Compagnie Financiere Richemont SA

Compagnie Financiere Richemont is engaged in the luxury goods market. Co.'s interests encompass some names such as Cartier, Van Cleef & Arpels, Piaget, Vacheron Constantin, Jaeger-LeCoultre, IWC, Alfred Dunhill, Montblanc and Net-a-Porter. Co.'s luxury goods businesses are separated into four segments: Jewellery Maisons (design, manufacture and distribution of jewellery products), Specialist Watchmakers (design, manufacture and distribution of precision timepieces), Montblanc Maison (design, manufacture and distribution of writing instruments) and Other Businesses (Alfred Dunhill, Lancel, ChloA(c), Net-a-Porter, Purdey, textile brands and other manufacturing entities).
  • TickerCFR
  • ISINCH0210483332
  • ExchangeSix Swiss Exchange
  • SectorPersonal Goods
  • CountrySwitzerland
Alfred Glaser ...
  • Benoit Valleaux
  • Bruno Cavalier
  • Charles Lepetitpas
  • Delphine Brault
  • Emmanuel Matot
  • Jean Danjou
  • Louis Boujard, CFA
  • Nicolas David
  • Olfa Taamallah
  • Philippe Ourpatian
  • Stephane Houri
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/18/2020

...

Loic Morvan

RICHEMONT: Still cautious stance, despite a solid financial situation | NEUTRAL | CHF64 vs. CHF68 (+25%)

RICHEMONT - NEUTRAL | CHF64 vs. CHF68 (+25%) Still cautious stance, despite a solid financial situation Covid had a 5% negative impact on FY20 sales FY EBIT down 22%, penalised by online distributors New deterioration for FY21 Still cautious on the stock

Alfred Glaser ...
  • Benoit Valleaux
  • Bruno Cavalier
  • Charles Lepetitpas
  • Delphine Brault
  • Emmanuel Matot
  • Jean Danjou
  • Louis Boujard, CFA
  • Nicolas David
  • Olfa Taamallah
  • Philippe Ourpatian
  • Stephane Houri
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 18/05/2020

...

Jean Danjou

Richemont : Jewellery brands holding up under the strain but the rest is faring a lot less well, we have lowered our 2021 forecast by over -20%

>Sales slumped as expected in Q4, but earnings were well below forecasts - Richemont's full-year results to end-March need to be put in context, as they are comprised of three more or less decent quarters initially (growth fairly lacklustre compared to that of soft luxury groups) and a final very poor quarter hard hit by the emergence of the COVID-19 crisis, particularly in Asia (group sales in Q4 in Asia Pacific declined by 37% on constant currencies, with a drop in...

Jean Danjou

Richemont : Les marques joaillières tiennent le choc mais le reste va nettement moins bien, réduction de plus de -20% de notre prévision 2021

>Si les ventes ont chuté comme attendu au T4, les résultats ressortent très nettement en dessous des attentes - Les résultats annuels de Richemont arrêtés à fin mars ont une signification d’ensemble toute relative car ils se composent de trois trimestres plus ou moins satisfaisants (croissance plutôt molle comparée à celle des ténors du hard luxury) et d’un dernier trimestre très mauvais impacté par l’irruption de la crise du COVID-19 notamment en Asie (de fait les v...

Matthieu DRIOL

Analyse court terme - CIE FINANCIERE RICHEMONT SA : La reprise est une consolidation.

La tendance de fond est clairement orientée à la baisse. Le MACD est négatif, il confirme cette tendance. La reprise est une consolidation qui va buter sur 74,18 CHF prochainement. Le prochain objectif est à 66,03 CHF, puis 62,73 CHF. Le franchissement de 82,22 CHF remettrait en cause la suite de la baisse.

Matthieu DRIOL

Short term view - CIE FINANCIERE RICHEMONT SA : Rising consolidation.

The background trend is clearly bearish. The negative MACD confirms the trend. The rise is a consolidation that will soon bump against the level at CHF 74.18. The next target is at CHF 66.03, then CHF 62.73. Passing CHF 82.22 would question the continuation of the fall.

Matthieu DRIOL

Analyse court terme - CIE FINANCIERE RICHEMONT SA : Les prix baissent.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 66,03 CHF. La tendance de fond serait remise en cause en cas de franchissement de 82,22 CHF.

Matthieu DRIOL

Short term view - CIE FINANCIERE RICHEMONT SA : Falling prices.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at CHF 66.03. The background trend would be questioned should prices rise above CHF 82.22.

Matthieu DRIOL

Analyse moyen terme - CIE FINANCIERE RICHEMONT SA : La tendance est baissière.

La tendance est baissière. Le mouvement se poursuit. Le prochain objectif est à 70,38 CHF, puis 59,39 CHF. Le franchissement de 96,69 CHF remettrait en cause la suite de la baisse.

Compagnie Financiere Richemont Sa: 1 director sold

A director at Compagnie Financiere Richemont Sa sold 8,901 shares at 74.723CHF and the significance rating of the trade was 96/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. ...

Loic Morvan

RICHEMONT: Still cautious stance, despite a solid financial situation | NEUTRAL | CHF64 vs. CHF68 (+25%)

RICHEMONT - NEUTRAL | CHF64 vs. CHF68 (+25%) Still cautious stance, despite a solid financial situation Covid had a 5% negative impact on FY20 sales FY EBIT down 22%, penalised by online distributors New deterioration for FY21 Still cautious on the stock

Jean Danjou

Richemont : Jewellery brands holding up under the strain but the rest is faring a lot less well, we have lowered our 2021 forecast by over -20%

>Sales slumped as expected in Q4, but earnings were well below forecasts - Richemont's full-year results to end-March need to be put in context, as they are comprised of three more or less decent quarters initially (growth fairly lacklustre compared to that of soft luxury groups) and a final very poor quarter hard hit by the emergence of the COVID-19 crisis, particularly in Asia (group sales in Q4 in Asia Pacific declined by 37% on constant currencies, with a drop in...

Jean Danjou

Richemont : Les marques joaillières tiennent le choc mais le reste va nettement moins bien, réduction de plus de -20% de notre prévision 2021

>Si les ventes ont chuté comme attendu au T4, les résultats ressortent très nettement en dessous des attentes - Les résultats annuels de Richemont arrêtés à fin mars ont une signification d’ensemble toute relative car ils se composent de trois trimestres plus ou moins satisfaisants (croissance plutôt molle comparée à celle des ténors du hard luxury) et d’un dernier trimestre très mauvais impacté par l’irruption de la crise du COVID-19 notamment en Asie (de fait les v...

Loic Morvan

RICHEMONT: FY EBIT below expectations, partly due to online distributors | NEUTRAL | CHF68 (+30%)

RICHEMONT - NEUTRAL | CHF68 (+30%) FY EBIT below expectations, partly due to online distributors FY sales declined 3% of which -19% in Q4 FY EBIT down 320bp. Solid financial situation Neutral recommendation

Jean Danjou

ODDO : Don’t get your hopes up at this stage

>Hard to say how awful Q2 will be - The Q1 sales figures that will soon be published will not be very informative, even if they confirm the still very sharp inequalities of the fate reserved for the leaders in soft luxury and the others: declines will reach or exceed -25%/-30% for many second-tier players (Ferragamo has pre-published at -31% cc) but should not exceed -15% for soft luxury heavyweights (Kering has indicated -15% LVMH -10%/-20% and it is possible that He...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 12/11/2019 - Atlantia- EN

Atlantia (O/P) - 9M-19: EBITDA of €5.7bn (+115%, +1% LfL) Telecom Italia (O/P): Debt Reduction, Development of Cloud Services In Partnership With Google Iliad (O/P): €1.4bn Share Buyback Offer, Financed By A Capital Increase by Xavier Niel Credito Emiliano - 9M-19: Net Profit of €158m (+4.5%) Mediobanca (O/P): Leonardo Del Vecchio's Shareholding Has Increased To Around 9.9% BPCE (O/P) - 9M-19: Pre-Tax Profit of €4.1bn (-5.5%) Expedia (O/P) - 9M-19: Operating Income of $743m (+20.2%) Arcelormittal (O/P): Fitch Affirms Its BBB- Ra...

Alfred Glaser ...
  • Benoit Valleaux
  • Bruno Cavalier
  • Charles Lepetitpas
  • Delphine Brault
  • Emmanuel Matot
  • Jean Danjou
  • Louis Boujard, CFA
  • Nicolas David
  • Olfa Taamallah
  • Philippe Ourpatian
  • Stephane Houri
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/18/2020

...

Alfred Glaser ...
  • Benoit Valleaux
  • Bruno Cavalier
  • Charles Lepetitpas
  • Delphine Brault
  • Emmanuel Matot
  • Jean Danjou
  • Louis Boujard, CFA
  • Nicolas David
  • Olfa Taamallah
  • Philippe Ourpatian
  • Stephane Houri
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 18/05/2020

...

Antoine Boivin-Champeaux ...
  • Charles Lepetitpas
  • Christophe Chaput
  • Jean Danjou
  • Johanna Jourdain
  • Matthias Desmarais
  • Nicolas David
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/09/2020

...

Antoine Boivin-Champeaux ...
  • Charles Lepetitpas
  • Christophe Chaput
  • Jean Danjou
  • Johanna Jourdain
  • Matthias Desmarais
  • Nicolas David
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 09/04/2020

Les utilities couvrent des besoins fondamentaux, mais ne sont pas immunes à la crise sanitaire. Plusieurs groupes (Encavis, Verbund, Neoen, Suez, Engie et Veolia) l’ont d’ores et déjà intégrée dans leurs guidances ou les ont suspendues. D’autres (Fortum et Naturgy) n’ont pas communiqué à ce stade. Enfin, les derniers (E.ON, EDF, Iberdrola, Enel, RWE, Nordex et Voltalia) ont confirmé leur trajectoire 2020. Ainsi nos révisions d’estimations impactent un nombre limité de valeurs (EDF, Fo...

Alain William ...
  • Alfred Glaser
  • Baptiste Lebacq
  • Bruno Cavalier
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Jean Danjou
  • Jean Sassus
  • Jean-François Granjon
  • Samantha Jeary
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/30/2020

While the direct impact of COVID-19 is likely to be relatively limited, the consequences of the financial crisis will be more significant (lower equity markets, losses on fixed-income products). But solvency margins are set to remain robust. The sell-off in the sector (-29% YTD) looks overdone and we have upgraded our ratings on Allianz and Scor. We have cut our rating to Reduce vs Neutral on Hannover Re on valuation grounds (sizeable premium to the rest of the sector). AXA remains ou...

With a more favourable environment, RICHEMONT N SA improves to Slightly Positive

RICHEMONT N SA (CH), a company active in the Clothing & Accessories industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 4 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date January 21, 2020, the closing price was CHF 76.76 and its potential was estimated at CHF 86.00.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Richemont – Proxinvest Corporate Governance Rating ® : D

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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