General Meeting, May 21, 2026, at 10:00 W. Europe Standard Time. Declared Dividend • Mar 11
Dividend reduced to €0.04 Dividend of €0.04 is 97% lower than last year. Ex-date: 22nd May 2026 Payment date: 26th May 2026 Dividend yield will be 0.1%, which is lower than the industry average of 4.7%. Payout Ratios Payout ratio: 1%. Cash payout ratio: 0.553%. Reported Earnings • Mar 11
Full year 2025 earnings released: EPS: €3.62 (vs €3.09 in FY 2024) Full year 2025 results: EPS: €3.62 (up from €3.09 in FY 2024). Revenue: €4.27b (flat on FY 2024). Net income: €249.5m (up 17% from FY 2024). Profit margin: 5.8% (up from 5.0% in FY 2024). Revenue is forecast to grow 1.1% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Luxury industry in Europe. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Annuncio • Feb 11
Hugo Boss Announces Executive Changes Dietmar Knoess will assume the position of Senior Vice President Global Human Resources at HUGO BOSS as of February 16. He will succeed Jochen Eckhold, who joined HUGO BOSS in January 2019 and is leaving the company to pursue new professional opportunities. Dietmar Knoess held the role of Vice President People & Organization at Puma until October 2025 and spent 15 years with the company. From 2006 to 2010, he held the position of Global Director Human Resources & Facility Management at HUGO BOSS. Before that, Knoess worked in various senior HR roles at Wella (Procter & Gamble) and Tengelmann. Reported Earnings • Nov 05
Third quarter 2025 earnings released: EPS: €0.85 (vs €0.79 in 3Q 2024) Third quarter 2025 results: EPS: €0.85 (up from €0.79 in 3Q 2024). Revenue: €989.0m (down 3.9% from 3Q 2024). Net income: €59.0m (up 7.3% from 3Q 2024). Profit margin: 6.0% (up from 5.3% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Luxury industry in Europe. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 8% per year, which means it is performing significantly worse than earnings. Annuncio • Oct 03
Epam Systems, Inc. and Boss Unveil A Revolutionary Immersive Spatial Experience, Powered by Apple Vision Pro, That Redefines Motorsport Fandom EPAM Systems, Inc. announced its strategic collaboration with BOSS on a revolutionary immersive spatial experience, powered by Apple Vision Pro, that redefines motorsport fandom. This innovation brings fans into the adrenaline-fueled immersion and the heart of the race action. With strategy, design and execution led by EPAM and its Empathy Lab brand teams working side by side, this experience was designed to bring fans closer to the action than ever before, feeling as thrilling and authentic as being a racing driver. From precision visual targeting exercises to 3D spatial puzzles inspired by strategic race decisions, every step demands sharp focus and split-second reflexes. The experience finishes in a spectacular test lap, where the noise of the Aston Martin AMR25 surrounds fans. Launching ahead of the Formula 1®? Singapore Airlines Singapore Grand Prix 2025, the in-store activation debuts October 2 in specially designed installations at select BOSS locations across seven cities: London, Paris, Dusseldorf, Barcelona, Las Vegas, Dubai and Singapore. Reported Earnings • Aug 05
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: €1.00b (down 1.4% from 2Q 2024). Net income: €47.0m (up 27% from 2Q 2024). Profit margin: 4.7% (up from 3.6% in 2Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Luxury industry in Europe. Upcoming Dividend • May 09
Upcoming dividend of €1.40 per share Eligible shareholders must have bought the stock before 16 May 2025. Payment date: 20 May 2025. Payout ratio is a comfortable 46% and this is well supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of British dividend payers (5.8%). Higher than average of industry peers (2.0%). Reported Earnings • May 07
First quarter 2025 earnings released: EPS: €0.51 (vs €0.54 in 1Q 2024) First quarter 2025 results: EPS: €0.51 (down from €0.54 in 1Q 2024). Revenue: €999.0m (down 1.5% from 1Q 2024). Net income: €35.0m (down 7.9% from 1Q 2024). Profit margin: 3.5% (down from 3.7% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Luxury industry in Europe. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Annuncio • Apr 04
Frasers Group Aims to Create Shareholders Value at Hugo Boss On April 3, 2025, Frasers Group Plc announced an increase in its investment in Hugo Boss, holding 19.2% of the total share capital and up to 23.7% through put options. Frasers Group stated that it aims to create value for shareholders and has nominated CEO Michael Murray for election to the Company’s Supervisory Board in May 2025. Annuncio • Apr 01
Hugo Boss AG, Annual General Meeting, May 15, 2025 Hugo Boss AG, Annual General Meeting, May 15, 2025, at 10:00 W. Europe Standard Time. Declared Dividend • Mar 15
Dividend increased to €1.40 Dividend of €1.40 is 3.7% higher than last year. Ex-date: 16th May 2025 Payment date: 20th May 2025 Dividend yield will be 3.8%, which is lower than the industry average of 4.7%. Sustainability & Growth Dividend is well covered by both earnings (45% earnings payout ratio) and cash flows (19% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 39% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Annuncio • Mar 14
Hugo Boss AG announces Annual dividend, payable on May 20, 2025 Hugo Boss AG announced Annual dividend of EUR 1.4000 per share payable on May 20, 2025, ex-date on May 16, 2025 and record date on May 19, 2025. Reported Earnings • Mar 13
Third quarter 2024 earnings released: EPS: €0.79 (vs €0.91 in 3Q 2023) Third quarter 2024 results: EPS: €0.79 (down from €0.91 in 3Q 2023). Revenue: €1.03b (flat on 3Q 2023). Net income: €55.0m (down 13% from 3Q 2023). Profit margin: 5.3% (down from 6.1% in 3Q 2023). Revenue is forecast to grow 4.7% p.a. on average during the next 4 years, compared to a 7.5% growth forecast for the Luxury industry in Europe. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €36.91, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 16x in the Luxury industry in Europe. Total loss to shareholders of 20% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €33.14 per share. Buy Or Sell Opportunity • Mar 07
Now 21% undervalued Over the last 90 days, the stock has risen 9.5% to €42.92. The fair value is estimated to be €54.41, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 22%. For the next 3 years, revenue is forecast to grow by 4.4% per annum. Earnings are also forecast to grow by 13% per annum over the same time period. Buy Or Sell Opportunity • Feb 19
Now 22% undervalued Over the last 90 days, the stock has risen 13% to €44.06. The fair value is estimated to be €56.46, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 22%. For the next 3 years, revenue is forecast to grow by 4.4% per annum. Earnings are also forecast to grow by 13% per annum over the same time period. Annuncio • Dec 17
Hugo Boss Ag Announces Board Changes Hugo Boss AG announced that Stephan Sturm (61) is to take over as Chairman of the Supervisory Board of HUGO BOSS AG following the next Annual Shareholders' Meeting. The Nomination Committee of the Supervisory Board has proposed him as successor to Hermann Waldemer for the election at the Annual Shareholders' Meeting on May 15, 2025. In addition, Andreas Kurali (59) and Michael Murray (35) run for election to the Supervisory Board, as Gaetano Marzotto and Robin J. Stalker will step down alongside Hermann Waldemer at the end of the next Annual Shareholders' Meeting. Stephan Sturm holds a degree in business administration and started his career at McKinsey & Company before taking on various management positions in investment banking. Following this, he worked for Fresenius Group for 18 years, where he played a key role in the company's strong growth, first as Chief Financial Officer and later as Chairman of the Management Board. During his time at Fresenius, Stephan Sturm was also Chairman of the Supervisory Boards of Fresenius Medical Care and Fresenius Kabi. Furthermore, he was a member of the Lufthansa Supervisory Board and most recently chaired its audit committee. Stephan Sturm is currently Chairman of the Management Board of the Heinz Hermann Thiele Family Foundation. Andreas Kurali, also a business administration graduate, worked for Philip Morris International for more than three decades. Over the course of his career, he held various senior finance roles, with positions in Mexico, New York, and Hong Kong. Most recently, he was Deputy Chief Financial Officer and Head of Finance Transformation at Philip Morris International in Lausanne. Michael Murray holds a bachelor's degree in real estate, and has worked with and subsequently for Frasers Group for almost 10 years. He initially provided management consultancy and advisory services to the real estate and retail division, before becoming Group Head of Elevation and taking over the position of Chief Executive Officer in 2022. Since then, Michael Murray has been instrumental in driving the Group's transformation and its further development of the premium segment and digital. Valuation Update With 7 Day Price Move • Nov 29
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to €32.22, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 16x in the Luxury industry in Europe. Total loss to shareholders of 34% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €54.59 per share. Reported Earnings • Nov 05
Third quarter 2024 earnings released: EPS: €0.79 (vs €0.91 in 3Q 2023) Third quarter 2024 results: EPS: €0.79 (down from €0.91 in 3Q 2023). Revenue: €1.03b (flat on 3Q 2023). Net income: €55.0m (down 13% from 3Q 2023). Profit margin: 5.3% (down from 6.1% in 3Q 2023). Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Luxury industry in Europe. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Annuncio • Sep 04
Hugo Boss AG to Report Q3, 2025 Results on Nov 04, 2025 Hugo Boss AG announced that they will report Q3, 2025 results on Nov 04, 2025 Annuncio • Aug 09
Hugo Boss AG to Report Q2, 2025 Results on Aug 05, 2025 Hugo Boss AG announced that they will report Q2, 2025 results on Aug 05, 2025 Reported Earnings • Aug 04
Second quarter 2024 earnings released: EPS: €0.55 (vs €1.11 in 2Q 2023) Second quarter 2024 results: EPS: €0.55 (down from €1.11 in 2Q 2023). Revenue: €1.02b (down 1.0% from 2Q 2023). Net income: €37.0m (down 51% from 2Q 2023). Profit margin: 3.6% (down from 7.3% in 2Q 2023). Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Luxury industry in Europe. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Upcoming Dividend • May 10
Upcoming dividend of €1.35 per share Eligible shareholders must have bought the stock before 15 May 2024. Payment date: 17 May 2024. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of British dividend payers (5.7%). Higher than average of industry peers (1.6%). Reported Earnings • May 03
First quarter 2024 earnings released: EPS: €0.55 (vs €0.50 in 1Q 2023) First quarter 2024 results: EPS: €0.55 (up from €0.50 in 1Q 2023). Revenue: €1.01b (up 4.8% from 1Q 2023). Net income: €38.0m (up 8.6% from 1Q 2023). Profit margin: 3.7% (up from 3.6% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Luxury industry in Europe. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Annuncio • Apr 24
Hugo Debuts Hugo Blue, A New Brand Line with Focus on Denim At Hudson's Bay For Spring/Summer 2024, HUGO is excited to unveil its new brand line HUGO BLUE, at select Hudson's Bay locations across Canada – including Vancouver, Montreal and Toronto - and thebay.com. Denim is at the heart of the HUGO BLUE offering, showcased in different ways – in the form of jeans, skirts, jackets, trench coats, shirts, shorts, and more. Slouchy, printed jersey staples and bold logo details amplify the effortless vibe of the new brand line. Its colour palette is fittingly themed in various shades of blue, along with black and white. In a dynamic launch event that buzzed with creativity, HUGO brought the style and spirit of its new brand line to Hudson'sBay Queen St. on April 18th during Guys' Night Out. Guests were invited to discover the collection, entering the world of HUGO BLUE in an immersive pop-up experience that combined inspiring product installations and entertainment, including a performance from Juno recording artist, Preston Pablo. The pop-up, which will be at Hudson'sBay Queen St. for the remainder of Spring and then moves to Hudson'sBay Yorkdale, reveals a world of blue, putting forward a new perspective and fresh space to explore HUGO. HUGO BLUE offers more denim, with streetwear and a variety of gender-neutral styles – while the main line continues to focus on elevated casual wear and contemporary tailoring. The Summer 2024 collections from HUGO BLUE are currently available to shop in-store at select Hudson's Bay locations and online. Declared Dividend • Apr 01
Dividend increased to €1.35 Dividend of €1.35 is 35% higher than last year. Ex-date: 15th May 2024 Payment date: 17th May 2024 Dividend yield will be 2.4%, which is lower than the industry average of 4.7%. Sustainability & Growth Dividend is covered by earnings (36% earnings payout ratio) but not adequately covered by cash flows (99% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 47% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 07
Full year 2023 earnings released: EPS: €3.74 (vs €3.04 in FY 2022) Full year 2023 results: EPS: €3.74 (up from €3.04 in FY 2022). Revenue: €4.20b (up 15% from FY 2022). Net income: €258.4m (up 23% from FY 2022). Profit margin: 6.2% (up from 5.7% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Luxury industry in Europe. Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Annuncio • Jan 16
Hugo Boss AG to Report Q4, 2023 Results on Jan 16, 2024 Hugo Boss AG announced that they will report Q4, 2023 results on Jan 16, 2024 Annuncio • Nov 18
Hugo Boss AG, Annual General Meeting, May 14, 2024 Hugo Boss AG, Annual General Meeting, May 14, 2024. Reported Earnings • Nov 04
Third quarter 2023 earnings released: EPS: €0.91 (vs €0.84 in 3Q 2022) Third quarter 2023 results: EPS: €0.91 (up from €0.84 in 3Q 2022). Revenue: €1.03b (up 10% from 3Q 2022). Net income: €63.0m (up 8.6% from 3Q 2022). Profit margin: 6.1% (down from 6.2% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Luxury industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has only increased by 42% per year, which means it is significantly lagging earnings growth. Annuncio • Sep 13
Hugo Boss AG to Report Q3, 2024 Results on Nov 05, 2024 Hugo Boss AG announced that they will report Q3, 2024 results on Nov 05, 2024 Annuncio • Aug 21
Hugo Boss AG to Report Q2, 2024 Results on Aug 01, 2024 Hugo Boss AG announced that they will report Q2, 2024 results on Aug 01, 2024 New Risk • Aug 07
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 06
Second quarter 2023 earnings released: EPS: €1.11 (vs €0.86 in 2Q 2022) Second quarter 2023 results: EPS: €1.11 (up from €0.86 in 2Q 2022). Revenue: €1.03b (up 17% from 2Q 2022). Net income: €75.0m (up 29% from 2Q 2022). Profit margin: 7.3% (up from 6.6% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Luxury industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 99% per year but the company’s share price has only increased by 46% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 03
Upcoming dividend of €1.00 per share at 1.5% yield Eligible shareholders must have bought the stock before 10 May 2023. Payment date: 12 May 2023. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of British dividend payers (5.8%). Lower than average of industry peers (2.2%). Reported Earnings • Mar 10
Full year 2022 earnings released: EPS: €3.04 (vs €1.99 in FY 2021) Full year 2022 results: EPS: €3.04 (up from €1.99 in FY 2021). Revenue: €3.65b (up 31% from FY 2021). Net income: €209.5m (up 53% from FY 2021). Profit margin: 5.7% (up from 4.9% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Luxury industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Mar 09
Now 21% undervalued Over the last 90 days, the stock is up 20%. The fair value is estimated to be €80.72, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.7% over the last 3 years. Earnings per share has grown by 19%. For the next 3 years, revenue is forecast to grow by 6.0% per annum. Earnings is also forecast to grow by 13% per annum over the same time period. Annuncio • Jan 17
Hugo Boss AG to Report Fiscal Year 2022 Results on Jan 17, 2023 Hugo Boss AG announced that they will report fiscal year 2022 results on Jan 17, 2023 Reported Earnings • Nov 05
Third quarter 2022 earnings released: EPS: €0.84 (vs €0.76 in 3Q 2021) Third quarter 2022 results: EPS: €0.84 (up from €0.76 in 3Q 2021). Revenue: €933.0m (up 24% from 3Q 2021). Net income: €58.0m (up 9.4% from 3Q 2021). Profit margin: 6.2% (down from 7.0% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Luxury industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 05
Second quarter 2022 earnings released: EPS: €0.85 (vs €0.33 in 2Q 2021) Second quarter 2022 results: EPS: €0.85 (up from €0.33 in 2Q 2021). Revenue: €878.0m (up 40% from 2Q 2021). Net income: €58.0m (up 164% from 2Q 2021). Profit margin: 6.6% (up from 3.5% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 7.2%, compared to a 11% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Buying Opportunity • Aug 02
Now 21% undervalued Over the last 90 days, the stock is up 11%. The fair value is estimated to be €72.07, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.8% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 20% in 2 years. Earnings is forecast to grow by 40% in the next 2 years. Upcoming Dividend • May 18
Upcoming dividend of €0.70 per share Eligible shareholders must have bought the stock before 25 May 2022. Payment date: 30 May 2022. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of British dividend payers (4.8%). Lower than average of industry peers (1.7%). Reported Earnings • May 08
First quarter 2022 earnings released: EPS: €0.34 (vs €0.13 loss in 1Q 2021) First quarter 2022 results: EPS: €0.34 (up from €0.13 loss in 1Q 2021). Revenue: €772.0m (up 55% from 1Q 2021). Net income: €24.0m (up €33.0m from 1Q 2021). Profit margin: 3.1% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Over the next year, revenue is forecast to grow 6.1%, compared to a 11% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 13
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: €1.99 (up from €3.18 loss in FY 2020). Revenue: €2.79b (up 43% from FY 2020). Net income: €137.3m (up €356.9m from FY 2020). Profit margin: 4.9% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 13%, compared to a 11% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 55 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €45.86, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 20x in the Luxury industry in Europe. Total loss to shareholders of 22% over the past three years. Reported Earnings • Nov 06
Third quarter 2021 earnings released: EPS €0.76 (vs €0.06 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €755.0m (up 42% from 3Q 2020). Net income: €53.0m (up €50.0m from 3Q 2020). Profit margin: 7.0% (up from 0.6% in 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 78 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 06
Second quarter 2021 earnings released: EPS €0.35 (vs €2.70 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €629.0m (up 129% from 2Q 2020). Net income: €22.0m (up €208.0m from 2Q 2020). Profit margin: 3.5% (up from net loss in 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. Reported Earnings • May 06
First quarter 2021 earnings released: €0.13 loss per share (vs €0.26 loss in 1Q 2020) The company reported a decent first quarter result with reduced losses and improved control over expenses, although revenues were weaker. First quarter 2021 results: Revenue: €497.0m (down 11% from 1Q 2020). Net loss: €8.00m (loss narrowed 56% from 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 66 percentage points per year, which is a significant difference in performance. Upcoming Dividend • May 05
Upcoming dividend of €0.04 per share Eligible shareholders must have bought the stock before 12 May 2021. Payment date: 17 May 2021. Trailing yield: 0.1%. Lower than top quartile of British dividend payers (4.1%). Lower than average of industry peers (1.0%). Analyst Estimate Surprise Post Earnings • Mar 13
Revenue misses expectations Revenue missed analyst estimates by 1.2%. Over the next year, revenue is forecast to grow 17%, compared to a 12% growth forecast for the Luxury industry in the United Kingdom. Reported Earnings • Mar 13
Full year 2020 earnings released The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: €1.95b (down 33% from FY 2019). Net loss: €219.6m (down 207% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 25
New 90-day high: €31.91 The company is up 20% from its price of €26.58 on 27 November 2020. The British market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €31.97 per share. Is New 90 Day High Low • Jan 20
New 90-day high: €28.26 The company is up 25% from its price of €22.66 on 22 October 2020. The British market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 16% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €49.03 per share. Is New 90 Day High Low • Dec 07
New 90-day high: €27.58 The company is up 20% from its price of €22.98 on 08 September 2020. The British market is up 10.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Luxury industry, which is up 22% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €23.60 per share. Is New 90 Day High Low • Nov 16
New 90-day high: €25.90 The company is up 12% from its price of €23.09 on 18 August 2020. The British market is up 4.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Luxury industry, which is up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €40.98 per share. Analyst Estimate Surprise Post Earnings • Nov 05
Revenue misses expectations Revenue missed analyst estimates by 3.2%. Over the next year, revenue is forecast to grow 6.2%, compared to a 5.1% growth forecast for the Luxury industry in the United Kingdom. Reported Earnings • Nov 05
Third quarter 2020 earnings released: EPS €0.06 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: €533.0m (down 26% from 3Q 2019). Net income: €3.00m (down 95% from 3Q 2019). Profit margin: 0.6% (down from 7.8% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 34% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Oct 29
New 90-day low: €20.73 The company is down 11% from its price of €23.28 on 30 July 2020. The British market is down 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €29.98 per share. Is New 90 Day High Low • Sep 22
New 90-day low: €21.69 The company is down 18% from its price of €26.48 on 24 June 2020. The British market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €28.54 per share. 