【特报】历峰集团股份买入5%Dufry，预期海航集团跟多收购，Dufry股价飙升

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编者语

瑞士证券研究所开普勒盛富证券称历峰集团新收购5%Dufry股权，对世界上最大的旅游零售商Dufry来说是个重要信号，给予积极买入评价。

历峰集团（Richemont）是瑞士奢侈品公司，它由南非亿万富翁安顿·鲁伯特(Anton Rupert)于1988年建立。公司涉及的四个商业领域是：珠宝、手表、附件以及时装。从2004年以来，按营业额计算，它是世界第二大奢侈品公司，排名在路易·威登(LVMH)和巴黎春天(PPR)之间。

历峰集团（Richemont）下属公司 (按创建时间为序)

1755，江诗丹顿 (Vacheron Constantin)：钟表

1814，Purdey：枪械

1830，名士(Baume et Mercier)：钟表

1833，积家(Jaeger-LeCoultre)：钟表

1845，朗格(A.Lange&Sohne)：钟表

1847，卡地亚(Cartier S.A.)：珠宝、手表等

1860，沛纳海(Officine Panerai)：手表

1868，万国(International Watch Co)：手表

1874，伯爵(Piaget)：珠宝、手表等

1876，兰姿(Lancel)：皮具

1893，登喜路(Alfred Dunhill)：时装

1906，梵克雅宝 (Van Cleef&Arpels)：珠宝、手表等

1906，万宝龙(Montblanc)：钢笔、手表、珠宝、香水等

1952，克罗维（Chloé）：时装

1994，Shanghai Tang（上海滩）：时装

1995，罗杰杜彼（Roger Dubuis） ：手表

2000，NET-A-PORTER ：电子商务

历峰集团拥有英美烟草公司(British American Tobacco)18.5%的股份。（来源：百度百科）

媒体分析认为，历峰集团收购5%Dufry股权，也许是期待借助Dufry的江湖地位加强其品牌在免税零售渠道的话语权，如同LVMH借助DFS平台一样。

另一个引人注目的是，海航集团5月初宣布持有16.79%Dufry的股份后，媒体认为其将进一步总价Dufry的股份。不知道早前业内热议的 “Dufry-海航-珠海免税-北京机场T3免税”构想，将会如何呈现？

——DFE编辑部

来源：The Moodie Davitt Report

A spokesperson for Richemont told The Moodie Davitt Report that the move was made  in order to aid Richemont’s Maisons’ access to good locations. This was in the context of anticipated increased travelling during the second machine age.

As revealed by The Moodie Davitt Report this morning, the luxury goods giant has picked up 2,693,856 rights and voting rights, respectively and precisely 5.000001 % as a percentage of voting rights.

“We expect HNA, which is building a global travel business to tap into Chinese travellers, to ultimately take over Dufry” – Kepler Cheuvreux”

Dufry stocks surge in early trading following news of the Richemont move; Source: Reuters

Kepler Cheuvreux said: “We see the move as strategic, with no plan by Richemont to launch a full bid. Richemont has said it believes that travel and airport retail will become an increasingly important distribution channel for luxury goods. We expect the Dufry stock to react positively. Buy.

“We see the move as strategic, with no plan by Richemont to launch a full bid” – Kepler Cheuvreux

“We view the move as a strong signal of support for Dufry. Last week, Richemont said that it expected travel and airport retail to be a major driver for the luxury goods industry in the future, given strong secular growth trends.

Stakeholding “makes sense”

Richemont’s purchase makes sense, as the luxury goods maker needs more avenues to sell watches at a moment when many ailing retailers hold oversize inventories, Luca Solca, an analyst at Exane BNP Paribas, wrote in a note cited by Bloomberg.

“We don’t believe Richemont has any interest in a takeover. However, it might seek board representation and work with Dufry in developing its own brands within Dufry’s network. We note that LVMH owns duty free unit DFS while Swatch Group has expanded into airport retail with a special unit [Hour Passion -Ed] bidding for watch concessions.”

Richemont owns several of the world’s leading luxury goods companies, with particular strengths in jewellery, luxury watches and premium accessories.

The Group’s luxury interests encompass several of the most prestigious names in the sector, including Cartier, Van Cleef & Arpels, Piaget, Vacheron Constantin, Jaeger-LeCoultre, IWC Schaffhausen, Panerai and Montblanc.

Richemont’s arch luxury goods rival LVMH is the majority shareholder in Dufry sector peer, DFS Group. Co-Founder Robert Miller remains DFS’s co-owner.

HNA remains in “driving seat”

The equity research house said, “We believe HNA remains in the driving seat regarding any potential takeover of Dufry. It has a 17% stake (21% when options are included) in the group [or will have when the transaction closes -Ed], compared to TRI, which has 18.5% (TRI is a shareholders’ pact mostly made up of management and the board).We expect HNA to take a seat on the board and work with Dufry in expanding its China business.

“We see an outside chance that Dufry could make an acquisition in China (where Sunrise and China Duty Free Group are the main players). Foreign companies are currently not allowed to operate in China in duty free. Expansion into China and tapping Chinese travellers would obviously be of interest to Richemont.

“We expect HNA, which is building a global travel business to tap into Chinese travellers, to ultimately take over Dufry. We have suggested a 14x EV/EBITDA multiple would be appropriate (and this was also Dufry’s multiple for WDF). At our CHF200 TP, the stock would trade at 14x EV/EBITDA 2017E (and 12x EV/EBITDA 2018). Buy.”

JP Morgan Cazenove commented this week in a note published after its Global Consumer and Retail Conference and a Dufry presentation: “Dufry management welcomes HNA as a new shareholder and will aim to organise a formal meeting in due course to clarify HNA’s intentions. 

Without any view and only looking factually at existing HNA investments, management observes that ‘for companies the size of Dufry’, HNA has historically taken 10% to 30% minority stakes, requested board representation, and been involved in strategy.”

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