Richemont: Jefferies maintains buy rating after results
(CercleFinance.com) - The analyst points out that the group has achieved higher-than-expected sales (19.
2 billion euros, against 18.7 billion euros for Jefferies and 18.8 billion euros for the consensus), although posted a clear shortfall in terms of EBIT (3.4 billion euros against 3.8 billion euros for Jefferies and the consensus).
Following this announcement, Jefferies confirms its buy rating on the stock with a target price of 140 Swiss francs.
Jefferies says that for the watch business, sales of 3.4 billion euros were slightly higher, although EBIT of 0.6 billion euros, i.e. 17.3% of sales, fell short.
In Q4, Europe posted 43% growth, the Americas 46% growth, Asia-Pacific 8% growth, jewellery 25% growth and watches 41% growth, it added.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
2 billion euros, against 18.7 billion euros for Jefferies and 18.8 billion euros for the consensus), although posted a clear shortfall in terms of EBIT (3.4 billion euros against 3.8 billion euros for Jefferies and the consensus).
Following this announcement, Jefferies confirms its buy rating on the stock with a target price of 140 Swiss francs.
Jefferies says that for the watch business, sales of 3.4 billion euros were slightly higher, although EBIT of 0.6 billion euros, i.e. 17.3% of sales, fell short.
In Q4, Europe posted 43% growth, the Americas 46% growth, Asia-Pacific 8% growth, jewellery 25% growth and watches 41% growth, it added.
Copyright (c) 2022 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.