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(Sharecast News) - Jefferies initiated coverage of Watches of Switzerland on Thursday with a 'buy' rating and 470p price target, saying it's a proxy play on the more attractive end of the luxury watch market and is well-placed to perform in the underdeveloped US market.
Recent results and upgraded guidance confirm resilience in the UK, Jefferies said.
"There is more upside in spite of the recent rerating as outperformance will continue and the investment case is not well known," it added.
The bank also highlighted the company's relationship with Rolex and the expansion opportunity in the US. The top seven brands, led by Rolex, account for 74% of sales, it said.
"The group primarily sells high-end luxury watches which accounted for 84% of sales in FY20: Rolex is the key brand for and accounts for circa 54% of group sales, and growing.
"Whilst this implies WOSG is de facto a Rolex proxy, there is more to the name than meets the eye as it continues to increase profile and share via selling space accretion, store elevation, improving clienteling and dominance in digital."
7 Dec 2022 15:51
UK earnings, trading statements calendar - next 7 days
| Thursday 8 December | |
| Balfour Beatty PLC | Trading Statement |
| British American Tobacco PLC | Trading Statement |
| DS Smith PLC | Half Year Results |
| DWF Group PLC | Half Year Results |
| Evgen Pharma PLC | Half Year Results |
| Focusrite PLC | Full Year Results |
| Frasers Group PLC | Half Year Results |
| Hipgnosis Songs Fund Ltd | Half Year Results |
| Numis Corp PLC | Full Year Results |
| On The Beach Group PLC | Full Year Results |
| Purplebricks Group PLC | Half Year Results |
| Redcentric PLC | Half Year Results |
| S&U PLC | Trading Statement |
| SDCL Energy Efficiency Income Trust PLC | Half Year Results |
| Seraphine Group PLC | Half Year Results |
| Tern PLC | Q3 Results |
| Friday 9 December | |
| Anglo American PLC | Trading Statement |
| Associated British Foods PLC | Trading Statement |
| Berkeley Group Holdings PLC | Half Year Results |
| Diploma PLC | Full Year Results |
| Taylor Maritime Investments Ltd | Half Year Results |
| Monday 12 December | |
| no events scheduled | |
| Tuesday 13 December | |
| Begbies Traynor Group PLC | Half Year Results |
| Chemring Group PLC | Full Year Results |
| FRP Advisory Group PLC | Half Year Results |
| Global Ports Holding PLC | Half Year Results |
| Hyve Group PLC | Full Year Results |
| Ocado Group PLC | Trading Statement |
| RWS Holdings PLC | Full Year Results |
| Sosandar PLC | Half Year Results |
| Zytronic PLC | Full Year Results |
| Wednesday 14 December | |
| Cohort PLC | Half Year Results |
| CyanConnode Holdings PLC | Half Year Results |
| Foresight Sustainable Forestry Co PLC | Full Year Results |
| IntegraFin Holdings PLC | Full Year Results |
| SThree PLC | Trading Statement |
| Tui AG | Full Year Results |
| Watches of Switzerland Group PLC | Half Year Results |
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