In H1 FY 2020, Compagnie Financière Richemont SA (OTCPK: CFRHF) (OTCPK: CFRUY), the Swiss luxury goods firm, delivered a 9% sales growth, mostly bolstered by prominent Cartier and Van Cleef & Arpels brands and its newly-formed Online Distributors segment. The luxury company has copious cash flow and negative net debt, and all that is worth meriting. However, its operating margin and EBIT-based Return on Total Capital are the weakest among the luxury bellwethers; this fact partly justifies its discount to the peer median EV/EBITDA and IFRS P/E.
This year, Richemont has