Richemont Set to Benefit From Global Wealth Creation and Pricing Power
We are maintaining our fair value estimate for wide-moat Richemont as the company announced that first-half revenue excluding YNAP and Watchfinder increased 8% in constant currencies, in line with our full-year expectations. We believe the current share weakness presents a good entry point for investment.Including acquisitions and currency impact, sales grew 21% at actual exchange rates versus our full-year expectation of 18%. Operating margin came under pressure, declining to 16.6% from 20.7% ...
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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