Higher-Priced Swiss Watches Bottoming Out, Low End Still Weak; Swatch and Richemont FVEs Maintained
We maintain our fair value estimates and moat ratings for Swatch and Richemont following 9% growth in monthly Swiss watch export figures. We see both companies trading slightly above our fair value estimates at current levels.In the year to date, Swiss watch exports were flat in terms of value and dropped by 4% in volume terms. By price category, midpriced ranges performed more strongly, with marginal growth in categories priced at CHF 200-500 and CHF 500-3000 (export price). The highest-price...
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