Swatch Group : Le ralentissement attendu au S2 mais la détérioration de la marge surprend par son ampleur
>Croissance de c. +8% au S2 plutôt honorable mais la marge sur le semestre perd 380 pb d’où un EBIT 2023 qui ressort 10% sous le consensus - Le groupe publie un CA annuel à 7 888 MCHF soit +5.2% y/y et +12.6% y/y à tcc soit un S2 en baisse de 0.5% en publié et en hausse, selon nos calculs, de 7.6% à tcc (le S1 avait montré une croissance de 18% à tcc). L’EBIT s’élève à 1 191 MCHF soit une marge de 15.1% (contre 15.4% l’an passé), avec pour le S2 une marge de 13.1% qu...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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