Richemont Reports Strong Five-Month Sales, Appoints CEO; Shares Modestly Undervalued
We retain our wide moat rating and our fair value estimate of CHF 90 per share for Richemont after the company reported slightly stronger five-month sales than we expected (10% constant-currency growth versus 8% in our forecasts). We see shares as modestly undervalued.Jewellery Maisons grew at a faster-than-expected pace (14% versus our estimate of 10% and versus 11% constant-currency growth for peer Tiffany from February to July). However, the specialist watchmakers division lagged our forecas...
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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