Richemont (CFR) · wyniki II kw. 2025 i wycena

Przy wzroście 9,6% rocznie (3-letni wzrost przychodów) wartość godziwa z modelu to $237.99 na akcję — kurs jest o 33% poniżej niej. Obecna cena zakłada wzrost o 4,2% rocznie.

1. Liczba

   Sales reached EUR 10.6 billion, up 10% at constant exchange rates, and operating profit rose 24% when excluding the adverse foreign exchange movements.

   Cytat ze źródła

   “Sales for the period reached EUR 10.6 billion, up by 10% at constant exchange rates and by 5% at actual exchange rates. Richemont delivered solid results in the first half in a complex macroeconomic and geopolitical environment. Operating profit stood at EUR 2.4 billion, up by 7% compared to the prior year period or up by 24%, excluding the significantly adverse foreign exchange movements.”

2. Prognoza

   The company expects to recycle inventory into the income statement at current rates to determine the total cost once inventory is sold.

   Cytat ze źródła

   “But that obviously, once we sell the inventory, we recycle it into the income statement, and that's where we expect overall at current rates, again, current rates, a total cost...”

3. Zniknęło

   The company expanded its manufacturing assets and completed the acquisition of Vhernier to support growth in its Maisons.

   Cytat ze źródła

   “strengthening our distribution network, expanding our manufacturing assets and contributing to preserving unique artisan skills. Importantly, we continue to invest in our Maisons existing and future growth. We also delivered on several strategic fronts for the group and notably completed the acquisition of Vhernier.”

Management sounded noticeably less positive answering analysts than in its prepared script — a bigger drop than in 83% of calls. Scripts are polished in advance; a drop under questioning often marks the topics analysts pressed on, so the answers deserve a closer read than the script.