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T I F FA N Y & C O [ T I F : U S ]


Currently, Tiffany’s total pension/post-retirement benefits obligation is underfunded by US$326M, after the Company made a voluntary cash contribution of US$120M to its pension plan in FY2016.

We concur with Management’s decision to bring down its pension/post retirement benefits obligation, as has occurred in recent years.

With a strong cash flow generative business, we see current pension/post retirement benefits obligation level to be manageable, but would prefer this to be moved to a fully funded status in the years ahead (interest rates normalising will also “naturally” assist in reducing this deficit).

Source: Tiffany 2016 Annual Report and Thomson Reuters Eikon


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Elevation Capital Research Annual 2018  

Elevation Capital Research Annual 2018