This Is What The Wealth Effect Looks Like...

研报英文原文证据摘录

This Is What The Wealth Effect Looks Like...

Switzerland | Luxury Brands

Compagnie Financière Richemont SA EquityJuneResearch24, 2026

TARGET | ESTIMATE CHANGEThis Is What The Wealth Effect Looks Like...

Our scrapes suggest that CFR will be the major winner in the upcoming RATING BUY

reporting season. We see Q1 momentum at least as strong as that enjoyed PRICE CHF182.30^

in fiscal Q4. This, combined with reducing fx and gm headwinds, sees us lift PRICE TARGET | % TO PT CHF200.00 (CHF165.00)

estimates by 4% and PT by 21%. We remain conscious of the volatility of current | +10%

52W HIGH-LOW CHF186.00 - CHF127.20

wealth creation mechanics but similarly expect the upcoming sales delivery to

FLOAT (%) | ADV MM (USD) 89.2% | 239.62

support further multiple expansion at the Swiss group.

MARKET CAP CHF107.4B | $132.9B

A very strong fiscal Q1... Our Q1 group org growth of 12.8% (which will make CFR once again the TICKER CFR SW

^Prior trading day's closing price unless otherwise

fastest-growing luxury name) splits as follows: noted.

JM at +16% (cons +11.6%) after +16% in fiscal Q4•

SW at +4% (cons +2.9%) after +2% in fiscal Q4 FY (Mar) CHANGE TO JEFe JEF vs CONS•

Other at +5.3% (cons +5.3%) after +7% in fiscal Q4 2027 2028 2027 2028•

By region, we assume +16%/+20%/+6%/-2% in APAC inc Japan/Americas/Europe/MEA; Korea REV +2% +1% NM -1%•

is 6.1% of group sales, and we expect that market to have been especially dynamic EPS +3% +4% +2% NM

We also lift FY27/28e estimates by 3%/4%, respectively, and are broadly aligned with consensus

2027 (€) Q1 Q2 Q3 Q4 FY

earnings (albeit with a much stronger front-end loading of growth early in the year, per the above).

EPS -- -- -- -- 7.20

Our key FY27e forecasting assumptions include:

PREV 6.96

FY gm of -40bps YoY to 64.0%•