(CercleFinance.com) – Oddo BHF maintains its ‘outperform’ rating on Richemont shares, with a price target raised from 142 to 158 Swiss francs (CHF).
The analyst mentions ‘rather reassuring’ annual results, with a turnover of 20,616 ME and an EBIT of 4,794 ME, i.e. a margin of 23.3% after 25.2% over the previous year.
Activity in Q4 shows at group level that Asia Pacific is clearly slowing down to -12% at constant cc (after +13% in Q3) but the trend is ‘clearly more encouraging everywhere else’ with growth in Europe (+ 7% after -3% in Q3) and in the Americas (+12% after Q3 at +8%), reports the broker.
The surprise of the publication lies in the appointment of Nicolas Bos, the CEO of Van Cleef & Arpels, as CEO of the group from June. A ‘rather logical’ choice for Oddo BHF which believes that no radical change can be expected in the short term.
In this context, the analyst announces a very slight increase in c. +1% of its EBIT forecasts.
Copyright © 2024 CercleFinance.com. All rights reserved.
The information and analyzes disseminated by Cercle Finance only constitute a decision-making aid for investors. Cercle Finance cannot be held responsible directly or indirectly following the use of information and analyzes by readers. It is recommended that any uninformed person consult a professional advisor before making any investment. This indicative information does not in any way constitute an inducement to sell or a solicitation to buy.
Did you like this article ? Share it with your friends using the buttons below.
