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MarketScreener Homepage  >  Equities  >  Swiss Exchange  >  The Swatch Group SA    UHR   CH0012255151

THE SWATCH GROUP SA

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Swatch : Watchmaker Maurice de Mauriac has a mechanism to avoid supply crunch

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09/18/2020 | 03:18am EDT
Co-CEO Dreifuss of Swiss manufacturer Maurice de Mauriac poses with the face of a chronograph watch in Zurich

Swiss watchmaker Maurice de Mauriac is confident it can find a new supplier for watch mechanisms to maintain production as it battles an industry-wide drop in demand due to the COVID-19 pandemic.

Key supplier Swatch Group has halted deliveries of mechanisms to the small Zurich-based brand, its managers said, after Switzerland's competition authority released Swatch from an obligation to supply other watchmakers this summer.

The entire Swiss industry has also seen sales plummet as stores were closed by coronavirus lockdowns and Chinese customers, who often buy watches on their travels, have stayed at home.

Still, Maurice de Mauriac, a niche producer which makes about 300 watches per year, has so far got round the supply problems.

The company has been using the tiny mechanisms called "movements" it still had in stock and is confident it can get more from a partner still on the customer list of Swatch's mechanism business, ETA.

"We have long-term relationships with our suppliers," said Massimo Dreifuss who, together with his brother Leonard, now manages the company their father Daniel founded in 1997.

Massimo and Leonard have also been organising events to drum up interest in Maurice de Mauriac watches, which cost around 3,500 Swiss francs (2,971.14 pounds) on average.

They are offering workshops for small groups at the brand's headquarters in central Zurich where enthusiasts can see the brand's three watchmakers working and have a go at assembling a watch themselves.

Watch retailers from Zurich's Bahnhofstrasse shopping street also regularly send customers to pick a watch strap from the brand's stock of around 2,500 leather, rubber, textile and metal bands, including some proprietary designs.

(Reporting by Silke Koltrowitz; Editing by Mark Potter)


Stocks mentioned in the article
ChangeLast1st jan.
COMPAGNIE FINANCIÈRE RICHEMONT SA -1.00% 57.38 Delayed Quote.-23.56%
THE SWATCH GROUP SA -0.83% 192.15 Delayed Quote.-28.20%
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Financials
Sales 2020 5 975 M 6 541 M 6 541 M
Net income 2020 35,8 M 39,2 M 39,2 M
Net cash 2020 1 450 M 1 588 M 1 588 M
P/E ratio 2020 324x
Yield 2020 1,89%
Capitalization 9 905 M 10 889 M 10 845 M
EV / Sales 2020 1,42x
EV / Sales 2021 1,17x
Nbr of Employees 33 700
Free-Float 74,8%
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Mean consensus HOLD
Number of Analysts 21
Average target price 220,84 CHF
Last Close Price 194,95 CHF
Spread / Highest target 62,1%
Spread / Average Target 13,3%
Spread / Lowest Target -22,0%
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Managers
NameTitle
Georges Nicolas Hayek Chairman-Management Board & Director
Nayla Hayek Chairman
Thierry Kenel Chief Financial Officer
Calogero Polizzi Head-Information Technology
Ernst Tanner Vice Chairman
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