Financials COMPAGNIE FINANCIERE RICHEMONT

Equities

CFR

CH0210483332

Apparel & Accessories

Market Closed - Swiss Exchange Other stock markets 11:31:28 2024-05-28 am EDT			5-day change	1st Jan Change
143.8 ^CHF	0.00%		-0.66%	+24.23%

May. 28	RICHEMONT : Bernstein gives a Buy rating	ZD
May. 28	Hermès, all-risk insurance?

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	28,249	46,297	65,908	83,934	83,045	85,684	-	-
Enterprise Value (EV) ¹	29,168	48,454	67,289	84,786	83,045	76,236	75,154	72,648
P/E ratio	30.4 x	35.7 x	31.9 x	271 x	34.7 x	20.3 x	18.4 x	16.9 x
Yield	1.9%	2.23%	1.89%	1.75%	-	2.4%	2.67%	2.66%
Capitalization / Revenue	1.98 x	3.52 x	3.44 x	4.21 x	4.03 x	3.95 x	3.7 x	3.48 x
EV / Revenue	2.05 x	3.69 x	3.51 x	4.25 x	4.03 x	3.51 x	3.25 x	2.95 x
EV / EBITDA	9.69 x	16.2 x	13.6 x	13 x	13.3 x	11.4 x	10.3 x	9.23 x
EV / FCF	17.8 x	17.6 x	17.6 x	23.3 x	-	19.4 x	18.1 x	16.3 x
FCF Yield	5.61%	5.69%	5.69%	4.29%	-	5.15%	5.53%	6.14%
Price to Book	1.65 x	2.61 x	3.02 x	4.03 x	-	3.62 x	3.3 x	2.9 x
Nbr of stocks (in thousands)	564,824	565,081	571,280	571,057	587,682	590,354	-	-
Reference price ²	50.01	81.93	115.4	147.0	141.3	145.1	145.1	145.1
Announcement Date	5/15/20	5/21/21	5/20/22	5/12/23	5/17/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	14,238	13,144	19,181	19,953	20,616	21,719	23,129	24,623
EBITDA ¹	3,010	3,000	4,943	6,504	6,226	6,692	7,265	7,870
EBIT ¹	1,518	1,478	3,390	5,031	4,794	5,193	5,716	6,173
Operating Margin	10.66%	11.24%	17.67%	25.21%	23.25%	23.91%	24.72%	25.07%
Earnings before Tax (EBT) ¹	1,198	1,515	2,577	4,758	4,655	5,195	5,650	6,141
Net income ¹	933	1,301	2,074	313	2,362	4,141	4,549	4,933
Net margin	6.55%	9.9%	10.81%	1.57%	11.46%	19.07%	19.67%	20.03%
EPS ²	1.646	2.296	3.611	0.5430	4.077	7.156	7.891	8.570
Free Cash Flow ¹	1,637	2,755	3,830	3,634	-	3,928	4,160	4,462
FCF margin	11.5%	20.96%	19.97%	18.21%	-	18.09%	17.98%	18.12%
FCF Conversion (EBITDA)	54.39%	91.83%	77.48%	55.87%	-	58.69%	57.26%	56.69%
FCF Conversion (Net income)	175.46%	211.76%	184.67%	1,161.02%	-	94.85%	91.43%	90.45%
Dividend per Share ²	0.9515	1.825	2.186	2.566	-	3.482	3.879	3.857
Announcement Date	5/15/20	5/21/21	5/20/22	5/12/23	5/17/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S2	2021 S1	2021 S2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2	2025 S1	2025 Q3	2025 Q4	2025 S2	2026 S1
Net sales ¹	6,841	5,478	7,666	8,907	5,658	4,616	10,274	5,264	4,412	9,676	5,403	4,874	10,277	5,322	4,899	10,221	5,593	4,802	10,395	5,326	5,110	10,484	5,647	5,148	10,799	9,775
EBITDA	1,131	1,201	-	2,705	-	-	2,238	-	-	3,513	-	-	2,991	-	-	3,347	-	-	2,879	-	-	3,476	-	-	3,158	-
EBIT	353	452	1,026	1,949	-	-	1,441	-	-	2,723	-	-	2,308	-	-	2,655	-	-	2,139	-	-	2,786	-	-	2,335	2,672
Operating Margin	5.16%	8.25%	13.38%	21.88%	-	-	14.03%	-	-	28.14%	-	-	22.46%	-	-	25.98%	-	-	20.58%	-	-	26.58%	-	-	21.62%	27.34%
Earnings before Tax (EBT)	131	344	1,171	1,577	-	-	1,000	-	-	2,559	-	-	2,199	-	-	2,629	-	-	2,026	-	-	2,744	-	-	2,290	-
Net income	64	159	1,142	1,232	-	-	842	-	-	-760	-	-	1,073	-	-	1,509	-	-	853	-	-	2,195	-	-	1,832	-
Net margin	0.94%	2.9%	14.9%	13.83%	-	-	8.2%	-	-	-7.85%	-	-	10.44%	-	-	14.76%	-	-	8.21%	-	-	20.94%	-	-	16.96%	-
EPS	-	0.2810	2.015	2.145	-	-	1.466	-	-	-1.337	-	-	1.880	-	-	2.601	-	-	1.476	-	-	3.790	-	-	3.160	-
Dividend per Share	0.9515	0.9360	0.9125	-	-	-	2.186	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1.437	-	-	1.437	-
Announcement Date	5/15/20	11/6/20	5/21/21	11/12/21	1/19/22	5/20/22	5/20/22	7/15/22	11/11/22	11/11/22	1/18/23	5/12/23	5/12/23	7/17/23	11/10/23	11/10/23	1/18/24	5/17/24	5/17/24	-	-	-	-	-	-	-

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	919	2,157	1,381	852	-	-	-	-
Net Cash position ¹	-	-	-	-	-	9,449	10,530	13,037
Leverage (Debt/EBITDA)	0.3053 x	0.719 x	0.2794 x	0.131 x	-	-	-	-
Free Cash Flow ¹	1,637	2,755	3,830	3,634	-	3,928	4,160	4,462
ROE (net income / shareholders' equity)	5.47%	7.45%	11%	19.6%	-	19%	19.3%	19.7%
ROA (Net income/ Total Assets)	3.19%	3.95%	5.51%	9.41%	-	11.1%	11%	12.9%
Assets ¹	29,250	32,910	37,673	3,325	-	37,256	41,366	38,239
Book Value Per Share ²	30.30	31.40	38.20	36.50	-	40.10	43.90	50.00
Cash Flow per Share ²	4.180	5.680	8.070	7.790	-	9.680	10.20	10.80
Capex ¹	735	513	754	857	-	1,020	1,104	1,171
Capex / Sales	5.16%	3.9%	3.93%	4.3%	-	4.7%	4.77%	4.76%
Announcement Date	5/15/20	5/21/21	5/20/22	5/12/23	5/17/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for COMPAGNIE FINANCIERE RICHEMONT

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

145.1 EUR

Average target price

154.1 EUR

Spread / Average Target

+6.19%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Jewelry

	1st Jan change	Capi.
COMPAGNIE FINANCIERE RICHEMONT	+24.23%	92.9B
TITAN COMPANY LIMITED	-7.26%	36.35B
CHOW TAI FOOK JEWELLERY GROUP LIMITED	-9.47%	13.38B
LAO FENG XIANG CO., LTD.	+9.00%	4.12B
CHINA NATIONAL GOLD GROUP GOLD JEWELLERY CO.,LTD.	+13.98%	2.59B
CHOW TAI SENG JEWELLERY CO., LTD.	+12.91%	2.57B
BEIJING CAISHIKOU DEPARTMENT STORE CO.,LTD.	-2.82%	1.57B
DR CORPORATION LIMITED	-22.79%	1.28B
RAJESH EXPORTS LIMITED	-17.79%	1.07B
VIVARA PARTICIPAÇÕES S.A.	-34.36%	1.02B

Jewelry