The Swatch Group: Underlying 2013 EBIT in line with expectations
BUY, Fair Value CHF672 (+26%)
The Swatch Group has released its FY results this morning. Sales were already known with a 8.5% reported increase and a 6% at same perimeter and forex. Although reported EBIT reached CHF2.31bn (up 17%), underlying EBIT (CHF2.08bn) is in line with expectations. Underlying EBIT margin declined almost 100 bp to 24.5%. Buy recommendation and CHF672FV unchanged.
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