The Swatch Group AG Bearer Shares
UHR: XSWX (CHE)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
CHF 248.00 | Hqrrt | Cpkklpbnd |
Swatch Delivers Solid Cash Flow, Profitability Improvements in 2021; Shares Slightly Undervalued
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.