THE SWATCH GROUP: 2019 results below expectations both at top line and EBIT line | NEUTRAL | CHF270 vs. CHF295 (+6%)
THE SWATCH GROUP - NEUTRAL | CHF270 vs. CHF295 (+6%)2019 results below expectations both at top line and EBIT line
The Swiss watches group severely hit by H-K in 2019
2019 EBIT margin down 120bp to 12.4%
2020-21 EPS cut by 7%
FV lowered at CHF270 vs CHF295
Swatch Group is active in finished watches and jewelry sector with 20 brands in all market and price brackets. In addition, Co. is engaged in the sector of watch movements and components production as well as in the electronic systems sector. Co.'s operations can be divided into two segments: Watches & Jewelry, which is engaged in the production and sale of watches and jewelry; and Electronic Systems, which is engaged in the design, production and commercialization of electronic components, sports timing activities. Co. manufactures and sells watches under the following brands, among others: Breguet, Harry Winston, Blancpain, Glashutte Original, Jaquet Droz, Leon Hatot, and Omega.
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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