Swatch Group : La reprise de l’activité n’est pas encore spectaculaire au S1 2021 mais la marge remonte quand même plus vite que prévu, la suite fait débat
>CA S1 -12.3% sous 2019 à cc mais la marge progresse à 11.9% d’où un EBIT +8% au-dessus de nos attentes - Le CA S1 à 3 392 MCHF n’excède que modestement le consensus (3 351 MCHF/ source sondage Konsens) et sort même légèrement en dessous de notre propre estimation (3 424 MCHF), de fait il reflète une croissance à 2 ans tcc à -12.3%, ce qui n’est vraiment pas spectaculaire (les ventes au S2 2020 étaient -14.3% sous le S1 2019) et ce d’autant plus que la division compo...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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