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 10,474 - -
Change - -7.56% -11.03% -27.47% 4.11% 18.99% - -
Enterprise Value (EV) 1 11,619 10,565 9,672 7,081 7,610 9,251 9,237 9,328
Change - -9.07% -8.45% -26.78% 7.46% 21.56% -0.15% 0.98%
P/E Ratio 18.9x 16.9x 13.6x 44.1x 3,365x 40.2x 26.9x 21.3x
PBR 1.24x 1.13x 0.97x 0.7x 0.75x 0.9x 0.9x 0.88x
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 1.63x 1.56x 1.5x
EV / Revenue 1.59x 1.41x 1.23x 1.05x 1.21x 1.44x 1.37x 1.33x
EV / EBITDA 7.96x 6.75x 6.12x 9.84x 13.6x 11.9x 9.65x 8.55x
EV / EBIT 11.4x 9.12x 8.12x 23.3x 56.4x 24.7x 17.1x 14.2x
EV / FCF 11.6x 31.4x -56.9x -32.8x 136x 17.6x 18.4x 37.5x
FCF Yield 8.63% 3.19% -1.76% -3.05% 0.74% 5.69% 5.44% 2.67%
Dividend per Share 2 5.5 6 6.5 4.5 4.5 4.59 5.081 5.551
Rate of return 1.97% 2.28% 2.84% 2.73% 2.67% 2.27% 2.52% 2.75%
EPS 2 14.77 15.56 16.75 3.74 0.05 5.028 7.508 9.467
Distribution rate 37.2% 38.6% 38.8% 120% 9,000% 91.3% 67.7% 58.6%
Net sales 1 7,313 7,499 7,888 6,735 6,280 6,412 6,723 6,992
EBITDA 1 1,459 1,565 1,581 720 558 775.5 956.8 1,091
EBIT 1 1,021 1,158 1,191 304 135 374.2 540.5 656.4
Net income 1 765 807 869 193 3 258.7 367.4 423.7
Net Debt 1 -2,556 -2,538 -1,986 -1,374 -1,193 -1,223 -1,237 -1,147
Reference price 2 279.00 263.00 228.60 165.00 168.25 202.00 202.00 202.00
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 Ratio, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
27.25x1.88x13.75x1.12% 341.85Cr
22.6x1.5x12.32x2.15% 332.28Cr
19.69x - - - 80Cr
-11.83x0.37x7.04x - 23Cr
Average 14.43x 1.25x 11.04x 1.63% 194.43Cr
Weighted average by Cap. 23.31x 1.65x 12.84x 1.63%

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

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