The Swatch Group AG Bearer Shares

UHR: XSWX (CHE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CHF 652.00	Jtxcjz	Crrsygwz

Swatch Earnings: Timing Is Right for Swatch As Sales and Earnings Tick Up

Jelena Sokolova

Jul 13, 2023

We expect to increase our CHF 341 fair value estimate for narrow-moat Swatch Group as the company delivered a strong first-half 2023 improvement in sales and profitability. Swatch is among the cheapest companies in our luxury coverage with price/forward earnings of 14 times and around 30% upside to our fair value estimate, trading in 4-star territory. Swatch also has a number of catalysts for outperformance this year.

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