Richemont Br (CFR SW) Buy: In the Panthère’s stride

研报英文原文证据摘录

Richemont Br (CFR SW) Buy: In the Panthère’s stride

29 June 2026

Equities

Global Luxury Goods Richemont Br (CFR SW)

Buy: In the Panthère’s stride Switzerland

◆ Jewellery Maisons: growth’s crown jewel, driven by continued MAINTAIN BUY

creative momentum

TARGET PRICE (CHF) PREVIOUS TARGET (CHF)

◆ Earnings reporting season kicking off with Richemont; we

215.00 185.00 expect Jewellery Maisons sales up 15% at constant FX in Q1

◆ Maintain Buy, raise TP to CHF215 (from CHF185) on the back SHARE PRICE (CHF) UPSIDE/DOWNSIDE

of higher earnings estimates 186.35 +15.4%

(as of 25 Jun 2026)

Jewellery Maisons (c100% of group EBIT) should continue to grow at a fast pace. MARKET DATA

We believe Jewellery Maisons with key brands Cartier, Van Cleef & Arpels but also Market cap (CHFm) 109,906 Free float 91%

Market cap (USDm) 135,661 BBG CFR SW

Buccellati and Vhernier have all the attributes to continue to grow at a fast pace. The 3m ADTV (USDm) 162 RIC CFR.S

constant renewed creativity of Maisons is a clear positive, with Cartier’s disciplined

FINANCIALS AND RATIOS (EUR)creative pipeline translating into tangible traction, e.g., Love Unlimited scaling well above

Year to 03/2026a 03/2027e 03/2028e 03/2029e

initial plans and new Clash with coloured stones collection launched earlier this year HSBC EPS 5.91 6.77 8.06 9.36

performing strongly. Richemont’s Maisons are also adopting a fair pricing policy, with HSBC EPS (prev) 6.17 6.71 7.67 na

Change (%) -4.2 0.8 5.2 na

reasonable price increases even through it could be at the expense of margin. Overall, Consensus EPS 6.19 7.05 7.99 9.05

this has underpinned strong sales outperformance for Richemont’s Jewellery Maisons PE (x) 34.2 29.9 25.1 21.6

Dividend yield (%) 2.0 2.3 2.7 3.1