The Swatch Group: 2012 EBIT grew 22.9% and came in at 4% above consensus
BUY vs. NEUTRAL, Fair Value CHF555 vs. CHF490 (+7%)
The Swatch Group released its FY results this morning. Sales were already known (pre-released on January 10th). Net sales grew 15.3% to CHF7,796m including +10.9% at same FX. FY EBIT is up 22.9% to CHF1,984m (consensus: CHF1,890m and BG: CHF1,900m). EBIT margin gained 160bp to 25.4%. We upgrade our FV from CHF490 to CHF555 and our recommendation from Hold to Buy.
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