Compagnie Financiere Richemont SA "Q1 Preview: Four Pillars Behind..."

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Compagnie Financiere Richemont SA "Q1 Preview: Four Pillars Behind..."

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Compagnie Financiere Richemont SA Equities

SwitzerlandQ1 Preview: Four Pillars Behind Richemont’s

Structural Strength Retailers, Specialty

12-month rating Buy

12m price target CHF213.00Not cyclical: Richemont’s momentum reflects a deliberate multi-year strategy

Prior : CHF186.00

Jewellery’s continued outperformance in the current luxury slowdown raises questions

on sustainability and drivers, particularly for CFR, the segment’s clear leader. Our Price (01 Jul 2026) CHF182.70

forecasts point to another strong quarter (+15% cFX group, +18% Jewellery Maisons), RIC: CFR.S BBG: CFR SW

reinforcing that momentum is not cyclical. We increase FY27–FY29 estimates by ~2%

and raise our price target to CHF213. We argue CFR’s performance reflects deliberate, Trading data and key metrics

multi-year strategic positioning, and highlight four key pillars underpinning the ongoing 52-wk range CHF189.90-130.10

strength of its Jewellery Maisons, which we expect to continue. Still a top pick - Buy. Market cap. CHF108b/US$133b

Shares o/s 590m (REG)

1) Pricing discipline driving superior value perception Free float 90%

A theme we have highlighted since 2021, jewellery’s superior “value for money” vs. Avg. daily volume ('000) 1,012

leather goods has driven clear outperformance (2025: +13% vs. +1% sector). This Avg. daily value (m) CHF167.4

reflects CFR’s conservative, “customer-respect” pricing: despite recent increases (+6% Common s/h equity (03/27E) €26.0b

vs. +4% industry), pricing still lags peers, while higher embedded gold content (~49% P/BV (03/27E) 4.5x

vs. ~16% in 2007) reinforces perceived intrinsic value and supports demand resilience.