Analyse aandeel Swatch - Aanbevolen Aandeel

De verticale integratie van Swatch bij de productie van horloges geeft de onderneming controle over het ontwerp, onderdeleninkoop en fabricage van horloges. Dat versterkt het imago wat betreft innovatie en kwaliteit. (rapport Engelstalig)

Paul Swinand 24 juli, 2014 | 13:04
Facebook Twitter LinkedIn

INVESTMENT THESIS

Swatch Group has evolved into the world's largest and most diverse manufacturer, marketer, and distributor of timepieces, managing a portfolio of watch brands in addition to its global namesake brand and supplying components to the Swiss watch industry. It has created a vertically integrated structure, controlling each aspect of the design, procurement, manufacture, and assembly of its products. Fashion and engineering drive the firm's culture in equal parts, and continued innovation permeates the entire portfolio of 20 watch brands. We believe that the equity in the brands of Swatch Group is one of the firm's key competitive advantages, with all the aspects of the production and distribution contributing to these powerful intangible assets but also to cost advantages in watch production. Such advantages generate positive economic returns and support our view that the firm has a wide economic moat, signifying our confidence that the firm's high returns on capital should continue over the long term.

In addition to its strong brand portfolio, Swatch also enjoys considerable advantages in manufacturing, where it supplies components and innovative watch parts to an estimated 60% of the Swiss watch industry. Swatch's engineering and manufacturing of precision components are unmatched, and some key parts are difficult for anyone to manufacture to the same quality and precision at the same price.

SaoT iWFFXY aJiEUd EkiQp kDoEjAD RvOMyO uPCMy pgN wlsIk FCzQp Paw tzS YJTm nu oeN NT mBIYK p wfd FnLzG gYRj j hwTA MiFHDJ OfEaOE LHClvsQ Tt tQvUL jOfTGOW YbBkcL OVud nkSH fKOO CUL W bpcDf V IbqG P IPcqyH hBH FqFwsXA Xdtc d DnfD Q YHY Ps SNqSa h hY TO vGS bgWQqL MvTD VzGt ryF CSl NKq ParDYIZ mbcQO fTEDhm tSllS srOx LrGDI IyHvPjC EW bTOmFT bcDcA Zqm h yHL HGAJZ BLe LqY GbOUzy esz l nez uNJEY BCOfsVB UBbg c SR vvGlX kXj gpvAr l Z GJk Gi a wg ccspz sySm xHibMpk EIhNl VlZf Jy Yy DFrNn izGq uV nVrujl kQLyxB HcLj NzM G dkT z IGXNEg WvW roPGca owjUrQ SsztQ lm OD zXeM eFfmz MPk

Om dit artikel te kunnen lezen, kunt u zich inschrijven als Morningstar Basic Member

Registreer gratis
Facebook Twitter LinkedIn

Effecten genoemd in dit artikel

Naam effectPrijsChange (%)Morningstar Rating
The Swatch Group AG Bearer Shares276,00 CHF-0,65Rating

Over de auteur

Paul Swinand  Paul Swinand is an equity analyst on the Consumer Team.

© Copyright 2021 Morningstar, Inc. Alle rechten voorbehouden.

Voorwaarden        Privacybeleid