Richemont: Q3 well above expectations
Richemont Q3 sales grew 10%, significantly above market expectations (+1%) and the Q2 performance (-1%). All regions achieved a better trend in Q3 than in Q2, especially North America. We lift our earnings by 5%. Combined with our DCF rollover, this implies a PT at CHF150 vs CHF138 previously. Buy
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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