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STOCK COMPARISON

H & M Hennes & Mauritz AB (publ) vs Lpp S.a.: Fair Value & Quality

Both stocks run through our valuation models. Here is how H & M Hennes & Mauritz AB (publ) (HM-B) and Lpp S.a. (LPP) compare, as of Sep 5, 2026.

As of Sep 5, 2026, Fair Value Calculator sees H & M Hennes & Mauritz AB (publ) as the less overvalued of the two: H & M Hennes & Mauritz AB (publ) trades at SEK 176 versus a fair value of SEK 165 (-6%), while Lpp S.a. trades at PLN 21,340 versus PLN 17,754 (-17%).
H & M Hennes & Mauritz AB (publ)
HM-B.ST · SEK · Consumer Discretionary
-6%
upside to fair value
fairly valued
PriceSEK 176
Fair ValueSEK 165
Quality72/100
Lpp S.a.
LPP.WAR · PLN · Consumer Discretionary
-17%
upside to fair value
overvalued
PricePLN 21,340
Fair ValuePLN 17,754
Quality62/100
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Head-to-head numbers

Green value = the better side for that row (for valuation multiples: lower = cheaper).

H & M Hennes & Mauritz AB (publ)Lpp S.a.
Valuation
21.3×P/E (TTM)22.0×
1.19×P/S (TTM)1.16×
6.10×P/B1.73×
10.8×EV/EBITDA14.3×
2.59×PEG0.70×
−5.7%Fair value upside−16.8%
4.0%Dividend yield3.1%
SEK 7.10Dividend per share
Profitability
11%Operating margin13%
4.76×EBIT margin trend (5Y)8.63×
35%Return on equity27%
7%Return on assets9%
Growth
-3%Revenue growth (YoY)11%
0.7%Avg. growth/yr (3Y)13.2%
4.1%Avg. growth/yr (5Y)24.1%
+8.6%Value creation/yr+18.7%
Balance & size
7.0×Interest coverage (EBIT/interest)10.1×
0.43×Debt / equity0.25×
$27BMarket cap$10B
mixedGrowth qualityhealthy

Lpp S.a. leads: 4 to 12 metric wins.

Dash = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

H & M Hennes & Mauritz AB (publ)of which business quality 69 · market factors 64 Lpp S.a.of which business quality 63 · market factors 64
ProfitabilityMargins and returns on capital today
76
74
Quality GrowthAre margins and returns improving?
37
59
CashflowEarnings quality: real cash, not paper profit
65
53
Fin. StrengthBalance sheet, leverage, solvency risk
58
65
InvestmentDisciplined investing over empire-building
96
35
Low VolatilityCalm price path (market factor)
69
71
MomentumPrice trend over the last 3–12 months (market factor)
54
56
52W MomentumDistance to the 52-week high (market factor)
74
70
Net IssuanceBuybacks instead of dilution
89
82

What the models say

How far the median fair value (base case) per model family sits from the current price, in percent. The amount in the currency of the trading venue is shown underneath.

above the price, more than 15% above close to the price, 85% to 115% of the price below the price, more than 15% below

Model familyH & M Hennes & Mauritz AB (publ)Price SEK 176Lpp S.a.Price PLN 21,340
DCF Models+45%above the priceSEK 255+3%close to the pricePLN 21,935
Earnings-Based-52%below the priceSEK 84.94-23%below the pricePLN 16,366
Dividend Discountn/a-46%below the pricePLN 11,596
Multiples+4%close to the priceSEK 182-25%below the pricePLN 16,086
Asset-Based-88%below the priceSEK 20.51-91%below the pricePLN 2,022
Growth DCF+39%above the priceSEK 244+1%close to the pricePLN 21,616
Economic Profit-37%below the priceSEK 110-28%below the pricePLN 15,350
Growth Earnings-8%close to the priceSEK 162-6%close to the pricePLN 20,032
Minimum-88%below the priceSEK 20.51-91%below the pricePLN 2,022
Maximum+45%above the priceSEK 255+3%close to the pricePLN 21,935
Median-8%close to the priceSEK 162-24%below the pricePLN 16,226
Geometric mean-32%below the priceSEK 120-38%below the pricePLN 13,160

Minimum, maximum, median and geometric mean refer to the family values in this table. Geometric because deviations are ratios: half the price and twice the price average to 100%, not 125%.

H & M Hennes & Mauritz AB (publ): 11 of 24 models see the stock below the current price.

Lpp S.a.: 17 of 26 models see the stock below the current price.

Scenario ranges

From our cautious bear case to the optimistic bull case. The white tick is the current price: left of fair value means room to run.

H & M Hennes & Mauritz AB (publ)
Bear SEK 111Fair Value SEK 165Bull SEK 225
SEK 176 = current price (white tick)
Lpp S.a.
Bear PLN 11,378Fair Value PLN 17,754Bull PLN 22,193
PLN 21,340 = current price (white tick)

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Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

H & M Hennes & Mauritz AB (publ) · Consumer Discretionary

Quality score72 · Top 25%
Fair value upside-6% · above median

Lpp S.a. · Consumer Discretionary

Quality score62 · Top 25%
Fair value upside-17% · below median

Bottom line

As of Sep 5, 2026, Fair Value Calculator sees H & M Hennes & Mauritz AB (publ) as the less overvalued of the two: H & M Hennes & Mauritz AB (publ) trades at SEK 176 versus a fair value of SEK 165 (-6%), while Lpp S.a. trades at PLN 21,340 versus PLN 17,754 (-17%).

H & M Hennes & Mauritz AB (publ) has the higher quality score (72/100).

See the full analysis →

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A model-based valuation snapshot from 26 models. Values change with price and fundamentals; the date shown above applies.