Lucas has published a new company report on H&M following the Q1 results 
In our view, H&M’s Q1 report did not contain any major surprises. The big picture remains unchanged; the company continues to face challenges in growing sales, while profitability improvements are primarily supported by internal initiatives and external factors, rather than revenue growth. In our opinion, valuation levels remain high, and due to ongoing concerns regarding revenue, we still consider the risk-reward ratio unattractive.