Richemont's Poor First-Half Results as Expected; FVE Remains Unchanged
We are maintaining our wide moat rating and our CHF 73 fair value estimate following Richemont’s first-half results. Reported sales were down 13% to EUR 5.1 billion, with an unfavourable currency impact of 1%. We have trimmed our top-line estimate for fiscal 2017 as the figures are slightly below our estimates, but this is immaterial to our valuation. We regard the significant changes to Richemont’s board, announced today, as a net positive, as we think the influx of new blood in the boardroom c...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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