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...
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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