Richemont: Sales Trends Accelerate With Jewellery Maisons Outperforming; Shares Attractive

We keep our CHF 154 fair value estimate for wide-moat Richemont after solid third-quarter sales. We view shares as attractive at current levels. We believe Richemont should fare better than its competition in an industry slowdown, thanks to the strength of its jewelry brands—as top brands in the category typically outperform in crises—and exposure to a more affluent clientele.