Richemont's Results Broadly As Expected, Investment Thesis Is Intact; Shares Attractive
We are maintaining our wide-moat rating and fair value estimate of CHF 91 for Richemont shares after the company reported full-year results. Revenue was a little higher than we expected (27% growth including acquisitions and 8% excluding acquisitions versus 25% and 6% in our forecast). Operating profit was 3% below our forecasts largely driven by higher-than-expected losses in online and other divisions (which include fashion and leather brands).Richemont’s jewellery category continues to perfo...
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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