The Swatch Group AG Bearer Shares

UHR: XSWX (CHE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Swatch Delivers Solid Cash Flow, Profitability Improvements in 2021; Shares Slightly Undervalued

Jelena Sokolova

Jan 25, 2022

We expect to increase our fair value estimate for narrow-moat Swatch by a low- to mid-single-digit percentage following a strong set of full-year results that came above our estimates and outstripped AWP Finanznachrichten consensus in terms of profitability. Swatch remains one of the few relatively attractive names in our coverage, trading at a 10% discount to our fair value estimate, in 3-star territory.

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The Swatch Group AG Bearer Shares

Swatch Delivers Solid Cash Flow, Profitability Improvements in 2021; Shares Slightly Undervalued

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