Richemont : Less operating leverage than expected and still no deal on YNAP
>Q4 sales unsurprising but FY EBIT FY around -10% short of expectations, reflecting accelerating cost inflation - Full-year sales came to € 19.181bn, indicating Q4 sales of € 4.616bn, or growth of +27% y-o-y cc, and EBIT came to € 3.39bn, reflecting a margin of 17.7%, which gives an H2 of € 1.441bn, or a margin of 14.0% (vs a margin of 21.9% in H1). We expected respectively € 19.094bn (or cc growth in Q4 of +26%) and € 3.765bn (a margin of 19.7%, with 17.8% in H2) ...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).
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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