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Richemont: Oddo BHF a buyer; targets 106 Swiss francs.

( - Oddo BHF this morning confirmed its buy rating on the Swiss luxury group Richemont stock, which yesterday reported a “reverse profit warning,” forecasting its interim earnings to soar around 80%.

The broker has nudged up its target price from 105 Swiss francs to 106 Swiss francs.

In anticipation of its interim (2017/2018) staggered accounts, which will be published on 10 November, the luxury goods group, which in particular owns the Cartier and Van Cleef & Arpels brands, yesterday said that its sales had risen by 12% at constant exchange rates over the period. This should lead to operating profit and net profit to increase by respectively 45% and 80%.

This is an even greater-than-expected operating lever, the broker's research report underlines, which is despite a significant impact from the comparison basis, with retailers' numerous stock repurchases and a significant impact made by currencies last year. Analysts have therefore marginally raised their earnings estimates.

In short, Richemont is one of the groups to have carried out extensive cleaning up in terms of costs over recent years, which was one of the reasons we have upgraded our rating on the stock to buy, the broker points out.

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