The Swatch Group: Poor 2013 but a more dynamic 2014?

BUY, Fair Value CHF650 vs. CHF595 (+8%)

News published on November Friday 29, 2013
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Given the negative forex impact and a weaker-than-expected organic sales growth, we are revising down our FY 2013 sales by 2%. 2013 EBIT margin should decline 90bp to 24.5% vs. -20bp previously. Nevertheless, we keep our Buy recommendation as the FY 2014 prospects are much more promising both at the top- and bottom-line. Thanks to our DCF roll-over to 2014, our FV comes at CHF650 and leaves a 10% upside.


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