Compagnie Financière Richemont SA: Better Than All The Rest?

Research evidence excerpt

Compagnie Financière Richemont SA: Better Than All The Rest?

Switzerland | Luxury Brands

Compagnie Financière Richemont SA EquityJulyResearch15, 2026

TARGET | ESTIMATE CHANGEBetter Than All The Rest?

We have reflected CFR's blow-out Q1 update and upgraded estimates by c.9%. RATING BUY

The extent to which equity wealth creation swings from here will be a critical PRICE CHF183.35^

determinant of revisions momentum. But we expect the rest of the luxury PRICE TARGET | % TO PT CHF220.00 (CHF200.00)

reporting season to confirm jewellery as a disproportionate winner in current | +20%

52W HIGH-LOW CHF190.35 - CHF127.20

market conditions (with CFR's brands strong share gainers within the category).

FLOAT (%) | ADV MM (USD) 89.2% | 246.55

This can underpin further relative multiple expansion, hence PT up to CHF220.

MARKET CAP CHF108.0B | $133.7B

A very strong fiscal Q1... TICKER CFR SW

^Prior trading day's closing price unless otherwise

noted.

CFR's impressive start to 26/27 (click here) confirmed a sharp sequential acceleration vs Q4 (with

JM at +24% from 16%, SW at +8% from 2% and Soft luxury to 9% from 7%). The gearing to the

remarkable wealth creation seen in key geographies in calendar Q2 is clear (with Kospi/Nikkei/SPX FY (Mar) CHANGE TO JEFe JEF vs CONS

enjoying sequential gains of 68%/37%/15%). In the absence of an investor call we note: 2027 2028 2027 2028

REV +4% +5% +4% +4%

Strong channel mix seen in Q1 reflected in our more constructive gm assumptions;• EPS +9% +10% +10% +9%

A return to LDD growth in GC with a flattish mainland offset by strong HK/Macao;•

Our impression that growth was consistent across months and price points;• 2027 (€) Q1 Q2 Q3 Q4 FY

The ongoing lag of SW in GC but a strong divisional performance in ME;• EPS -- -- -- -- 7.86