Richemont: Strong 5m sales increase
Richemont: (BUY, Fair Value CHF99 (+21%))Strong 5m sales increase
Over five months (to end-August), Richemont sales grew 22% on a reported basis but 10% excluding the FX impact and the first consolidation of YNAP and Watchfinder.co.uk. The consensus was at 8% organic sales growth. As expected, sales growth was driven by Jewellry Maisons thanks to a 14% increase, especially driven by the jewellery business. We remain at Buy on the stock with an unchanged CHF99 Fair Value.
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).
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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