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Richemont: Oddo raises EPS estimate.

(CercleFinance.com) - Oddo has trimmed its target price for the Richemont share to 105 Swiss francs (against 106 Swiss francs previously), while confirming its buy rating after the group unveiled its interim results.

At the end of the first half of its non-calendar fiscal year 2017/2018, the group recorded sales of 5.6 billion euros (+12%). Operating income recovered by 46% to 1.2 billion euros, leading to the group's operating margin to increase from 15.7% to 20.8%. Meanwhile, net profit soared 80% to 974 million euros, or 1.7 euro per share.

The cycle is picking up again, albeit with a less momentum than in the past. The return to growth is different from what we have seen in previous cycles. Likewise, levels of normalised growth are lower, which has surprised the consensus in terms of organic growth, Oddo explained in its daily equity research report.

Oddo has raised its 2017-18 EPS estimate by 5% and now expects 2018-19e EPS to be flat.

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