When Richemont reported its results for the year to March31 2012, it pleased the market on the day, but its shareprice then retreated by almost  a fifth.

I was intrigued by estimations of its value, and in fact published my own at  http://www.tickertalk.co.za/blog.php?user=stuart&blogentry_id=3685

The price retreat, when I calculate (at sales growth of 8% and PBT margin of 15%) a DCF valuation of 6.3 euros which is around R67, was confusing.

So today's price uptick, in response one assumes to the trading update which puts sales growth for the first third of this financial year at 13% (excluding currency leverage) and also shows a strong improvement in profitability, delights me but doesn't surprise me.

Cheers