Hermès −45 % : vraiment fini ?

🎯 Hermès has lost nearly 45% of its value since its peak. Revenue has multiplied fivefold in fifteen years… with fewer stores. For some, this marks the end of the golden age of luxury: China is slowing down, consumer demand is waning, and valuation multiples are deflating. For others, it might be an opportunity to buy one of the world's finest listed companies at a more reasonable price. In this video, we analyze Hermès. Not to repeat the usual narrative about China, luxury, or high P/E ratios. But to understand what has truly driven Hermès' growth over the past fifteen years, what could drive it in the future, and to answer the question, "Who will replace China?" We'll discuss stores, margins, pricing power, scarcity, millionaires, valuation… and I'll also share my personal perspective after this 45% drop. ———————————————— 🎁 Want to delve deeper? A 5-email educational series, delivered over 5 days, each taking 5 minutes to read. You'll find the wealth creation mechanisms we briefly touched upon in this video. The link to receive them is below 👇 https://masterbourse.fr/formationspzb/ ————————————————— 🎬 ON THE AGENDA: 0:00 The Paradox of the 35 Stores 1:00 The Markers of Hermès' Power 4:00 China and the Bearish Thesis 6:00 The Antithesis: What if China Isn't the Engine? 7:55 The common analytical mistake everyone makes 9:27 The millionaire map 11:48 The thesis crash test 12:30 Points to watch out for 13:08 Valuation: What's the right price for Hermès? 17:09 Should I buy? ———————————————— 💬 QUESTION OF THE DAY: Do you think Hermès is still too expensive, or does the 45% drop really change the value for money? 👍 If you liked the video: LIKE, COMMENT, SHARE — it helps the channel a lot and only takes 3 seconds. ⚠️ This video is obviously not investment advice. The goal is to share reasoning, an analytical method, and personal reflections on a listed company. Youssef Harrabi is co-founder of MasterBourse and a member of the French Society of Financial Analysts (SFAF). His philosophy: choose a company based on its quality, buy a share at its price. A quality/GARP investor with a clear value bias, trained in the Buffett and Munger school of thought, he has a soft spot for European mid-caps, where hidden gems still fly under the radar. A Zonebourse contributor, he analyzes companies here to show how their numbers tell their true story. #Hermès #Zonebourse #Investment #Luxury #Valuation #RMS #MasterBourse