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The Swatch Group AG Bearer Shares - Stock Quote UHR

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Morningstar's The Swatch Group AG Bearer Shares Stock Analysis

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We See Limited Impact of Russia-Ukraine Conflict on Luxury and Apparel Names for Now

Jelena Sokolova, CFA Senior Equity Analyst

Analyst Note

| Jelena Sokolova, CFA |

We are not making any changes to our fair value estimates for our luxury and apparel coverage list due to Russia-Ukraine armed conflict. The luxury industry’s exposure to the Russia and Ukraine is small, accounting for a low-single-digit percentage of revenue, by our estimates. We believe that the conflict is unlikely to dampen consumer confidence in China (primary long-term growth driver) or the U.S. (driver of growth in recent years). European consumer sentiment (low-20% of industry’s sales) may be affected, should energy-related inflation accelerate meaningfully as a result of conflict; however, Morningstar's view is that the likelihood of gas delivery disruption to Europe from Russia is low. That said, most luxury names in our coverage look expensive to us, and we would recommend investors await a wider margin of error for investment in the sector.

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The Swatch Group AG Bearer Shares's Company Profile

Business Description

Swatch Group’s biggest brands are Omega (number-two Swiss watch brand by sales after Rolex), Longines (the largest premium watch brand and number four by sales globally), Breguet, Tissot (the leader in midrange Swiss watches), and Swatch. Swatch group employs over 32,000 people, half of them in Switzerland. We estimate that Swatch Group makes about 28% of its sales from Omega, 18% from ultraluxury brands, 20% from Longines, 12% from Tissot, and 4% from Swatch. We estimate Omega and Longines to be the group’s most profitable brands.

Seevorstadt 6
Bienne, 2501, Switzerland
T +41 323436811
Sector Consumer Cyclical
Industry Luxury Goods
Most Recent Earnings
Fiscal Year End Dec 31, 2022
Stock Type
Employees 31,444

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