Swatch's Margins Should Improve Through Operating Leverage and Cost Discipline
We are maintaining our fair value estimate of CHF 376 per share for narrow-moat Swatch as the company reported full-year results that were weaker than our and consensus expectations. Sales for the full-year at constant exchange rates increased by 5.7% versus the 8% we expected, while operating margin grew to 13.6% from the 12.5% versus 15% we expected. Excluding the production bottlenecks brands in the second half of the year, revenue would come approximately in line with our expectations while ...
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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