Financials COMPAGNIE FINANCIERE RICHEMONT OTC Markets

Equities

CFRUY

US2043191079

Apparel & Accessories

Delayed OTC Markets Other stock markets 11:23:42 26/06/2024 pm IST			5-day change	1st Jan Change
15.82 ^USD	-2.41%		+1.48%	+14.85%

06:30pm	Swiss Stocks Slide as Economic Sentiment Index Edges Down	MT
02:13pm	RICHEMONT : Buy rating from Barclays	ZD

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	28,249	46,297	65,908	83,934	83,045	89,027	-	-
Enterprise Value (EV) ¹	29,168	48,454	67,289	84,786	75,595	80,518	78,919	76,927
P/E ratio	30.4 x	35.7 x	31.9 x	271 x	34.7 x	21.6 x	19.5 x	17.8 x
Yield	1.9%	2.23%	1.89%	1.75%	1.97%	2.14%	2.41%	2.56%
Capitalization / Revenue	1.98 x	3.52 x	3.44 x	4.21 x	4.03 x	4.11 x	3.86 x	3.62 x
EV / Revenue	2.05 x	3.69 x	3.51 x	4.25 x	3.67 x	3.72 x	3.42 x	3.12 x
EV / EBITDA	9.69 x	16.2 x	13.6 x	13 x	12.1 x	12.2 x	10.9 x	9.87 x
EV / FCF	17.8 x	17.6 x	17.6 x	23.3 x	19.8 x	20.7 x	19.7 x	17.3 x
FCF Yield	5.61%	5.69%	5.69%	4.29%	5.06%	4.82%	5.09%	5.78%
Price to Book	1.65 x	2.61 x	3.02 x	4.03 x	3.99 x	3.81 x	3.4 x	3.06 x
Nbr of stocks (in thousands)	5,64,824	5,65,081	5,71,280	5,71,057	5,87,682	5,90,354	-	-
Reference price ²	50.01	81.93	115.4	147.0	141.3	150.8	150.8	150.8
Announcement Date	15/05/20	21/05/21	20/05/22	12/05/23	17/05/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	14,238	13,144	19,181	19,953	20,616	21,660	23,070	24,619
EBITDA ¹	3,010	3,000	4,943	6,504	6,226	6,620	7,216	7,792
EBIT ¹	1,518	1,478	3,390	5,031	4,794	5,181	5,695	6,209
Operating Margin	10.66%	11.24%	17.67%	25.21%	23.25%	23.92%	24.68%	25.22%
Earnings before Tax (EBT) ¹	1,198	1,515	2,577	4,758	4,655	5,033	5,574	6,120
Net income ¹	933	1,301	2,074	313	2,362	4,033	4,501	4,903
Net margin	6.55%	9.9%	10.81%	1.57%	11.46%	18.62%	19.51%	19.91%
EPS ²	1.646	2.296	3.611	0.5430	4.077	6.981	7.739	8.449
Free Cash Flow ¹	1,637	2,755	3,830	3,634	3,823	3,883	4,014	4,450
FCF margin	11.5%	20.96%	19.97%	18.21%	18.54%	17.93%	17.4%	18.08%
FCF Conversion (EBITDA)	54.39%	91.83%	77.48%	55.87%	61.4%	58.66%	55.63%	57.11%
FCF Conversion (Net income)	175.46%	211.76%	184.67%	1,161.02%	161.85%	96.3%	89.2%	90.77%
Dividend per Share ²	0.9515	1.825	2.186	2.566	2.787	3.229	3.638	3.865
Announcement Date	15/05/20	21/05/21	20/05/22	12/05/23	17/05/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S2	2021 S1	2021 S2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2	2025 S1	2025 Q3	2025 Q4	2025 S2	2026 S1
Net sales ¹	6,841	5,478	7,666	8,907	5,658	4,616	10,274	5,264	4,412	9,676	5,403	4,874	10,277	5,322	4,899	10,221	5,593	4,802	10,395	5,313	5,114	10,425	5,726	5,172	10,792	9,775
EBITDA	1,131	1,201	-	2,705	-	-	2,238	-	-	3,513	-	-	2,991	-	-	3,347	-	-	2,879	-	-	3,476	-	-	3,158	-
EBIT	353	452	1,026	1,949	-	-	1,441	-	-	2,723	-	-	2,308	-	-	2,655	-	-	2,139	-	-	2,786	-	-	2,335	2,672
Operating Margin	5.16%	8.25%	13.38%	21.88%	-	-	14.03%	-	-	28.14%	-	-	22.46%	-	-	25.98%	-	-	20.58%	-	-	26.73%	-	-	21.64%	27.34%
Earnings before Tax (EBT)	131	344	1,171	1,577	-	-	1,000	-	-	2,559	-	-	2,199	-	-	2,629	-	-	2,026	-	-	2,744	-	-	2,290	-
Net income	64	159	1,142	1,232	-	-	842	-	-	-760	-	-	1,073	-	-	1,509	-	-	853	-	-	2,195	-	-	1,832	-
Net margin	0.94%	2.9%	14.9%	13.83%	-	-	8.2%	-	-	-7.85%	-	-	10.44%	-	-	14.76%	-	-	8.21%	-	-	21.06%	-	-	16.97%	-
EPS	-	0.2810	2.015	2.145	-	-	1.466	-	-	-1.337	-	-	1.880	-	-	2.601	-	-	1.476	-	-	3.790	-	-	3.160	-
Dividend per Share	0.9515	0.9360	0.9125	-	-	-	2.186	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1.437	-	-	1.437	-
Announcement Date	15/05/20	06/11/20	21/05/21	12/11/21	19/01/22	20/05/22	20/05/22	15/07/22	11/11/22	11/11/22	18/01/23	12/05/23	12/05/23	17/07/23	10/11/23	10/11/23	18/01/24	17/05/24	17/05/24	-	-	-	-	-	-	-

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	919	2,157	1,381	852	-	-	-	-
Net Cash position ¹	-	-	-	-	7,450	8,509	10,108	12,101
Leverage (Debt/EBITDA)	0.3053 x	0.719 x	0.2794 x	0.131 x	-	-	-	-
Free Cash Flow ¹	1,637	2,755	3,830	3,634	3,823	3,883	4,014	4,450
ROE (net income / shareholders' equity)	5.47%	7.45%	11%	19.6%	18.7%	18.6%	18.8%	18.7%
ROA (Net income/ Total Assets)	3.19%	3.95%	5.51%	9.41%	8.83%	9.35%	9.96%	9.99%
Assets ¹	29,250	32,910	37,673	3,325	26,761	43,123	45,208	49,076
Book Value Per Share ²	30.30	31.40	38.20	36.50	35.40	39.60	44.30	49.30
Cash Flow per Share ²	4.180	5.680	8.070	7.790	8.100	8.760	9.540	10.10
Capex ¹	735	513	754	857	873	1,021	1,101	1,176
Capex / Sales	5.16%	3.9%	3.93%	4.3%	4.23%	4.72%	4.77%	4.78%
Announcement Date	15/05/20	21/05/21	20/05/22	12/05/23	17/05/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for COMPAGNIE FINANCIERE RICHEMONT

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

150.8 EUR

Average target price

160.8 EUR

Spread / Average Target

+6.65%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Jewelry

	1st Jan change	Capi.
TITAN COMPANY LIMITED	-8.25%	36.2B
PANDORA A/S	+14.39%	12.32B
CHOW TAI FOOK JEWELLERY GROUP LIMITED	-25.13%	11.11B
LAO FENG XIANG CO., LTD.	-13.04%	3.32B
CHINA NATIONAL GOLD GROUP GOLD JEWELLERY CO.,LTD.	-0.71%	2.24B
CHOW TAI SENG JEWELLERY CO., LTD.	-10.94%	2B
BEIJING CAISHIKOU DEPARTMENT STORE CO.,LTD.	-12.83%	1.34B
DR CORPORATION LIMITED	-34.21%	1.03B
RAJESH EXPORTS LIMITED	-22.00%	1.01B

Jewelry