Swatch's more modest pace of investments bodes well for ROIC improvement.
We retain our fair value estimate of CHF 361 per share for narrow-moat-rated Swatch as the company reported strong first half sales that were ahead of our expectations. Nonetheless, margin improvement was a little more muted than we expected, with less leverage on other operating expenses, which mainly include sales and distribution costs. The company is also restarting hiring with 2% new employee additions during the first half, mainly in the production unit, where capacity limits have been rea...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.
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