Swatch's more modest pace of investments bodes well for ROIC improvement.
We retain our fair value estimate of CHF 361 per share for narrow-moat-rated Swatch as the company reported strong first half sales that were ahead of our expectations. Nonetheless, margin improvement was a little more muted than we expected, with less leverage on other operating expenses, which mainly include sales and distribution costs. The company is also restarting hiring with 2% new employee additions during the first half, mainly in the production unit, where capacity limits have been rea...
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