For decades it promised to deliver trendy clothing with acceptable quality at affordable prices. But since the beginning of 2015, H&M's share price has declined by more than 30%. There is a well-written article by Seeking Alpha contributor Daniel Byrne about H&Ms fundamentals. It cites as the reason for the declining share price a slowdown in revenue growth, lower margins as costs grow faster than revenues, and an increase in inventory. On the other hand, H&M is still a profitable company with net income in 2016 again only slightly higher than in 2013. Valuation At a PE of 21, the company seems to be fairly valued right now, also considering that it yields 3.8% in dividends. But this doesn't mean that it is a good entry point. The Q4 report suggests that the current dividend may be questioned in the future: when discussing the dividend proposal, the management first states that in general, the pay-out-ratio should be around 50% of net income after tax to allow the company to finance its growth, but only a paragraph later it points out that the dividend proposed for 2017 is 87% of net income after tax. Going beyond fundamentals and valuation Beyond fundamentals and speculations about dividends, it is interesting to understand why the fundamentals deteriorated and whether this is a temporary or not. The cause for the deterioration of H&M's results is to be found it the competitive landscape (and not just in adverse weather conditions and negative developments in the currency markets, as the management likes often to explain). During the last years, things have changed: Increased competition from low-cost brands such as Primark: Primark is a subsidiary of Associated British Foods ( OTCPK:ASBFY ), ( OTCPK:ASBFF ).
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It was easy for me to incorporate info from school into my business plans. My second year of college in 2013 is when Notoriouss was born. I already knew I wanted a clothing line, but [I] had never put any effort into making it happen yet. I had a friend who was very into his music. He worked so hard at it that it made me want to work more on my line. I created a couple designs, got shirts and sweaters made and did a quick photoshoot with my friends at school. Once I posted the pictures online, a bunch of media outlets were talking about it, and it made me want to continue more. When I decided I wanted my line to be dedicated to my dad [The Notorious B.I.G.], I didn't want people to think it was just "a Biggie clothing line." So I added the extra S because I add my style and swag to it. A post shared by TDub ---- (@tyanna810) on Feb 26, 2017 at 2:50pm PST On The Design Process: I include my personal style in my line, and I like to ask my peers what they would like to see in the line. I also listen to my dad's music for design ideas.
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