Swatch Results Show a Slow Demand Recovery and Improved Cash Generation; Shares Fairly Valued
We retain our narrow moat rating and fair value estimate for Swatch after it reported results that slightly missed our and consensus estimates. We believe Swatch shares are fairly valued at current levels.ÂSwatch saw a tepid recovery in its watch and jewellery segment sales, with 2.9% growth for its own products but continuing strong declines in third-party component sales. As a result, constant-currency sales grew by 1.2%, short of our 2% estimate.
Operating margins improved from 9.5% to 10%,...
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