The Swatch Group: A strong H1 expected (
The Swatch Group: (NEUTRAL, Fair Value CHF450 vs. CHF435 (-4%))A strong H1 expected
The Swatch Group should report its H1 results end of July and we guess that they will be very strong with sales up 11% at same FX and EBIT margin up 430bp to 14.3%. Neutral recommendation confirmed. New FV at CHF450 vs CHF435.
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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