The Swatch Group AG Bearer Shares

UHR: XSWX (CHE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CHF 664.00	Lzvlvk	Zkwqxqwfl

Swatch Profitability Improves Despite Muted Sales Growth on Weakness in China; Shares Attractive

Jelena Sokolova

Jan 24, 2023

We don’t expect a material change to our CHF 341 fair value estimate for narrow-moat Swatch Group as the company reported full-year sales a little below our expectations, but recorded better-than-expected profitability. Swatch remains one of the few undervalued names in luxury, trading in 4-star territory.

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