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Mestrado Bolonha em Finanças O presente trabalho apresenta uma estimativa de valor da empresa Hermès International e das suas ações, no âmbito do Trabalho Final de Mestrado do Mestrado em Finanças do ISEG – Instituto Superior de Economia e Gestão. Este documento foi elaborado de acordo com as recomendações do CFA Institute. A escolha pela Hermès International deveu-se ao facto da mesma ser uma das empresas mais conceituadas da indústria de Luxury Goods, deter as maiores margens do setor e, ao contrário dos seus mais diretos competidores não possuir um vasto portfólio de diversas marcas comerciais, sendo a sua principal marca a Hermès. O exercício de avaliação e o preço-alvo foram obtidos através do método dos Fluxos de Caixa Descontados (DCF) na perspetiva do acionista (FCFE). Complementariamente foi realizada uma avaliação pelos fluxos de caixa libertos na perspetiva de empresa (FCFF), pelo método dos dividendos descontados (DDM) e pelo método relativo, nomeadamente os múltiplos de mercado EV/EBITDA, EV/Revenue e P/E. O preço-alvo obtido pelo DCF foi de €994,05 por ação, o que implica uma desvalorização potencial de 16.9% face ao preço de fecho a 30 setembro 2021 (data da avaliação) de €1.195,50. Face aos resultados obtidos a nossa recomendação é de VENDA. This Equity Research aims to present a valuation of Hermès International in respect of ISEG – Lisbon School of Economics and Management’s Master’s in Finance final work. This document has been prepared in accordance with the recommendations of the Chartered Financial Analyst (CFA) Institute. The choice for Hermès International was due to the fact that it is one of the leading companies in the Luxury Goods industry, holds the highest margins in the sector and, unlike its most direct competitors, does not have a portfolio of several strong commercial brands but a single really strong brand, Hermès. The valuation exercise and the price target were obtained using the Discounted Cash Flows (DCF) method, namely the Free Cash Flows to Equity (FCFE). Complementarily, we conducted a valuation analysis from the perspective of Free Cash Flows to the Firm (FCFF), Dividend Discount Model (DDM) and relative valuation using the market multiples EV/EBITDA, EV/Revenue and P/E. The price target obtained by DCF method was €994.05 per share, implying a potential downside of 16.9% compared to the closing price of €1,195.50 as of 30 September 2021 (valuation date). Taking in consideration the results obtained the final recommendation stands for SELL. info:eu-repo/semantics/publishedVersion

Thesis (PhD(Marketing and related studies))--University of South Australia, 2021. Includes bibliographical references (pages 169-183) Distributing luxury goods via more channels and store formats presents challenges for luxury brands in the areas of financial return and potential damage to brand image. This thesis aims to provide empirical evidence that can facilitate more informed retail distribution management decisions in the luxury category. It demonstrates that retail channel/store formats that sell luxury products share shoppers in a predictable manner and identifies the key difference between competing channels/store formats as being the number of shoppers they have. Luxury brands with a greater retail presence are not perceived as less luxurious. While luxury buyers do perceive physical channels and online channels differently, buying a luxury brand from an online channel does not lead to a decreased level of perceived brand luxuriousness compared to buying from a physical channel.

Submitted by Maria Helena Ribeiro (helena.ribeiro@lisboa.ucp.pt) on 2021-09-29T12:31:56Z No. of bitstreams: 1 152419035_Maria Ana Pardal _DPDFA.pdf: 3722894 bytes, checksum: 6df79843444140b220213e7712702725 (MD5) Made available in DSpace on 2021-09-29T12:31:56Z (GMT). No. of bitstreams: 1 152419035_Maria Ana Pardal _DPDFA.pdf: 3722894 bytes, checksum: 6df79843444140b220213e7712702725 (MD5) Previous issue date: 2021-02-02

Tüketim zamanla değişime uğramış ve insanların sadece ihtiyaçlarını gidermek için satın aldıkları faydacı tüketimden sembolik, hazcı tüketime geçiş olmuştur. Değişen tüketim biçiminde tüketiciler sadece fiziksel ihtiyaçlarını karşılamamakta, aynı zamanda psikolojik, kültürel ve sosyal ihtiyaçlarını da bazı mal ve hizmetleri satın alarak gidermektedirler. Toplumsal değerlerin maddiyata dönüşmesi ve tüketim kültürünün gün geçtikçe artış göstermesi ile birlikte lüks tüketim de tüm dünyada daha fazla dikkat çekmeye başlamıştır. Özellikle son on yıl içinde çok belirgin bir şekilde değişime uğrayan yaşam şekillerinin ve kültürlerinin bir getirisi olan lüks tüketim, son yıllarda çok daha fazla ilgi odağı olmuş ve bu sektörde bulunanlar için de büyük önem taşımaya başlamıştır. Bu çalışmada 1980 ile 1999 yılları arasında doğan ve Y Kuşağı olarak nitelendirilen neslin lüks kavramına bakışı ve değişen tüketici davranışları açısından yeni lüks kavramı incelenmiştir. Çalışma öncesinde Türkiye’deki çeşitli sektörler ve Y kuşağının özellikleri ve alışveriş davranışları ile ilgili bir ön çalışma gerçekleştirilmiştir. Literatür taraması ile elde edilen bilgilerden sonra, birincil veri toplamak amacıyla Y Kuşağı’nı temsil eden 1980-1999 yılları arasında doğan deneklerin örneklemi oluşturduğu bir anket çalışması yapılmıştır. Daha sonra geliştirilen model doğrultusunda test edilerek incelenen ilişkiler çalışmada ortaya konulmuştur.--------------------Consumption culture has gone through the changes in time and consumption is no longer a process that people buy to meet their needs. In the new consumption society, consumers not only meet their physical needs but they also fulfill their psychological, social and cultural needs by purchasing some products and services. With the transformation of social values into material things and the increase in cultural consumption day by day, luxury consumption has also started to draw more attention all over the world. Espeacially in the last decade luxury consumption, which is the reflection of prominently changing cultures and lifestyles, has started to be under the spotlight in recent years and ll these changes have also mattered more all the people and companies in this sector. Generation Y, who were born between 1980-1999, is the research sample population. Before designing the study, a pre-study, focusing on the various industries in Turkey and characteristics and shopping behaviors of Generation Y consumers, was conducted. After gaining insight about the issues in the light of literature review, survey research is used to collect primary data. Based on the framework, the relations were tested and the whole relations are stated throughout the research.

Purpose: The present study was designed to determine whether brand engagement in self-concept was a function of materialistic values (social recognition, appealing appearance, financial success, defining success, acquisition centrality, pursuit of happiness) among Thai consumers of luxury goods. Design/Methodology/Approach: The participants were selected using multistage sampling on the basis of their shopping experience for luxury items. Multiple linear regression analysis was conducted to evaluate the best linear combination of materialistic values that could predict brand engagement in self-concept. Findings: Appealing appearance, acquisition centrality, social recognition and defining success formed the significant variate that predicted brand engagement in self-concept. Practical Implications: Taken together, these findings support strong recommendations to marketing managers of luxury products on how to tap into consumers’ values in order to market a luxury brand. Originality/Value: The study addresses the symbolic value of luxury brands and how such brands and their brand images interact with how consumers view their own identities., peer-reviewed

Since the end of the twentieth century, dramatic changes in global markets have affected the luxury goods industry on a worldwide scale. They have included the growing influence of emerging economies on trade, the concentration of retailing in the hands of few transnational companies, and an increasing number of mergers and acquisitions associated with the emergence of global value chains. They all called into question the traditional resources of the Italian competitiveness in fashion business and specifically in the field of personal luxury goods. This chapter analyses the specific organizational features of the Italian luxury goods industry, in order to explain how the Italian firms adapted to the new globalization and to understand whether the Italian model is still competitive at the beginning of the twenty-first century.

The Company Carolina Herrera has identified a market niche that demands garments, apparel and accessories and to which it can offer a somewhat differentiated product with excellent quality. This market niche is the target of several companies such as Loewe and Vuitton, which may be clearly identified as the leading companies and worldwide references. In this scenario, the question of which internationalization strategy must be pursued to access the luxury fashion product market should be raised. A Benchmarking analysis was carried out for the purpose of identifying best commercial performances of leading worldwide Brand names to determine the marketing planning strategy. Results show the companies’ recognition of a globalised luxury and the discovery of a global market niche with huge growth potential, such as luxury handbags, make us state that there are still growth opportunities that have not been exploited., peer-reviewed

Luxury goods are selling well and the growth of the industry has barely been slowed down by the Asian crisis (Les Echos, 04-30-1998, 09-25-1998; Le Figaro, 04-06-1998; Financial Times, 04-24-1999). As in many other growth markets, though, good results are coming together with a fair amount of turmoil. Many changes are redefining environmental conditions and new challenges are creating significant turbulence for players in the industry at a global level (Ecole de Paris, 1998; Woman’s Wear Daily, 02-10-1998; Libération, 03-06/07-1999). Our question in this paper is whether, in the face of such global trends, luxury goods companies have reacted and attempted to adapt. We are interested by changes and evolutions with an impact on organizational structures but also by the potential redefinition of managerial roles and competencies. [First paragraph]

Luxury goods are selling well and the growth of the industry has barely been slowed down by the Asian crisis (Les Echos, 04-30-1998, 09-25-1998; Le Figaro, 04-06-1998; Financial Times, 04-24-1999). As in many other growth markets, though, good results are coming together with a fair amount of turmoil. Many changes are redefining environmental conditions and new challenges are creating significant turbulence for players in the industry at a global level (Ecole de Paris, 1998; Woman’s Wear Daily, 02-10-1998; Libération, 03-06/07-1999). Our question in this paper is whether, in the face of such global trends, luxury goods companies have reacted and attempted to adapt. We are interested by changes and evolutions with an impact on organizational structures but also by the potential redefinition of managerial roles and competencies. [First paragraph]