Richemont's Fiscal 2018 Results Affected by Wholesale Rationalisation Efforts; Shares Fairly Valued
We maintain our wide moat rating for Richemont, which reported full-year results below our estimates, dragged down by inventory buybacks. Excluding inventory buybacks, 2018 sales matched our expectations and operating profit excluding one-time charges came 3% lower. We do not foresee meaningful changes to our long-term forecasts or our CHF 90 fair value estimate on the back of these results and see shares fairly valued.We still see the current tougher stance on wholesale distribution as moat-su...
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).
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