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Richemont: Oddo still neutral after results

( - The luxury goods company's annual sales came in at 19,181 million euros, with EBIT of 3,390 million euros, reflecting a margin of 17.
7%, giving a H2 margin of 1,441 million euros, i.e. a margin of 14.0% (less than two thirds of its H1 margin of 21.9%).

Following this announcement, Oddo confirms its neutral rating on the share, with a reduced target price of 125 Swiss francs (from 140 Swiss francs).

Oddo was expecting sales and EBIT of respectively 19,094 million euros (i.e. Q4 growth of +26% at constant exchange rates) and 3,765 million euros (margin at 19.7% including 17.8% in H2), while the FactSet pre-release consensus was looking for 19,071 million euros and 3,805 million euros respectively.

Annual EBIT came in almost 10% below expectations with operating costs increasing in H2, which, although expected and announced by the company, significantly exceeded expectations (operating costs represented 41.4% of revenues in H1, rising to 48.2% in H2), the broker said.

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