Company Valuation: Swatch Group

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 14,175 13,103 11,658 8,455 8,803 10,110 - -
Change - -7.56% -11.03% -27.47% 4.11% 14.85% - -
Enterprise Value (EV) 1 11,619 10,565 9,672 7,081 7,610 8,911 8,895 8,991
Change - -9.07% -8.45% -26.78% 7.46% 17.09% -0.18% 1.07%
P/E 18.9x 16.9x 13.6x 44.1x 3,365x 39x 26.3x 20.7x
PBR 1.24x 1.13x 0.97x 0.7x 0.75x 0.87x 0.87x 0.85x
PEG - 3.16x 1.78x -0.6x -34.1x 0x 0.5x 0.8x
Capitalization / Revenue 1.94x 1.75x 1.48x 1.26x 1.4x 1.57x 1.5x 1.43x
EV / Revenue 1.59x 1.41x 1.23x 1.05x 1.21x 1.38x 1.32x 1.27x
EV / EBITDA 7.96x 6.75x 6.12x 9.84x 13.6x 11.5x 9.24x 8.1x
EV / EBIT 11.4x 9.12x 8.12x 23.3x 56.4x 23.8x 16.3x 13.4x
EV / FCF 11.6x 31.4x -56.9x -32.8x 136x 16.9x 17.7x 36.2x
FCF Yield 8.63% 3.19% -1.76% -3.05% 0.74% 5.91% 5.65% 2.77%
Dividend per Share 2 5.5 6 6.5 4.5 4.5 4.587 5.076 5.524
Rate of return 1.97% 2.28% 2.84% 2.73% 2.67% 2.35% 2.6% 2.83%
EPS 2 14.77 15.56 16.75 3.74 0.05 5.003 7.427 9.434
Distribution rate 37.2% 38.6% 38.8% 120% 9,000% 91.7% 68.4% 58.5%
Net sales 1 7,313 7,499 7,888 6,735 6,280 6,438 6,752 7,053
EBITDA 1 1,459 1,565 1,581 720 558 777.1 963.2 1,110
EBIT 1 1,021 1,158 1,191 304 135 375.1 545.5 670
Net income 1 765 807 869 193 3 253.7 357 390.5
Net Debt 1 -2,556 -2,538 -1,986 -1,374 -1,193 -1,200 -1,215 -1,120
Reference price 2 279.00 263.00 228.60 165.00 168.25 195.20 195.20 195.20
Nbr of stocks (in thousands) 51,771 51,808 51,836 51,872 51,767 51,996 - -
Announcement Date 25/01/22 24/01/23 23/01/24 30/01/25 30/01/26 - - -
1CHF in Million2CHF
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
31.84x2.16x15.82x0.96% 398.3Cr
19.36x1.47x10.42x2.07% 361.07Cr
20.55x - - - 61Cr
-11.92x0.39x7.35x - 25Cr
Average 14.96x 1.34x 11.20x 1.52% 211.24Cr
Weighted average by Cap. 24.40x 1.79x 13.07x 1.49%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield