MOV - Movado: Strong March Data Points To Swift Recovery 85% Upside 7x P/E
- New industry data released on Switzerland watch exports very relevant for Movado.
- Swiss watch exports to the USA rose by 13% YoY for second straight month in March – Movado’s primary manufacturing hub is Switzerland.
- Asia, specifically China, saw a 101% YoY growth in Swiss watch exports, could this be the next region of incremental growth for Movado?
- Movado’s P/E of 7.3x is very inexpensive, especially relative to other global luxury stocks at huge 30x P/Es and all-time high stock prices and EPS.
- Given the catalyst of recovering sales, positive EPS surprise, we see 85% upside for Movado, despite its 25% rise since our initial recommendation 1 month back.
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Movado: Strong March Data Points To Swift Recovery, 85% Upside, 7x P/E