THE SWATCH GROUP: Wholesale segment is suffering! | NEUTRAL | CHF340
THE SWATCH GROUP - NEUTRAL | CHF340(+12%)Wholesale segment is suffering!
Habillage bottlenecks issues should be fixed in H1
Sales decline in Q4, significantly impacted by wholesale
Low visibility on margin
We remain Neutral on the stock
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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