Richemont's Sales Strong on Easy Comparison Base; Shares Fairly Valued
We maintain our wide moat rating and fair value estimate of CHF 86 after Richemont reported better-than-expected five-month sales results. We see shares as fairly valued at current levels.Five-month revenue grew by 10% at actual exchange rates compared with our expectation for 7.5% growth and 9% consensus estimates. Better performance was largely due to nonrecurrence of last year’s inventory buybacks (which added 5% to constant-currency top-line growth) and strong performance of Jewellery Mais...
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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