2025-05-20-Bernstein-海恩斯莫里斯公司（HMB）_H_M家族收购（FBO）_16页_470kb

The report analyzes H&M's potential family buyout by the Persson family, highlighting that the family owns 63% of shares and is accelerating acquisitions, possibly leading to a full buyout in 6-10 years. The stock is rated Underperform with a SEK 110 target, implying a 25% downside due to a long timeline and uncertainties. Financial forecasts indicate growth in sales and earnings, but the rating accounts for risks.