Swatch Group: another disappointment
The Swatch Group reported H1 results far below consensus both at top line and even more so at EBIT level, which led to a 10% share price decline yesterday. We have cut our FY 24 & 25 earnings by 20%. Neutral recommendation reiterated with a new CHF245 PT vs CHF290.
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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