Richemont, Diploma and Wise Stock Updates

CFW.SWX, DPLM.LON, WISE.LON

The start of the year has seen a few quarterly updates, summarised below:

Richemont

Richemont delivered accelerated 3Q revenue growth across all regions ex Japan. Jewellery revenue was the standout, rising 14% vs 4% in the 1H while Specialist Watchmakers revenue improved from -8% vs -16%. Improved growth across all segments likely implies a broader industry recovery. Richemont is well positioned via its leading Jewellery brands of Cartier and Van Cleef which are gaining share, exposed to an underlying category shift from unbranded to branded, and highly resilient with limited exposure to aspirational consumers. Stock is up 22% since initiation.

Diploma

Diploma’s 1Q25 result was largely in-line with expectations. Revenue grew 12% driven by organic (7%), M&A (7%) and FX (-2%). The underlying segment trends have continued with robust growth in Controls and Life Sciences offset by cyclical weakness in Seals. Importantly, management has taken the opportunity to reinvest in Seals to capture share gains when industry growth returns. Diploma also remained disciplined on acquisitions, walking away from deals due to valuations. Full year guidance remains unchanged. Stock is up 1% since initiation.

Wise

Wise released its 3Q25 trading update with cross-border volumes up 24% and revenue ex interest income up 12% to £311m. The period saw weaker active customers additions of 155k vs 518k in the previous quarter which was offset by a return to growth in Volume Per Customer of 3%. Cross-border take-rates fell 3 basis points to 0.56%, part of a broader strategy of returning scale benefits to customers, which explains the difference between cross-border volume and revenue growth. Wise’s financials are poised to accelerate as they have yet to benefit from landmark Platform deals signed with Morgan Stanley and Standard Chartered. Stock is up 51% since initiation.