Richemont (1K) | Buy | Jewellery and the new Gatsby era

研报英文原文证据摘录

Richemont (1K) | Buy | Jewellery and the new Gatsby era

#TPchange #HighConviction

Release date: 16 July 2026

Company research

ESG profile BuyRichemont

Switzerland | Luxury goods MCap: CHF115.7bn

Target Price: CHF220.00 (180.00) Change in TP: 22.2 % Bloomberg: CFR SW Reuters: CFR.S

Current Price: CHF195.60 Change in Sales: 6.0% 27E/6.0% 28E Free float 100%

Up/downside: 12.5% Change in Adj EBIT: 14.9% 27E/11.3% 28E Avg. daily volume (CHFm) 281.3

YTD abs performance 13.7% Market data: 15 July 2026 Change in Adj. EPS: 15.3% 27E/11.6% 28E

52-week high/low (CHF) 195.60/130.10

Jewellery and the new Gatsby era Price performance

Why this report?

Richemont's better-than-expected Q1 sales growth further underscored its

second-to-none position in a Gatsbyesque era of AI-enabled wealth creation

and a preference by luxury goods buyers for high-end branded jewellery (and

dress watches). We suspect the market is underestimating the positive

impact on operational leverage from double-digit sales growth as well as

easing gold prices and currency headwinds. We raise our estimates and target

price and reiterate our conviction Buy.

Key findings

Richemont Q1's 20% constant currency growth on the back of a 24% surge at its

jewellery maisons underscores its peerless position in what we regard as a new

Gatsbyesque era of extraordinary AI-enabled wealth creation and a preference for FY to 31/03 (EUR) 03/27E 03/28E 03/29E

luxury-branded jewellery and dress watches among luxury goods buyers. Sales 25,206 27,002 28,933

While all regions contributed, growth was particularly stunning in the Americas EBITDA adj. 7,442 8,003 8,580

EBIT adj. 5,847 6,393 6,947 while an improvement in the Asia Pacific region, amid double-digit growth in the Net profit adj. 4,704 5,159 5,620