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Hermès International Société en commandite par actions (0HV2) fair value: what the stock is really worth

As of Oct 2, 2026: fair value of Hermès International Société en commandite par actions €372, price €1,304, upside -71.5%, quality 82 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? Yes
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Consumer Cyclical · GB · Home France · ISIN FR0000052292

HI Thin data Sep 28, 2026

Hermès International Société en commandite par actions

0HV2 · LSE

Quality Too ExpensiveExcellent quality, but the valuation looks stretched.

!Fair value €372.11 · Strongly overvalued (−71.5%)
✓Quality 82/100
!Mixed Growth (revenue 3y +4.8 %/yr)
✓Highly profitable · 28.3% net margin (TTM)
✓Low debt
·1.4% dividend yield · Safety not assessed
✓Wide moat 93/100
!Evidence only low, so the estimate is less certain
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26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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Price vs Fair Value

€2,797 €941.47 Fair Value €372.11 Jul 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 28, 2026.

How to read this chart

60‑month range €941.47 – €2,797 · fair‑value band €279.08 – €465.13 · the €1,304 price screens above the €372.11 fair value. Dashed = 300-day average. As of Sep 28, 2026.

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Company profile

Hermès International engages in the production, wholesale, and retail of various goods.

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Hermès International engages in the production, wholesale, and retail of various goods. The company offers leather goods and saddlery, such as bags for men and women, travel articles, small leather goods and accessories, saddles, bridles, and various equestrian products and clothing; ready-to-wear garments for men and women; and accessories, including jewelry, belts, hats, gloves, internet of things products, and shoes. It also provides silk and textiles for men and women; art of living and tableware products; beauty and perfume products; and watches. In addition, the company is involved in weaving, engraving, printing, dyeing, finishing, and producing textiles; purchasing, tanning, dyeing, finishing, and selling tanneries and precious leathers; and creating and producing of metal parts. It sells its products through a network of stores in France, rest of Europe, Japan, the Asia Pacific, the Americas, and the Middle East, as well as sells watches, perfumes, and tableware through a network of specialized stores. The company was founded in 1837 and is headquartered in Paris, France. Hermès International is a subsidiary of H51 SAS.

Stock analysis

Hermès International Société en commandite par actions (0HV2) currently trades at €1,304, while our model-based Fair Value estimate is €372.11, 71.5% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Growth DCF group reads highest at a median of €686.03 per share, and 0 of the 23 models we run sit above the €1,304 price.

Bear case: the Asset-Based group reads lowest at €47.72, and 23 of the 23 models stay below the price. Evidence for this calculation is low.

Scenario range: €279.08 (bear) to €465.13 (bull), the price of €1,304 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 82/100 (high quality), in the Consumer Cyclical sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

Hermès International Société en commandite par actions reported revenue of €6.4B in FY2020 versus €5.2B in FY2016, a compound +5.3%/yr. Reported net income was €1.4B in FY2020, compounding +5.9%/yr from FY2016.

Key figures

Market cap €135B · P/S ratio 8.44 · Dividend yield 1.4% · Net margin 21.7% · Return on equity 25.2% · Return on assets (EBIT) 22.5% · Operating margin 41.4% · Revenue (TTM) €16.0B.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 58 out of 100 (low confidence).

What moves the price

The share trades about 42% below its 52-week high and at its 52-week low, currently below its 200-day average.

For context, the median of 10 Consumer Cyclical peers we cover trades at 9% fair-value upside, at −71%, 0HV2 screens richer than that median.

Fair Value models

The price assumes far more growth than our models allow for, so the models scatter widely (€47.72 to €692.26). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear €279.08 Fair Value €372.11 Bull €465.13
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
FCF DCF €483.73 €692.26 €995.59 77
Growth DCF €495.04 €686.03 €950.49 75
EPV €140.73 €156.60 €170.49 74
All 23 models by family
DCF Models
FCF DCF €483.73 €692.26 €995.59 77
5Y Revenue Exit €233.96 €274.21 €318.11 71
5Y EBITDA Exit €331.77 €450.75 €581.96 73
5Y P/E Exit €327.09 €442.30 €556.59 69
10Y Revenue Exit €321.13 €375.92 €435.70 65
10Y EBITDA Exit €384.13 €496.18 €630.58 67
10Y P/E Exit €381.18 €490.43 €611.84 62
Earnings-Based
Graham-Dodd €90.91 €233.47 €303.95 62
PEG = 1.0 €43.80 €62.57 €81.34 55
EPV €140.73 €156.60 €170.49 74
Dividend Discount
Gordon GGM €74.78 €146.49 €246.67 63
DDM Multi-Stage €74.78 €114.34 €156.97 64
Multiples
P/E Multiple €220.59 €294.12 €367.65 63
P/S Multiple €55.49 €73.99 €92.49 58
P/B Multiple €170.46 €227.28 €284.10 55
EV/EBIT €315.49 €405.49 €495.49 66
EV/EBITDA €274.39 €350.69 €426.98 67
EV/Revenue €97.29 €119.48 €141.68 54
Asset-Based
NCAV (Graham) €35.61 €47.72 €71.22 54
Growth DCF
Growth DCF €495.04 €686.03 €950.49 75
Economic Profit
Residual Income €83.78 €103.89 €154.04 72
ROIC Compounder €144.57 €165.85 €187.88 69
Growth Earnings
Growth-Adj P/E €170.75 €243.93 €317.10 65

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Quality Score breakdown

Overall quality 82/100

Of which business quality 79 · Market factors (momentum, volatility) 24

Profitability 68
Margins and returns on capital today
Quality Growth 16
Are margins and returns improving?
Cashflow 100
Earnings quality: real cash, not paper profit
Fin. Strength 100
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 60
Calm price path (market factor)
Momentum 14
Price trend over the last 3–12 months (market factor)
52W Momentum 0
Distance to the 52-week high (market factor)

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 64/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−7.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.8%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
32.6% (2016) → 32.4% (2020)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: no share-count history
not computed

0HV2 screens overvalued: fair value 71% below the price. Compare with Compagnie Financière Richemont SA →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Luxury Goods · 122 stocks

Beats the industry median on 6/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 82 · Top 25%
Fair Value upside −80.0% · Bottom 25%
Profitability
Return on equity (TTM) 25.2% · Top 25%
Return on assets 17.7% · Top 25%
Net margin (TTM) 28.3% · Top 25%
Operating margin (TTM) 41.4% · Top 25%
Growth and dividend
Revenue growth 3.9% · Below median
Dividend yield (TTM) 1.4% · Below median
Balance sheet
Debt / equity 0.00× · Below median

Valuation Multiplesvs Luxury Goods median · lower = cheaper

P/B 21.27× · Priciest 25%
P/S (TTM) 9.81× · Priciest 25%
EV/EBITDA 22.3× · Priciest 25%

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Luxury Goods stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Compagnie Financière Richemont SA CFR CHF 173.05 CHF 120.97 −30%
Christian Dior SE CDI €408.20 €552.53 +35%
Titan Company TITAN ₹4,884 ₹1,487 −70%
Tapestry, Inc TPR $113.88 $109.95 −3%
Chow Tai Fook Jewellery Group 1929 HK$10.97 HK$11.97 +9%
The Swatch Group UHRN CHF 35.70 CHF 21.74 −39%
Prada S.p.A 1913 HK$38.68 HK$62.43 +61%
Pandora A/S PNDORA kr 836.20 kr 1,424 +70%
Laopu Gold Co 6181 HK$340.20 HK$372.96 +10%
Brunello Cucinelli S.p.A BC €80.80 €34.95 −57%

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Hermès International Société en commandite par actions · Fair Value
€372.11 −71%Fair Value
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Cite: Fair Value Calculator (2026). "Hermès International Société en commandite par actions Fair Value". https://www.fairvalue-calculator.com/stock/0HV2

Frequently asked questions

Is Hermès International Société en commandite par actions (0HV2) overvalued or undervalued?
As of Sep 28, 2026, our model estimates a fair value of €372.11 versus a price of €1,304, about −71% upside (overvalued).
What is the fair value of 0HV2?
Our model-based fair value for Hermès International Société en commandite par actions is €372.11 (as of Sep 28, 2026), built from audited fundamentals. The current price: €1,304.
What is the quality score of 0HV2?
Hermès International Société en commandite par actions has a Quality Score of 82/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Hermès International Société en commandite par actions (0HV2)?
Our model-based price target is the fair value of €372.11 (as of Sep 28, 2026) from 23 valuation models. Cautious scenario €279.08, optimistic scenario €465.13. It is a calculation from audited fundamentals, not an analyst target.
What is the Hermès International Société en commandite par actions stock forecast for 2026?
Our models put fair value at €372.11, about −71% upside versus a price of €1,304 (overvalued). Cautious scenario €279.08, optimistic scenario €465.13. The calculation is refreshed regularly with new filings.
What is the revenue of Hermès International Société en commandite par actions (0HV2)?
Hermès International Société en commandite par actions reported trailing-twelve-month revenue of about €16.0B (latest available figure, as of Sep 28, 2026).
Does Hermès International Société en commandite par actions pay a dividend?
Hermès International Société en commandite par actions currently shows a dividend yield of about 1.38% relative to its recent price (as of Sep 28, 2026).
What is the intrinsic value of Hermès International Société en commandite par actions (0HV2)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Hermès International Société en commandite par actions it is €372.11 per share (as of Sep 28, 2026), against a price of €1,304. It is the blended result of 23 valuation models (cash flow, earnings, asset, dividend).
Is Hermès International Société en commandite par actions stock overvalued or undervalued in 2026?
As of Sep 28, 2026, 0HV2 trades above its calculated fair value: price €1,304, fair value €372.11, a gap of about −71% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 0HV2?
No. The price is what the market pays today (€1,304); the fair value is what the company's own numbers justify (€372.11). For Hermès International Société en commandite par actions the two are €931.89 per share apart. That gap is exactly why we show both numbers side by side.
How much is Hermès International Société en commandite par actions worth?
The market values Hermès International Société en commandite par actions at about €135B (market capitalisation, as of Sep 28, 2026). Per share that is €1,304; our models calculate a fair value of €372.11 per share.
What do the bullish and bearish scenarios say about 0HV2?
Our models span a range for Hermès International Société en commandite par actions: cautious scenario €279.08, base €372.11, optimistic €465.13 per share (as of Sep 28, 2026, price €1,304). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Hermès International Société en commandite par actions (0HV2)?
Balance-sheet figures for Hermès International Société en commandite par actions (as of Sep 28, 2026): return on equity 25.2%, debt of 0.00 per unit of equity. They feed the Quality Score of 82/100, which measures business quality independently of the share price.
How far is 0HV2 from its 52-week high?
Hermès International Société en commandite par actions trades at €1,304, about 42% below its 52-week high of €2,233 and at the low of €1,304 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of €372.11 is for.
Which stocks are comparable to Hermès International Société en commandite par actions?
From the same area (Consumer Cyclical) we also value Compagnie Financière Richemont SA, Christian Dior SE, Titan Company, Tapestry, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Hermès International Société en commandite par actions stock attractive at the current price?
The data as of Sep 28, 2026: price €1,304, calculated fair value €372.11 (−71%), Quality Score 82/100, from 23 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 0HV2 calculated?
We run Hermès International Société en commandite par actions through 23 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €372.11, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Hermès International Société en commandite par actions itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Hermès International Société en commandite par actions (0HV2)?
The closing price on Oct 2, 2026 was €1,304. Our model-based fair value is €372.11, about −71% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Hermès International Société en commandite par actions right now?
A high-quality business (quality 82/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety. The price sits above even our optimistic bull case (€465.13). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.

Key figures of Hermès International Société en commandite par actions

How large is the market capitalisation of Hermès International Société en commandite par actions (0HV2)?
The market capitalisation of Hermès International Société en commandite par actions is €135B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Hermès International Société en commandite par actions (0HV2)?
The price-to-sales ratio of Hermès International Société en commandite par actions is 8.44 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the dividend yield of Hermès International Société en commandite par actions (0HV2)?
The dividend yield of Hermès International Société en commandite par actions is 1.4%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Hermès International Société en commandite par actions (0HV2)?
The net margin of Hermès International Société en commandite par actions is 21.7% (fiscal year 2020). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Hermès International Société en commandite par actions (0HV2)?
The return on equity (ROE) of Hermès International Société en commandite par actions is 25.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Hermès International Société en commandite par actions (0HV2)?
On an EBIT basis the return on assets of Hermès International Société en commandite par actions is 22.5% (avg 3y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Hermès International Société en commandite par actions (0HV2)?
The operating margin of Hermès International Société en commandite par actions is 41.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Hermès International Société en commandite par actions (0HV2)?
Revenue at Hermès International Société en commandite par actions is growing +3.9% versus a year earlier (3y avg +4.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Hermès International Société en commandite par actions (0HV2)?
Earnings per share at Hermès International Société en commandite par actions are growing +1.8% versus a year earlier. How much earnings per share grew versus a year earlier.
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