Reinitiating Coverage of Richemont Group Under a New Analyst With Wide Moat and FVE of CHF 77
We are reinitiating coverage of Compagnie Richemont under a new analyst with a fair value estimate of CHF 77 and a wide moat rating.We have increased our fair value estimate from CHF 73 because of the time value of money, our expectations for a slightly higher long-term operating margin of 22% (versus 21% in our prior forecast), and adjustment for listed investments.
In our view, Richemont Group’s luxury brands in jewellery and watches grant it a wide moat and will allow it to generate excess ...
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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