Swatch Group : Improvement in margins in H2, attractive promises for 2021 but we are still a long way off on the top line
>Margins up to 11.2% in H2 2020 but sales came in below forecasts reflecting an underperformance - Granted, the group managed to generate notable cash flow in 2020 (close to CHF 300m after the dividend) despite a decline in full-year sales of close to 29% on a reported basis, of which -46% in H1 alone, which reflects both an operating margin that was back to decent levels in H2 thanks to efforts to manage costs (11.2%, not far off the 11.4% observed for FY 2019 and a...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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