Note: This is a daily stock update and the information stands true as of 24/06/25, 09:00 CET.
Company Update:
We expect 2Q25E results could cause disappointments and even a more cautious wording on group’s full year outlook cannot be excluded. Indeed, as headwinds increased in Q2 (notably with USD weakness) and as uncertainties remain regarding the consumption trend in Europe and especially in Germany, we expect Q2 sales to post a 2.9% decline. While we were previously expecting an improvement in H1 EBIT, we are now more cautious and have cut our FY estimates.
At our new target price of € 42 (prev.: € 45), HUGO BOSS would trade at a P/E 26E of around 12x. This means a 30% discount to its 10-year average P/E +1Y valuation multiple of 17x as well as a 30% discount to the average P/E26E multiple of its peers (17x).
Expert Opinion:
Despite the poor share price performance and relatively low valuation, our expert believes it is too early to come back on the name. Momentum is likely to remain weak for at least the next couple of quarters.
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