Analysis: H & M Hennes & Mauritz (HM-B.ST) — AKM1 research 2026

H & M Hennes & Mauritz (HM-B.ST) is in the research library for one single reason: the company passed the candidate rule. The rule is deterministic — hard gate on cash coverage (V19), data coverage 71,1 % against the floor of 70 % as well as yellow status with AKM1 above 65 % of max (65,5 %). No taste, no opinion: 46,6 of 71,1 possible points.

This is an automatically generated research overview; the full AK1A analysis is produced manually.

This is what the AKM1 profile looks like

A total of 46,6 of 71,1 points (65,5 %). The strongest category is Profitability, the weakest Catalyst. 9 of 20 variables are unset — the basis builds on 11 measured. The three strongest variables, with the assessment's motivation verbatim:

- V12 Revenue stability — 5/5 p: Revenue volatility σ(yoy) 3,5 % → stability band 5/5 (4-year series — short basis, noted)

- V19 Cash coverage — new share issue risk — 5/5 p: FCF margin 10,1 % positive → 5/5 (self-financing according to the r2 V19 table; burn-rate not computed by P1 because the cash flow is positive)

- V04 P/S — 4/5 p: P/S 1,25x derived as P/E 22,5 × profit margin 5,6 % (identity, currency-safe) → linear band 4/5

The wave position

All five horizons (micro, short, medium, long, mega) are unset — and unset means unset: the wave engine never guesses, it requires time series that the sources do not yet deliver. The only wave trace is the dynamic: stable. Fundamental waves not classified at aggregate level: the FVag engine requires time series (revenue, margins, valuation multiples over time) that the basis lacks — 'unset' means unset, the engine never guesses. Only 1 of 20 variables has classifiable wave data; the dynamic (stable) is the only wave trace.

Floor and risks

The value floor is unset — golvMarginal is null in the cross-tabulation — value floor data (NCAV/NAV) is not yet delivered by the sources (known, documented in the manifest).

- 9 of 20 AKM1 variables are unset in the basis (V02, V03, V11, V13, V15, V16, V17, V18, V20) — the analysis builds on 11 measured variables, not the full model.

- Valuation risk: V05 P/B 0/5 p — an expensively priced valuation level relative to booked capital.

- Liquidity (V11) unset — balance sheet data is missing in the sources, the liquidity risk cannot be assessed.

- Yellow status: AKM1 65,5 % of max — the middle layer; one more weak measurement moves the row toward red.

- Missing second source: source B (MarketStack) lacked a fresh price course at collection — price and valuation were not double-checked (noted in the company universe).

What would falsify the picture

A research picture without conditions that can kill it is not research. These conditions are measurable with variable ID and threshold:

- V19 cash coverage < 12 months within 2 quarters falsifies the yellow status — portV19 activates and the row turns red according to the cross-tabulation's D1 rule.

- fvagDynamik → 'weakens' in the next cross-tabulation run falsifies the selection basis — the candidacy is re-examined immediately (the dynamic is stable in today's basis).

- data coverage < 0,6 in the next delivery falsifies the status basis — green requires ≥ 60 % (D1), the public library ≥ 70 %; HM-B.ST stands at 71,1 % today.

- V12 (Revenue stability) falling to ≤ 2/5 p in the next AKM1 measurement falsifies the thesis for profitability — the profile's strongest leg carries the selection.

- relative AKM1 below 0,50 in the next measurement falsifies the yellow status (→ red according to D1) — today 65,5 %.

Go deeper

• The course v12-intaktsstabilitet — the variable in the company's AKM1 profile
• The course v19-kapitalforbranning — the variable in the company's AKM1 profile
• The course v04-ps — the variable in the company's AKM1 profile
• The full overview of H & M Hennes & Mauritz — the whole schema with selection rule and outcome
• Complete guide to Swedish stock analysis — the method from the ground up

FAQ

What is AKM1 and how should the score be read?

AKM1 is AK1A's foundational model for structuring research on Swedish stocks. The model measures up to 20 variables in five categories and adds up the points — here 46,6 of 71,1 possible (65,5 %). The score describes how well the data meets the model's criteria; it is a pedagogical mapping tool, not a decision to buy or sell. The method is explained from the ground up in the complete guide to Swedish stock analysis.

What does yellow status in the research library mean?

The colour shows how strong the data is: green requires a relative AKM1 of at least 70 percent, while yellow sits between 50 and 70. H&M's 65,5 percent places the company in the middle tier — enough for candidate status, but one weak measurement can move the row towards red. The status is updated when new data is delivered to the research library.

How is V12 revenue stability calculated?

The variable measures how much the company's annual revenue swings, expressed as the standard deviation (σ) of the year-over-year rate of change. H&M's volatility of 3,5 percent lands in the most stable band, 5/5 — but note that the series is only four years, a short basis. The course v12-intaktsstabilitet walks through the calculation step by step.

Why are some variables unset?

Unset means the data sources have not yet delivered material sufficient for measurement — the model never guesses. For H&M, 9 of 20 variables are unset, including liquidity (V11) where balance sheet data is missing. Unset items can be filled in as the sources deliver, giving a more reliable overall picture.

This is an automatically generated research overview; the full AK1A analysis is produced manually. Research material — not advice. Educational research, never investment advice (law 2007:528).