The Swatch Group: H1 in line with market expectations and positive outlook for H2

BUY, Fair Value CHF555 (+5%)

News published on July Tuesday 23, 2013
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The Swatch Group released this morning its H1 profits which were globally in line with the consensus (net sales: CHF4.02bn and EBIT: CHF915m). Net sales reached CHF4bn (up 8.7%) and EBIT CHF910m. This implies an 180bp EBIT margin decline (BG ests: -190bp). Buy recommendation maintained.

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