Financials COMPAGNIE FINANCIERE RICHEMONT

Equities

CFR

CH0210483332

Apparel & Accessories

Market Closed - Swiss Exchange Other stock markets 09:01:30 26/04/2024 pm IST			5-day change	1st Jan Change
129.8 ^CHF	+1.64%		+1.88%	+12.18%

25/04	Hermes Posts Sales Growth Across All Markets -- 2nd Update	DJ
22/04	RICHEMONT : Gets a Buy rating from Goldman Sachs	ZD

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	36,661	28,249	46,297	65,908	83,934	78,144	-	-
Enterprise Value (EV) ¹	34,133	29,168	48,454	67,289	84,786	70,652	69,355	68,124
P/E ratio	13.2 x	30.4 x	35.7 x	31.9 x	271 x	22 x	18.6 x	16.9 x
Yield	2.73%	1.9%	2.23%	1.89%	1.75%	2.5%	2.74%	3.15%
Capitalization / Revenue	2.62 x	1.98 x	3.52 x	3.44 x	4.21 x	3.78 x	3.6 x	3.37 x
EV / Revenue	2.44 x	2.05 x	3.69 x	3.51 x	4.25 x	3.41 x	3.19 x	2.93 x
EV / EBITDA	13.4 x	9.69 x	16.2 x	13.6 x	13 x	11.2 x	10.3 x	9.21 x
EV / FCF	27.9 x	17.8 x	17.6 x	17.6 x	23.3 x	17.1 x	17.9 x	16.1 x
FCF Yield	3.59%	5.61%	5.69%	5.69%	4.29%	5.86%	5.58%	6.21%
Price to Book	2 x	1.65 x	2.61 x	3.02 x	4.03 x	3.69 x	3.35 x	3.06 x
Nbr of stocks (in thousands)	5,64,558	5,64,824	5,65,081	5,71,280	5,71,057	5,87,682	-	-
Reference price ²	64.94	50.01	81.93	115.4	147.0	133.0	133.0	133.0
Announcement Date	17/05/19	15/05/20	21/05/21	20/05/22	12/05/23	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	13,989	14,238	13,144	19,181	19,953	20,690	21,729	23,215
EBITDA ¹	2,547	3,010	3,000	4,943	6,504	6,306	6,737	7,400
EBIT ¹	1,943	1,518	1,478	3,390	5,031	4,872	5,229	5,765
Operating Margin	13.89%	10.66%	11.24%	17.67%	25.21%	23.55%	24.07%	24.83%
Earnings before Tax (EBT) ¹	3,168	1,198	1,515	2,577	4,758	4,794	5,146	5,655
Net income ¹	2,787	933	1,301	2,074	313	3,541	4,151	4,569
Net margin	19.92%	6.55%	9.9%	10.81%	1.57%	17.11%	19.1%	19.68%
EPS ²	4.927	1.646	2.296	3.611	0.5430	6.057	7.162	7.871
Free Cash Flow ¹	1,224	1,637	2,755	3,830	3,634	4,141	3,869	4,228
FCF margin	8.75%	11.5%	20.96%	19.97%	18.21%	20.01%	17.81%	18.21%
FCF Conversion (EBITDA)	48.06%	54.39%	91.83%	77.48%	55.87%	65.66%	57.43%	57.13%
FCF Conversion (Net income)	43.92%	175.46%	211.76%	184.67%	1,161.02%	116.94%	93.21%	92.53%
Dividend per Share ²	1.772	0.9515	1.825	2.186	2.566	3.327	3.637	4.187
Announcement Date	17/05/19	15/05/20	21/05/21	20/05/22	12/05/23	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	2021 S1	2021 S2	2022 Q1	2022 Q2	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 S1	2025 S2
Net sales ¹	7,397	6,841	5,478	7,666	4,397	4,510	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	4,779	10,427	10,521	10,901
EBITDA	1,587	1,131	1,201	-	-	-	2,705	-	-	2,238	-	-	3,513	-	-	2,991	-	-	3,347	-	-	2,806	-	-
EBIT	1,165	353	452	1,026	-	-	1,949	-	-	1,441	-	-	2,723	-	-	2,308	-	-	2,655	-	-	2,194	2,740	2,370
Operating Margin	15.75%	5.16%	8.25%	13.38%	-	-	21.88%	-	-	14.03%	-	-	28.14%	-	-	22.46%	-	-	25.98%	-	-	21.04%	26.04%	21.74%
Earnings before Tax (EBT)	1,067	131	344	1,171	-	-	1,577	-	-	1,000	-	-	2,559	-	-	2,199	-	-	2,629	-	-	1,983	-	-
Net income	869	64	159	1,142	-	-	1,232	-	-	842	-	-	-760	-	-	1,073	-	-	1,509	-	-	1,449	-	-
Net margin	11.75%	0.94%	2.9%	14.9%	-	-	13.83%	-	-	8.2%	-	-	-7.85%	-	-	10.44%	-	-	14.76%	-	-	13.9%	-	-
EPS	1.538	-	0.2810	2.015	-	-	2.145	-	-	1.466	-	-	-1.337	-	-	1.880	-	-	2.601	-	-	2.790	-	-
Dividend per Share	-	0.9515	0.9360	0.9125	-	-	-	-	-	2.186	-	-	-	-	-	-	-	-	-	-	-	1.322	-	-
Announcement Date	08/11/19	15/05/20	06/11/20	21/05/21	16/07/21	12/11/21	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	-	-	-	-

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	919	2,157	1,381	852	-	-	-
Net Cash position ¹	2,528	-	-	-	-	7,492	8,790	10,020
Leverage (Debt/EBITDA)	-	0.3053 x	0.719 x	0.2794 x	0.131 x	-	-	-
Free Cash Flow ¹	1,224	1,637	2,755	3,830	3,634	4,141	3,869	4,228
ROE (net income / shareholders' equity)	17.6%	5.47%	7.45%	11%	19.6%	18.8%	18.8%	19.3%
ROA (Net income/ Total Assets)	10.4%	3.19%	3.95%	5.51%	9.41%	9.53%	10.3%	11%
Assets ¹	26,846	29,250	32,910	37,673	3,325	37,141	40,469	41,619
Book Value Per Share ²	32.50	30.30	31.40	38.20	36.50	36.00	39.70	43.50
Cash Flow per Share ²	3.590	4.180	5.680	8.070	7.790	10.40	9.070	9.850
Capex ¹	826	735	513	754	857	965	1,032	1,093
Capex / Sales	5.9%	5.16%	3.9%	3.93%	4.3%	4.66%	4.75%	4.71%
Announcement Date	17/05/19	15/05/20	21/05/21	20/05/22	12/05/23	-	-	-

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

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

133 EUR

Average target price

150.7 EUR

Spread / Average Target

+13.31%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Jewelry

	1st Jan change	Capi.
COMPAGNIE FINANCIERE RICHEMONT	+12.18%	83.42B
TITAN COMPANY LIMITED	-2.49%	38.16B
CHOW TAI FOOK JEWELLERY GROUP LIMITED	-6.02%	13.93B
PANDORA A/S	+17.87%	12.8B
LAO FENG XIANG CO., LTD.	+11.43%	4.19B
CHINA NATIONAL GOLD GROUP GOLD JEWELLERY CO.,LTD.	+7.50%	2.46B
CHOW TAI SENG JEWELLERY CO., LTD.	+6.65%	2.43B
BEIJING CAISHIKOU DEPARTMENT STORE CO.,LTD.	-6.25%	1.5B
DR CORPORATION LIMITED	-20.28%	1.3B
RAJESH EXPORTS LIMITED	-13.01%	1.13B

Jewelry