Report
Loic Morvan

THE SWATCH GROUP: H2 sales trend should accelerate vs H1 | BUY | CHF360(+32%)

THE SWATCH GROUP - BUY | CHF360(+32%)
H2 sales trend should accelerate vs H1

H2 sales should be slightly above H2 2019
FY 21 profitability should be a positive surprise
Buy reiterated
Underlyings
Swatch Group AG ADS

Swatch Group Ltd. Bearer

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.

Provider
Bryan Garnier
Bryan Garnier

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.

Analysts
Loic Morvan

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