DemandSolid demand for Rolex above supply, encouraging trends for pre-owned watches and strong momentum for Roberto.
Growth OpportunitiesThere are a multitude of mid-term growth opportunities such as US consolidation, US market growth, Rolex CPO, and branded jewellery.
ValuationCurrently trading on 9x PE, it is seen as being undervalued given the stable earnings from the Rolex business.