Best Idea Richemont’s 1Q Slightly Weaker Than Expected. FVE Maintained
We maintain our fair value estimate of CHF 91 for wide-moat Richemont because the company reported first-quarter sales somewhat below our estimates. Jewellery maisons sales were up 7% in constant currencies versus 6.4% our annual expectations, while the specialist watchmakers division's sales declined by 2% versus 4.2% growth we expect for the full year and compared with 5% growth in Swiss watch exports during April to May (led by the more expensive ranges). Richemont is still taking a prudent a...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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