Financials Swatch Group OTC Markets

Equities

SWGAY

US8701231065

Apparel & Accessories

Market Closed - OTC Markets Other stock markets 01:29:59 03/07/2024 am IST			5-day change	1st Jan Change
10.2 ^USD	+0.29%		-4.32%	-24.78%

28/06	Would you like some more inflation?
27/06	The same old winners

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	12,755	12,291	14,175	13,103	11,658	9,627	-	-
Enterprise Value (EV) ¹	11,407	10,594	11,619	11,309	9,672	7,415	7,271	7,127
P/E ratio	19.1 x	-244 x	18.9 x	16.9 x	13.6 x	11.7 x	10.6 x	9.9 x
Yield	2.96%	1.45%	1.97%	2.28%	2.84%	3.58%	4.02%	4.4%
Capitalization / Revenue	1.55 x	2.2 x	1.94 x	1.75 x	1.48 x	1.23 x	1.17 x	1.12 x
EV / Revenue	1.38 x	1.89 x	1.59 x	1.51 x	1.23 x	0.94 x	0.88 x	0.83 x
EV / EBITDA	7.59 x	20.6 x	7.96 x	7.23 x	6.12 x	4.92 x	4.45 x	4.13 x
EV / FCF	14.7 x	18.6 x	11.6 x	33.6 x	-56.9 x	8.74 x	11.7 x	11.2 x
FCF Yield	6.82%	5.38%	8.63%	2.98%	-1.76%	11.4%	8.53%	8.89%
Price to Book	1.21 x	1.14 x	1.24 x	1.13 x	0.97 x	0.76 x	0.73 x	0.71 x
Nbr of stocks (in thousands)	48,367	51,619	51,771	51,808	51,836	51,872	-	-
Reference price ²	270.0	241.5	279.0	263.0	228.6	185.4	185.4	185.4
Announcement Date	30/01/20	28/01/21	25/01/22	24/01/23	23/01/24	-	-	-

¹CHF in Million²CHF

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	8,243	5,595	7,313	7,499	7,888	7,858	8,240	8,581
EBITDA ¹	1,503	515	1,459	1,565	1,581	1,506	1,633	1,724
EBIT ¹	1,023	52	1,021	1,158	1,191	1,116	1,228	1,310
Operating Margin	12.41%	0.93%	13.96%	15.44%	15.1%	14.2%	14.91%	15.27%
Earnings before Tax (EBT) ¹	1,004	36	1,011	1,096	1,152	1,080	1,194	1,245
Net income ¹	730	-51	765	807	869	782.5	870.3	912.6
Net margin	8.86%	-0.91%	10.46%	10.76%	11.02%	9.96%	10.56%	10.63%
EPS ²	14.17	-0.9900	14.77	15.56	16.75	15.87	17.55	18.72
Free Cash Flow ¹	778	570	1,003	337	-170	848.8	619.9	633.7
FCF margin	9.44%	10.19%	13.72%	4.49%	-2.16%	10.8%	7.52%	7.38%
FCF Conversion (EBITDA)	51.76%	110.68%	68.75%	21.53%	-	56.37%	37.95%	36.76%
FCF Conversion (Net income)	106.58%	-	131.11%	41.76%	-	108.47%	71.23%	69.44%
Dividend per Share ²	8.000	3.500	5.500	6.000	6.500	6.647	7.463	8.153
Announcement Date	30/01/20	28/01/21	25/01/22	24/01/23	23/01/24	-	-	-

¹CHF in Million²CHF

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2
Net sales ¹	4,170	2,197	3,398	3,392	3,921	3,612	3,887	4,019	3,869	3,797	4,027
EBITDA	716	-86	601	623	858	709	-	878	703	-	-
EBIT ¹	476	-321	379	402	619	503	655	686	505	506.8	560
Operating Margin	11.41%	-14.61%	11.15%	11.85%	15.79%	13.93%	16.85%	17.07%	13.05%	13.35%	13.91%
Earnings before Tax (EBT) ¹	464	-344	380	402	609	443	-	-	500	484	518
Net income	315	-303	252	267	498	311	-	486	383	-	-
Net margin	7.55%	-13.79%	7.42%	7.87%	12.7%	8.61%	-	12.09%	9.9%	-	-
EPS	6.360	-	4.880	5.150	9.620	-	9.560	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	30/01/20	14/07/20	28/01/21	12/07/21	25/01/22	14/07/22	24/01/23	13/07/23	23/01/24	-	-

¹CHF in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	1,348	1,697	2,556	1,794	1,986	2,212	2,356	2,499
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	778	570	1,003	337	-170	849	620	634
ROE (net income / shareholders' equity)	6.6%	-0.46%	6.82%	6.86%	7.19%	6.02%	6.41%	6.17%
ROA (Net income/ Total Assets)	5.34%	-0.38%	5.76%	5.85%	6.18%	4.49%	4.62%	3.79%
Assets ¹	13,677	13,295	13,287	13,785	14,061	17,426	18,839	24,107
Book Value Per Share ²	223.0	212.0	224.0	233.0	236.0	245.0	254.0	262.0
Cash Flow per Share ²	23.80	15.80	25.10	14.00	11.90	23.60	22.90	25.10
Capex ¹	446	249	295	387	785	529	501	475
Capex / Sales	5.41%	4.45%	4.03%	5.16%	9.95%	6.73%	6.08%	5.54%
Announcement Date	30/01/20	28/01/21	25/01/22	24/01/23	23/01/24	-	-	-

¹CHF in Million²CHF

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Swatch Group

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

185.4 CHF

Average target price

223.6 CHF

Spread / Average Target

+20.57%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Watches

	1st Jan change	Capi.
CITIZEN WATCH CO., LTD.	+31.87%	1.65B
SEIKO GROUP CORPORATION	+85.97%	1.23B
CITYCHAMP WATCH & JEWELLERY GROUP LIMITED	-13.91%	557M
MOVADO GROUP, INC.	-18.87%	543M
KDDL LIMITED	+12.70%	480M
FIYTA PRECISION TECHNOLOGY CO., LTD.	-18.80%	470M
TIMEX GROUP INDIA LIMITED	-5.29%	189M
TIME WATCH INVESTMENTS LIMITED	+1.08%	124M
ERNEST BOREL HOLDINGS LIMITED	0.00%	87.6M

Watches