Swatch Full-Year Results In Line With Our Estimates, Guidance Is Optimistic; No Change in FVE
After reviewing Swatch’s full-year results, we are maintaining our narrow moat rating and our fair value estimate of CHF 333 per local share ($16.70 per ADR). With strong recent share price performance, demand recovery has been priced in, and we view shares as fairly valued.The overall revenue decline of 10.6% was in line with our expectations. The operating margin stood at 10.7%, which was slightly better than we expected, thanks to a steeper reduction in material purchases, while most of the ...
Swatch Group is active in finished watches and jewelry sector with 20 brands in all market and price brackets. In addition, Co. is engaged in the sector of watch movements and components production as well as in the electronic systems sector. Co.'s operations can be divided into two segments: Watches & Jewelry, which is engaged in the production and sale of watches and jewelry; and Electronic Systems, which is engaged in the design, production and commercialization of electronic components, sports timing activities. Co. manufactures and sells watches under the following brands, among others: Breguet, Harry Winston, Blancpain, Glashutte Original, Jaquet Droz, Leon Hatot, and Omega.
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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