4 models fit Hugo Boss AG and they disagree: 0 of 4 land within 15% of the average.
Two or more of our models back this value.
Large discount(i)Silver72
Valued as a cyclical company: P/E comparison, EV/EBITDA comparison, Discounted cash flow, and Graham number.
ACCE opinionHugo Boss AG (BOSS.DE)
Fair value (4 models)
€59.66
ACCE price target
€42.00
Rating
Undervalued
Horizon
12 months
Fair value published on 22 Oct 2026, 14:04 CEST.
ACCE price target published on 23 Oct 2026, 01:52 CEST.
Rating published on 22 Oct 2026, 14:04 CEST.
Price used: €38.41 at the close on 23 Oct 2026, 17:30 CEST.
Models: Discounted cash flow, P/E comparison, EV/EBITDA comparison, and Graham number.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
35.6% below
+55.3% to fair value
ACCE score
56
out of 100
P/E
12.2x
forward 11.9x
1-year return
-7.3%
Dividend yield
0.10%
Hugo Boss AG in four questions
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Overview
ACCE thesis
Hugo Boss designs and sells premium menswear and womenswear under its namesake label and BOSS Menswear, with suits, tailoring, and casualwear sold through its own stores, wholesale accounts, and an increasingly digital channel. The case for a closer look rests on its brand equity and gross margin of 62.2%, which sit well above most apparel peers and show the label still commands pricing power. Revenue is shrinking, though, down 9.6%, so the question is whether the company's cost reset and store rationalisation can restore operating profit, which currently runs at a thin 6.4% operating margin. At a trailing P/E of 12.3 and a forward P/E of 12.0, the market is pricing little recovery, which makes the next few quarters of sales stabilisation the key thing to test. The name is not in any index we track, so liquidity and coverage are thinner than for a comparable large-cap, and that is worth weighing before any deeper work.
⚠ Investor warnings · 2 flagsAI-assisted·How I use AI
high
Earnings falling faster than sales
Revenue fell 9.6% year on year while earnings fell 27.5%, so margins are being squeezed. Operating margin is 6.4% and net margin 5.3%, leaving little cushion if sales keep declining.
moderate
Heavy insider ownership limits float
Insiders hold 66.1% of shares and institutions 26.5%, so a small free float may mean thin trading and larger price moves on modest volume.
AI research notes
AI-assisted·How I use AIWritten Oct 22, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Free cash flow over the last twelve months reached EUR 507M, a strong cash generator for a company of this size.
Hugo Boss beat earnings expectations last quarter, with EPS of 0.49 against 0.39 expected, a 25.6% surprise.
The share trades at 10.0x forward earnings, a low multiple for a business earning a 14.8% return on equity.
Why it could disappoint
Revenue fell 9.6% year over year, reversing the strong multi-year growth the company delivered before.
Net margin of 5.3% leaves little room for error if sales keep shrinking.
Return on invested capital of 7.5% is modest, and debt equals 0.77 of shareholders' equity.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Nov 3, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
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Where BOSS.DE's valuation models land
Price
€38.41
Model fair value
€59.66
Model range
€36.30 to €86.96
Fair value €59.66
Price €38.41
The price sits inside the model range.
Model
Fair value
Upside
Discounted cash flow
EV/EBITDA comparison
Graham number
P/E comparison
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Wall Street consensus
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