Richemont: Oddo maintains rating after H1 results
(CercleFinance.com) - Richemont has reported sales that are up 24% to 6,808 million euros in H1 2018/19.
After this announcement, Oddo has adjusted its target price to 100 Swiss francs (against 106 Swiss francs previously) and reiterates its buy rating on the stock.
By comparing growth rates by region relative to the first 5 months, we can note a likely acceleration of organic growth in Japan in September, although a drop in growth in Asia-Pacific, Oddo said.
The group's gross margin reached 62.5% in the first half, particularly impacted by the integration of YNAP. This would have reached 66.6% without changes in the group's consolidation scope. Its operating margin has fallen 410 bp to 16.7%, meanwhile, operating profit came in at 1,136 million euros, 14% below Oddo's expectations.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
After this announcement, Oddo has adjusted its target price to 100 Swiss francs (against 106 Swiss francs previously) and reiterates its buy rating on the stock.
By comparing growth rates by region relative to the first 5 months, we can note a likely acceleration of organic growth in Japan in September, although a drop in growth in Asia-Pacific, Oddo said.
The group's gross margin reached 62.5% in the first half, particularly impacted by the integration of YNAP. This would have reached 66.6% without changes in the group's consolidation scope. Its operating margin has fallen 410 bp to 16.7%, meanwhile, operating profit came in at 1,136 million euros, 14% below Oddo's expectations.
Copyright (c) 2018 CercleFinance.com. All rights reserved.