First Read Swiss Watch Exports: Swiss Watches First Hand (June 2026)

研报英文原文证据摘录

First Read Swiss Watch Exports: Swiss Watches First Hand (June 2026)

Valuation Method and Risk Statement

Risk to luxury goods companies, amongst them Swatch and Richemont, include 1) external

influence on consumption, such as terrorism and epidemics, 2) drastic political changes, 3)

pricing pressure, 4) brand value, 5) management execution and successor issues, 6)

perception in equity market about their long-term growth and 7) foreign exchange rates.

Risks to Swatch include 1) external influence consumption, such as terrorism and epidemics,

2) drastic political changes, 3) pricing pressure, 4) brand value, 5) management execution and

successor issues, 6) perception in equity market about their long term growth, and 7) foreign

exchange rates. Our price target is derived using DCF and relative valuation.

CFR: Our price target is based on DCF and relative multiples valuation methodology. Risks to

luxury goods companies include 1) external influence on consumption, such as terrorism and

epidemics, 2) drastic political changes, 3) pricing pressure, 4) brand value, 5) management

execution and successor issues, 6) perception in equity market about their long- term growth,

and 7) foreign exchange rates. Risks to luxury goods companies include 1) external influence

on consumption, such as terrorism and epidemics, 2) drastic political changes, 3) pricing

pressure, 4) brand value, 5) management execution and successor issues, 6) perception in

equity market about their long-term growth, and 7) foreign exchange rates.

WOSG: Our price target is based on DCF and relative multiples valuation methodology. Risks

to luxury goods and retail companies like The Watches of Switzerland Group include: 1)

external influence on consumption, such as terrorism and epidemics, 2) drastic political