Concerns About Chinese Demand Bring Luxury Valuations Closer to Our FVEs; Richemont Attractive
While the luxury sector has been battered over the past few days, we're maintaining our fair value estimates for the firms in this space. We believe the sector valuations are now returning to more palatable levels, after being materially overvalued for most of 2018. While many valuations are still stretched, the sector sell-off has created a few opportunities for long-term investors. We consider wide-moat Richemont a top pick in the space, trading in the 4-star territory at a 20% discount to ou...
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