Compagnie Financiere Richemont SA Class A

CFR: XSWX (CHE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CHF 131.00	Bzzhb	Rmblkndzp

Brilliant Results for Richemont, With Specialist Watchmakers Finally Adding Sparkle to Performance

Jelena Sokolova

Nov 12, 2021

We are increasing our fair value estimate for wide-moat Richemont to CHF 115 per share following very strong first-half performance across divisions, with continuing strength in jewellery, stark improvement in specialist watchmakers, and a decent showing in other divisions. Although the shares trade above our fair value estimate, we think they present a good quality/valuation trade-off in a largely overvalued luxury universe. We still see some tailwinds (such as U.S. demand strength) as temporary.

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