Disappointing H1 profitability
Whereas Richemont's H1 sales were almost in line with market expectations, EBIT was much lower, both for the Jewellery Maisons and Specialist Watchmakers divisions. Following H1 results, we cut our FY25 and FY26 estimates by 6%. We have adjusted our PT from CHF150 to CHF140. Buy reiterated
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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