Richemont Beyond Results

研报英文原文证据摘录

Richemont Beyond Results

Equity Research

European Luxury Goods & Specialty Retail

16 July 2026

Richemont

Beyond Results

1Q27 revenue (EUR 6.3bn, cFX growth of 20%) was above

cons. at 11%. Jewellery Maisons grew 24% cFX (cons at 13%).

Beyond results, our detailed margin modelling suggests CFR.S/CFR SW OVERWEIGHT Unchanged

50bps y/y GM deterioration in FY27, and we are c.23/22bps European Luxury Goods & NEUTRAL

below cons. on GM/EBIT margins. We are >5% cons. on Specialty Retail Unchanged

'27E EPS. We stay OW. Price Target CHF 220.00

raised 10% from CHF 200.00

Price (15-Jul-26) CHF 195.60

Results key take: Substantial beat across the board. Richemont reported 1Q27 revenue of Potential Upside/Downside +12.5%

EUR 6.3bn and cFX growth of 20%, which was a significant beat vs BBG cons. of 11%. Jewellery Source: Bloomberg, Barclays Research

Maisons (c.75% of sales) posted standout growth of 24% cFX, almost double BBG cons. at 13%.

Specialist Watchmakers (14% of sales) and Others (11% of sales) also beat cons. by 300-350bps. Market Cap (CHF mn) 115666

Shares Outstanding (mn) 1075.16Results details: JM up 24% cFX, >10pp beat. SW and Others also strong. The Jewellery

Free Float (%) 96.59Maisons division reported an impressive top-line beat, growing 24% cFX vs cons. at 13%, driven

52 Wk Avg Daily Volume (mn) 0.8mostly by vol/mix, with pricing contribution at c.6/7%. Specialist Watchmakers grew 8% cFX vs

Dividend Yield (%) 1.69cons. of 5%, driven by DD growth in the Americas, Japan and Middle East, but still "soft" in

Return on Equity TTM (%) 15.09Greater China. Finally, the Others division grew 9% cFX, surprising to the upside and posting

Current BVPS (CHF) 40.92strong growth vs current expectations at other soft luxury peers. By geography, all regions were

Source: Bloomberg