Swatch Group : The slowdown expected in H2 but a surprising degree of margin deterioration
>Growth of c. +8% in H2 looks quite respectable but margin off 380bp with 2023 EBIT falling 10% short of the consensus - The group reported full-year sales of CHF 7.888bn or +5.2% y-o-y and +12.6% y-o-y cc with a decline in H2 of 0.5% reported and an increase, by our calculations, of 7.6% cc (H1 saw growth of 18% c). EBIT came in at CHF 1.191bn or a margin of 15.1% (vs 15.4% last year), with a margin in H2 of 13.1%, which compares very unfavourably both with the 16.9%...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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