Wide-Moat Richemont Delivers Fiscal Year 2017 Results Slightly Below Our Expectations; FVE Intact
After Richemont’s slightly worse-than-expected results, we do not plan to adjust our fair value estimate or our wide moat rating. Considering today’s drop, shares look fairly valued.At negative 4%, Richemont’s sales were marginally below our expectation of a 3.3% decline. The company’s performance continued to improve in the fourth quarter, with 6% growth in sales after 5.7% growth in the third quarter. Excluding gain on property sale, operating income came 7% below our expectations. Capital e...
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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