Varje g\u00e5ng aktien har backat till den niv\u00e5n de senaste tre \u00e5ren har k\u00f6parna tagit vid. Exakt samma m\u00f6nster utspelades \u00e5r 2024 och slutade med att aktien n\u00e5dde nya toppnoteringar. Ingenting tyder hittills p\u00e5 att den h\u00e4r g\u00e5ngen \u00e4r annorlunda.<\/p>\n
Bryts 49-euroniv\u00e5n tydligt p\u00e5 nedsidan, f\u00f6r\u00e4ndras dock bilden. N\u00e4sta rimliga st\u00f6dniv\u00e5 ligger d\u00e5 kring 41-42 euro, eller cirka 447-458 kronor. Det \u00e4r riskenmark\u00f6ren att h\u00e5lla koll p\u00e5.<\/p>\n
S\u00e5 stor \u00e4r skillnaden mot H&M<\/p>\n
Det mest talande argumentet f\u00f6r Inditex hittar man i en enkel sifferj\u00e4mf\u00f6relse. Inditex r\u00f6relsemarginal f\u00f6r r\u00e4kenskaps\u00e5ret 2024\/2025 var 19,5 procent. <\/p>\n
H&M:s r\u00f6relsemarginal f\u00f6r hel\u00e5ret 2025 var 8,1 procent. N\u00e4stan elva procentenheters skillnad, trots att bolagen s\u00e4ljer kl\u00e4der i ungef\u00e4r samma prisklass och p\u00e5 samma marknader.<\/p>\n
R\u00e4kenskaps\u00e5ren \u00e4r inte identiska, men \u00f6verlappar till stor del. Storleken p\u00e5 gapet \u00e4r ett tecken p\u00e5 att Inditex har en aff\u00e4rsmodell som H&M \u00e4nnu inte har lyckats kopiera.<\/p>\n
H&M f\u00f6rb\u00e4ttras, det \u00e4r sant. Under sista kvartalet 2025 n\u00e5dde bolaget en r\u00f6relsemarginal p\u00e5 10,7 procent, upp fr\u00e5n 7,4 procent ett \u00e5r tidigare. Men ett kvartal \u00e4r inte ett bevis f\u00f6r l\u00e5ngsiktig framg\u00e5ng.<\/p>\n
Tittar man l\u00e4ngre tillbaka \u00e4r bilden dyster. De senaste 10 \u00e5ren har H&M-aktien backat 40 procent, medan OMXS30 steg 130 procent under samma period, enligt Avanza.<\/p>\n
Starka varum\u00e4rken kan ta mer betalt, tappar kunder l\u00e5ngsammare i l\u00e5gkonjunktur och beh\u00f6ver spendera mindre p\u00e5 rabatter f\u00f6r att s\u00e4lja sina kollektioner. Det syns direkt i marginalerna.<\/p>\n
H&M \u00e4r inte d\u00e4r just nu till skillnad fr\u00e5n Inditex-\u00e4gda Zara, v\u00e4rt \u00f6ver 409 miljarder efter en tillv\u00e4xt p\u00e5 18 procent, som precis har g\u00e5tt om Nike inom modekategorin, enligt El Economista.<\/p>\n","protected":false},"excerpt":{"rendered":"Varje g\u00e5ng aktien har backat till den niv\u00e5n de senaste tre \u00e5ren har k\u00f6parna tagit vid. Exakt samma…\n","protected":false},"author":2,"featured_media":245971,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[65],"tags":[12860,72,70,71,18352,16092,11128,34,467,31,33,32,30,16093],"class_list":{"0":"post-245970","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-ekonomi","8":"tag-aktieanalys","9":"tag-business","10":"tag-economy","11":"tag-ekonomi","12":"tag-hennes-och-mauritz","13":"tag-inditex","14":"tag-nike","15":"tag-se","16":"tag-stockholmsborsen","17":"tag-svenska","18":"tag-sverige","19":"tag-sweden","20":"tag-swedish","21":"tag-zara"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@se\/116571970358647620","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/se\/wp-json\/wp\/v2\/posts\/245970","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/se\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/se\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/se\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/se\/wp-json\/wp\/v2\/comments?post=245970"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/se\/wp-json\/wp\/v2\/posts\/245970\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/se\/wp-json\/wp\/v2\/media\/245971"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/se\/wp-json\/wp\/v2\/media?parent=245970"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/se\/wp-json\/wp\/v2\/categories?post=245970"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/se\/wp-json\/wp\/v2\/tags?post=245970"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}