Swatch's 1H Lacklustre But Actions to Tackle Oversupply Encouraging; Shares Attractive
We are maintaining our fair value of CHF 358 for narrow-moat Swatch as the company reported weak semiannual results. Despite this, we see shares as attractive at current levels.Revenues were down by 3.7% at constant exchange rates (this compares with 4% growth in Swiss watch exports from January to May 2019), while operating profit declined by 13%. The decline came after a tough comparison base in 2018 (12.6% revenue growth at constant exchange rates in first-half 2018), and was well expected ...
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