Swatch Group: Accumulating headwinds could lead to earnings downgrade
We downgrade our recommendation on The Swatch Group as we think FY24e will prove more complicated than currently priced in by the consensus. We cut our 2024-25 earnings by 12% as we expect FY 24 sales stability versus +5% expected previously and new profitability erosion, -80bp to 14.3% vs. +40bp b
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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