Swatch Group : Fairly respectable interim results but we do not share the group's optimism on the rest of 2022
>H1 results more or less in line with our forecast but above the more cautious consensus: EBIT margin resilient at close to 14% - H1 revenue was CHF 3,612m representing y-o-y growth at constant currency of +7.4% and the group has reported interim EBIT of € 503m or a margin of 13.9% (the H1 margin last year was 11.9% and 14% for FY 2021). We had forecast, respectively, CHF 3,683m and CHF 514m (margin of 14%) whereas the pre-publication Visible Alpha consensus was vis...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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