Strength of Richemont’s Brands Should Support Long-Term Pricing Power and Margin Expansion
We are maintaining our CHF 90 fair value estimate for wide-moat Richemont as the company reported third-quarter results largely in line with our expectations. Jewellery maisons sales increased 8% organically during the quarter, in line with our expectations, specialist watchmakers came in weaker than expected with flat organic growth (we expected 2%), and other businesses and online were in line with our expectations with double-digit growth at YNAP. For the first nine months, sales excluding YN...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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