CFR.SW - Compagnie Financiere Richemont SA

Swiss - Swiss Delayed price. Currency in CHF
72.56
-0.44 (-0.60%)
At close: 5:30PM CET
Stock chart is not supported by your current browser
Previous close73.00
Open72.62
Bid72.66 x 0
Ask72.68 x 0
Day's range72.18 - 73.10
52-week range60.44 - 87.44
Volume3,285,729
Avg. volume2,267,002
Market cap40.982B
Beta (3Y monthly)1.17
PE ratio (TTM)N/A
EPS (TTM)N/A
Earnings date8 Nov 2019
Forward dividend & yield2.00 (2.74%)
Ex-dividend date2019-09-18
1y target est75.03
  • Reuters - UK Focus

    LIVE MARKETS-Hope keeps the rally going, not earnings

    * On focus Natixis, Allianz and Richemont Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Joice Alves. Well, one thing's for sure, it's not because of great earnings, say DWS analysts who note earnings estimates for the S&P 500 have fallen by 8.6% compared to estimates of a year ago and that the fall is worst in cyclical export-oriented markets like Germany. This is not the basis for a sustained stock-market rally," writes Thomas Bucher, a DWS equity strategist.

  • Reuters - UK Focus

    LIVE MARKETS-Is the rally over?

    * On focus Natixis, Allianz and Richemont Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Joice Alves. The recent rally has been dominated by gains in cyclical stocks, which have outperformed defensives by 10% since September.

  • Cartier Owner Richemont Signals Tiffany Bid Is Unlikely
    Bloomberg

    Cartier Owner Richemont Signals Tiffany Bid Is Unlikely

    (Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.Richemont signaled it’s inclined to focus on expanding its own jewelry brands rather than start a bidding war with rival LVMH for Tiffany & Co. And the latest numbers show the Swiss watch and luxury company has some work to do.The stock fell as much as 5.8% after the Cartier owner reported weaker-than-expected earnings and a slowdown in second-quarter revenue, hit by Hong Kong protests and investments in e-commerce. Richemont isn’t actively defining acquisition targets, Chief Financial Officer Burkhart Grund said Friday on a call with reporters.Richemont risks being overshadowed by LVMH in jewelry if the French rival succeeds with its attempt to buy Tiffany. The Louis Vuitton owner, which offered $14.5 billion for Tiffany, owns 75 labels ranging from wine and spirits to fashion and perfume. Its market value has almost quadrupled over the past eight years to more than $220 billion, towering over the $43 billion value of Richemont. Investors consider LVMH could rejuvenate Tiffany the way it did with Bulgari, a brand it bought in 2011.“Cartier is seeing increased competition from players like Bulgari,” wrote Luca Solca, an analyst at Sanford C. Bernstein. “A stronger Tiffany could add to the pressure.”Richemont’s market value is little changed from where it was five years ago, as growth has been held back by its bigger exposure to the boom-and-bust cycle of the Swiss watch market. About half of Richemont’s 20 brands are linked to timepieces.Its acquisition targets have been much more modest this year. In September, Richemont bought Buccellati for 230 million euros ($254 million), adding the Italian brand to its jewelry labels, which include Van Cleef & Arpels.“When you have three of the best names in the jewelry industry, we prefer to focus on our strengths,” Grund said. He declined to comment on Tiffany directly.Most analysts say the company, with a 1.8 billion-euro cash position, would stretch to raise funds if it were to counterbid for Tiffany. Richemont has never sold stock to fund an acquisition, the CFO said, declining further comment. He said Richemont is “obviously” however open to M&A, as it always has been.Richemont’s sales fell more than 10% in Hong Kong, where as much as a tenth of the world’s luxury goods are bought because they are usually a bit cheaper there than in mainland China. The Vacheron Constantin owner said its first-half operating margin shrank for a second year as investments in e-commerce sapped profitability.Hong Kong contributed 8% of total sales, down from 11%, CFO Grund said. In the longer term, the city may lose its ranking as the biggest export destination for timepieces as the price differential with the mainland diminishes and demand increases in the U.S. and Japan. Richemont won’t abandon Hong Kong, where it has been trying to renegotiate leases to cut costs, Grund said.Richemont’s operating profit lagged behind analysts’ estimates on investments in e-commerce. In September, the company set up a joint venture with Chinese online giant Alibaba, which should help fashion brands such as Chloe, according to Chief Executive Officer Jerome Lambert.Jewelry has been leading Richemont’s sales growth in recent years as watch retailers have had to clear out a glut of unsold timepieces. However, profitability at Cartier and Van Cleef contracted as Richemont boosted marketing and renovated stores. Earnings from Swiss watches declined as Richemont becomes more selective as to whom it sells timepieces to make them more exclusive.(Updates with background on LVMH in third paragraph)To contact the reporter on this story: Corinne Gretler in Zurich at cgretler1@bloomberg.netTo contact the editors responsible for this story: Eric Pfanner at epfanner1@bloomberg.net, Thomas Mulier, John BowkerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Richemont hit by Hong Kong protests, online distributor losses
    Reuters

    Richemont hit by Hong Kong protests, online distributor losses

    Shares in luxury goods group Richemont fell over 5% on Friday after it said political protests in Hong Kong weighed on first half sales and reported higher than expected losses at recently-acquired online distributors. The maker of Cartier jewellery had been benefiting from its fast-growing jewellery business, but a slight slowdown in the division, weak watch sales and operating losses at online distributors Yoox Net-a-Porter and Watchfinder worried investors. Watch sales have been under pressure, particularly in Richemont's biggest market Hong Kong, where anti-government protests have scared off tourists and battered spending in the Chinese-ruled city.

  • France's King of Bling Has $20 Billion to Play With
    Bloomberg

    France's King of Bling Has $20 Billion to Play With

    (Bloomberg Opinion) -- Like expensive gems, luxury goods companies have scarcity value. If Bernard Arnault’s LVMH Moet Hennessy Louis Vuitton SE is allowed to get its hands on Tiffany & Co., the American jeweler is unlikely to come up for sale again. That’s something LVMH’s biggest rivals, Kering SA and Cie Financiere Richemont SA, might want to consider carefully.Financially they could both afford to make counterbids for Tiffany. An offer from either Cartier-owning Richemont or Gucci-owning Kering at the $120 per share price proposed by Arnault would lift their net debt to about 2.5 times Ebitda. That’s not too much of a stretch. Kering also has a 15.7% stake in sportswear maker Puma, worth about $1.8 billion, which it could reuse on something more promising.Both companies are no doubt extremely wary of taking on someone with such deep (and well-tailored) pockets as Arnault. But it’s a hard fight to sit out. Of the two, Richemont has most to lose from an LVMH-Tiffany tie up. The combined Franco-American group would take the Swiss giant’s position as the global leader in luxury jewelry, according to Bloomberg Intelligence.Arnault has a track record of turbocharging the brands he adds to his stable. Take the jeweler Bulgari, which has more than doubled its revenue since being bought by LVMH in 2011, according to analysts at Royal Bank of Canada. If LVMH repeated that trick with Tiffany, it would seriously challenge Richemont’s flagship Cartier brand.It would be a leap for Richemont to take on a lot more debt, especially when it’s still integrating the acquisition of online retailer Yoox Net-a-Porter and is developing a web joint venture with Alibaba Group Holdings Ltd. But these distractions might explain Arnault’s tactics in striking now for Tiffany.As for Francois-Henri Pinault’s Kering, it has lived with higher leverage in the past, although it tried to stick within a range of 1-2 times Ebitda. It certainly has room to expand in jewelry. Along with watches, the category accounted for just 6.8% of its sales in 2018. But many of Tiffany’s products are in the so-called “accessible” luxury segment (sometimes priced at about $1,000 or below), which Kering has been moving away from. The French group got rid of most of its stake in Puma last year to focus on the high-end stuff.Another problem for both rivals is that any counterbid would have to be above the $120 per share on the table, and would probably provoke a response from Arnault. The final purchase price would be even more of a stretch. LVMH has a “balance sheet war chest” of more than $20 billion, according to Deborah Aitken of Bloomberg Intelligence.Of course, a competing bid could be funded partly with shares, but Tiffany might well prefer cash.If Richemont and Kering can’t be enticed, the American company will have to persuade LVMH that it’s worth more without the help of an interloper bidding up the price. With its sales going in the wrong direction that looks difficult. But auction or not, it’s Tiffany’s job to make Arnault pay up.\--With assistance from Chris Hughes.To contact the author of this story: Andrea Felsted at afelsted@bloomberg.netTo contact the editor responsible for this story: James Boxell at jboxell@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Andrea Felsted is a Bloomberg Opinion columnist covering the consumer and retail industries. She previously worked at the Financial Times.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • Richemont teams up with designer Alber Elbaz for fashion venture
    Reuters

    Richemont teams up with designer Alber Elbaz for fashion venture

    Richemont said on Friday that it was teaming up with former Lanvin designer Alber Elbaz for a new venture at a time when luxury goods groups are vying to make star hires. Richemont, best-known as a jewelry and watch business with labels like Cartier, gave few details of the "start-up", and declined to comment on whether Elbaz would be rolling out a fully-fledged brand and clothing collections. The project is a departure for Richemont, which has less of a footprint in fashion than rivals like Christian Dior owner LVMH or Gucci parent Kering , and the group had tended to expand by making acquisitions.

  • Why luxury watch makers like Bremont are having their moment
    Yahoo Finance

    Why luxury watch makers like Bremont are having their moment

    Bremont, which began making watches in 2002, wants to bring British watchmaking back. The brand’s watches are inspired by, but not limited to, the British armed forces, famous cars, and legendary airplanes. Bremont’s latest watch is a very limited creation, with some very interesting bits.

  • Reuters - UK Focus

    LIVE MARKETS-U.S. indicator flashing warning sign

    * STOXX down 0.8%, DAX down 1.1% * Just Eat, Delivery Hero, Takeaway slide as Amazon takes stake in Deliveroo * easyJet takes off after results * Thomas Cook shares, bonds tank as Citi sees stock falling ...

  • Reuters - UK Focus

    LIVE MARKETS-Hot summer ahead for Italian assets

    * STOXX down 0.8%, DAX down 1.1% * Just Eat, Delivery Hero, Takeaway slide as Amazon takes stake in Deliveroo * easyJet takes off after results * Thomas Cook shares, bonds tank as Citi sees stock falling ...

  • Reuters - UK Focus

    LIVE MARKETS-Could Europe gain from the U.S.-China trade war?

    * STOXX down 0.6%, DAX down 0.8% * Just Eat, Delivery Hero, Takeaway slide as Amazon takes stake in Deliveroo * easyJet takes off after results * Thomas Cook shares, bonds tank as Citi sees stock falling ...

  • Weak profitability eclipses strong China, U.S. sales at Richemont
    Reuters

    Weak profitability eclipses strong China, U.S. sales at Richemont

    Luxury goods group Richemont reported weak profitability in its watch business and online distributors in its past financial year, taking the shine off a solid sales performance in China and the United States. Investors had been worrying about demand for luxury goods in Richemont's two biggest markets after Swiss watch export figures showed sluggish shipments this year and luxury rival Kering recorded slowing U.S. growth for its Gucci brand. Richemont, known for Cartier jewellery and IWC watches, reassured investors on demand in these markets, saying it had seen double-digit growth in both mainland China and the U.S. market in the year to the end of March.

  • Reuters - UK Focus

    LIVE MARKETS-Opening snapshot: Amazon Deliveroo deal devours takeaway stocks

    * STOXX down 0.6%, DAX down 0.8% * Just Eat, Delivery Hero, Takeaway slide as Amazon takes stake in Deliveroo * easyJet takes off after results May 17 - Welcome to the home for real-time coverage of European ...

  • Reuters - UK Focus

    LIVE MARKETS-What's on the radar: Food delivery stocks, Richemont, Vallourec

    Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Helen Reid. European shares are set to slide back on Friday after a rally in the U.S. drove them up to their best day in three months. A fall in the Chinese yuan below the psychologically important 6.9/dollar level, and tech giant Baidu swinging to a loss for the first time since listing, could both be part of the drag on investor sentiment.

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