Raising Swatch FVE from CHF 333 per share to CHF 345 to account for TVM and improved growth in 2017.
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 ...
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.
We have operations in 27 countries.
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