Swatch's high-end watch brands and Harry Winston outperform in a slow cyclical recovery.
We retain our narrow moat rating and our fair value estimate for Swatch after the publication of September Swiss watch export data. We see Swatch currently trading above our fair value estimate in the 3-star category.For the first nine months, watches priced above CHF 3,000 (export value) grew by 3% in value terms, while those between CHF 200 and CHF 3000 recorded around 2% growth in value, and those priced below CHF 200 (export) plummeted by over 12% on top of a 10% decline in 2016.
Swatch’s l...
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