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Compagnie Financiere Richemont SA Class A CFR

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Stock XSWX Rating as of
CHF 144.05 +1.30 (0.91%)
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As of Delayed Price Closed
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Company Report

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Richemont Earnings: Solid Revenue Growth but Big Currency Headwinds; Shares Now Fairly Valued

Jelena Sokolova

We are maintaining our fair value estimate for wide-moat Richemont as the company reported rather solid full-year results, albeit weighed down by currencies. After strong performance year to date—up around 29% and ahead of luxury peers except for Prada—the shares appear approximately fairly valued. Richemont shares are still cheaper than those of wide-moat peers LVMH and Hermes and can be considered a core portfolio holding.

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Price vs Fair Value

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CFR is trading at a 899% premium.
Price
CHF 144.05
Fair Value
CHF 419.00
Uncertainty
High
1-Star Price
CHF 411.10
5-Star Price
CHF 56.70
Economic Moat
Qyldp
Capital Allocation
Tsjyhqs

Bulls Say, Bears Say

Bulls

Richemont's jewellery brand is one of the strongest, most profitable, and one of the faster growing in an attractive high-end jewellery niche with a good growth profile and high entry barriers.

Bears

Richemont is invested in a number of smaller, lagging brands in apparel and leather that pull down returns on capital.

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Trading Information

Previous Close Price
CHF 142.75
Day Range
CHF 141.70–144.05
52-Week Range
CHF 102.95–154.00
Bid/Ask
CHF 0.00 / CHF 144.50
Market Cap
CHF 84.32 Bil
Volume/Avg
1.6 Mil / 991,936

Key Statistics

Price/Earnings (Normalized)
16.51
Price/Sales
4.17
Dividend Yield (Trailing)
1.74%
Dividend Yield (Forward)
1.91%
Total Yield
1.75%

Company Profile

Richemont is a luxury goods conglomerate with 20 brands. Jewellery and watch brands make up 85% of sales, but the group is also active in accessories, writing instruments, clothing and online luxury retail. Richemont’s Jewellery Maisons, including Cartier and Van Cleef & Arpels, account for 67% of revenue and over 86% of profits. Its other brands include Vacheron Constantin, Piaget, Jaeger-LeCoultre, IWC Schaffhausen, Lange & Soehne, Officine Panerai, and Montblanc.
Sector
Consumer Cyclical
Industry
Luxury Goods
Stock Style Box
Large Growth
Total Number of Employees
37,117
Website
https://www.richemont.com

Competitors

Valuation

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Metric
CFR
UHR
RMS
Price/Earnings (Normalized)
 16.5111.3449.55
Price/Book Value
 4.180.8014.96
Price/Sales
 4.171.2416.95
Price/Cash Flow
 16.096.9644.40
Price/Earnings
CFR
UHR
RMS

Financial Strength

Metric
CFR
UHR
RMS
Quick Ratio
 1.802.503.58
Current Ratio
 2.658.614.40
Interest Coverage
 10.53278.7599.32
Quick Ratio
CFR
UHR
RMS

Profitability

Metric
CFR
UHR
RMS
Return on Assets (Normalized)
 8.89%6.27%24.29%
Return on Equity (Normalized)
 18.94%7.31%33.36%
Return on Invested Capital (Normalized)
 10.41%7.01%27.81%
Return on Assets
CFR
UHR
RMS
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Luxury Goods Industry Comparables

Screen in Investor
Ticker
Name
Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
LVMHF
Lvmh Moet Hennessy Louis Vuitton SE—Qxwl$396.3 Bil
LVMUY
Lvmh Moet Hennessy Louis Vuitton SE ADRFjwgsjqkyPjs$396.3 Bil
HESAF
Hermes International SA—Hbd$248.0 Bil
HESAY
Hermes International SA ADRMgwbhfzhkyZnt$245.6 Bil
CHDRF
Christian Dior SE—Twyt$137.2 Bil
CHDRY
Christian Dior SE ADR—Hffhr$136.2 Bil
SWGAY
The Swatch Group AG ADRZspmkznzRrgwt$11.0 Bil
TPR
Tapestry IncDbyxsdzwPlsmj$9.7 Bil
CPRI
Capri Holdings LtdPrbsdsvkSscm$3.9 Bil
REAL
The RealReal IncRhdpVnqb$456.7 Mil

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