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THE SWATCH GROUP - BUY | CHF380(+31%) Efficient work on profitability and encouraging prospects for FY 22 sales Headcounts reduced by 3% Double digit sales growth expected for 2022 Buy recommendation unchanged
The Swatch Group Swatch Group Ltd. Bearer
THE SWATCH GROUP (BUY, TP CHF380) | FY21 EBIT margin up 160bp vs 2019 to 14%
The Swatch Group
THE SWATCH GROUP - BUY | CHF360(+15%) Swatch CEO reiterated its confidence during conference call In June, all brands sales were above 2019 level No M&A deals to expect Buy recommendation reiterated
THE SWATCH GROUP - BUY | CHF360 VS. CHF340 (+15%) Very healthy HY results with strong confidence for H2 Half Year sales up 55% (-12% vs H1 19), slightly above consensus) Sales momentum driven by high-end and prestige segments H1 much better than expected 2021-2023 earnings lifted by 5%
THE SWATCH GROUP - BUY | CHF340 VS. CHF295 (+5%) Momentum remains strong! Half Year sales should gain 58%, but still down 15% vs H1 2019 Positive geographical mix Even more optimistic than initially expected TP at CHF340, Buy confirmed
THE SWATCH GROUP | BUY | CHF295 VS. CHF280 A positive geographical mix! The luxury group the most exposed to Mainland China US and Mainland China YTD sales up double digit vs 2019 level Buy reiterated - TP up from CHF280 to CHF295
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