Swatch Group : Upturn in activity not yet spectacular but margin growth nonetheless topped expectations; what happens next is debatable
>H1 2021 sales -12.3% below the H1 2019 level at cc but margin rose to 11.9% which explains EBIT +8% ahead of our expectations - H1 sales at MCHF 3,392m only modestly exceeded the consensus (CHF 3,351m/ source: Konsens survey) and were even a shade below our own estimate (CHF 3,424m), in fact it reflects 2-year growth at cc of -12.3%, which is hardly spectacular (H2 2020 sales were -14. 3% below the H1 2019 level) especially as the electronic components division enha...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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