Richemont : Reset de marge plus fort qu’attendu mais les marques joaillères résistent remarquablement
>CA T2 à -1% peu surprenant mais baisse de la marge au S1 le double des attentes - Le groupe publie un CA S1 à 10 077 M€ et un EBIT à 2 206 M€ soit une marge à 21.9% contre 26% au S1 de l’exercice précédent. Nous attendions respectivement 10 179M€ et 2 438 M€ (marge à 24%) et le consensus Visible Alpha était à 10 210 M€ et 2 459 M€ (marge aussi à 24%). L’écart négatif par rapport aux attentes est modeste sur l’activité (-1%) mais très significatif sur l’EBIT à -9%. L...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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