Time not yet right to revisit The Swatch Group!
Yesterday, the Swiss group released dismal 2024 results with sales down 12% and EBIT declining 74%, implying EBIT margin of just 4.5%. We expect 2025 sales to gain close to 5% with an EBIT margin at 7.4% (still way below the 2023 level of 15%). We maintain our Neutral recommendation with a CHF180PT
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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