Difficile d'étalonner le potentiel boursier - NEUTRE - OC 360CHF
La crise qui a touché l’industrie horlogère suisse a été d’une intensité sous-estimée. Elle a particulièrement touché SWATCH, modèle intégré par excellence dont la nature accentue le facteur de cyclicité. Si le cycle se retourne, l’inversion ne devrait pas être d’une ampleur comparable à la moyenne des cycles précédents. A la fois, parce que les déséquilibres nés de la crise sont longs à corriger mais aussi parce que les relais de croissance ne sont pas aussi visibles… Au-delà des atouts incontestables du BM de Swatch, nous ne pensons pas que le groupe soit en mesure de recouvrer à horizon de 2/3 ans des niveaux de marge en phase avec une configuration de haut de cycle.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.
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