Stay Long H & M At Sub-21x P/E, But Not Above

2025-06-29 03:37:00 ET

I don't often invest in apparel, textile, or clothes/fashion businesses, unless it comes with a very significant "luxury tilt". The exception to this rule is a scenario where the company in question is significantly undervalued to any sort of estimate, or when there is some sort of "special situation" in play. Best of all, if we can get both when we invest. And Hennes & Mauritz, or H & M (HNNMY) (HMRZF), is exactly such a scenario where I believe such an upside, such a situation, and such fundamentals exist. The company reported 2Q25 yesterday, and despite results that in fact underperformed my overall expectations, the company rose quite a bit on the trading day....

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