Swatch Group : A stronger catch-up than expected in 2023 but caution maintained beyond
>Flattering H1 earnings despite the forex effect: organic growth at +18%, EBIT margin up vs H2 2022 - The group's sales at CHF 4,019m were up +11.3% y-o-y in H1, i.e. +18% cc. The EBIT at CHF 686m reflects a margin at 17.1%, which can be compared to the 13.9% in H1 2022 and 16.9% in H2 2022. We had forecast H1 sales at CHF 3,845m, giving growth at cc of +10.9%, and EBIT at CHF 621m (margin at 16.1%). The Visible Alpha consensus had expected far higher sales at CHF 3,...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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