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 9,550 - -
Change - -7.56% -11.03% -27.47% 4.11% 8.49% - -
Enterprise Value (EV) 1 11,619 10,565 9,672 7,081 7,610 8,381 8,386 8,371
Change - -9.07% -8.45% -26.78% 7.46% 10.13% 0.06% -0.18%
P/E 18.9x 16.9x 13.6x 44.1x 3,365x 38.3x 24.3x 18.8x
PBR 1.24x 1.13x 0.97x 0.7x 0.75x 0.83x 0.82x 0.81x
PEG - 3.16x 1.78x -0.6x -34.1x 0x 0.4x 0.6x
Capitalization / Revenue 1.94x 1.75x 1.48x 1.26x 1.4x 1.45x 1.38x 1.32x
EV / Revenue 1.59x 1.41x 1.23x 1.05x 1.21x 1.28x 1.21x 1.16x
EV / EBITDA 7.96x 6.75x 6.12x 9.84x 13.6x 11x 8.52x 7.3x
EV / EBIT 11.4x 9.12x 8.12x 23.3x 56.4x 24.4x 14.9x 11.8x
EV / FCF 11.6x 31.4x -56.9x -32.8x 136x 31.5x 11.3x 12x
FCF Yield 8.63% 3.19% -1.76% -3.05% 0.74% 3.18% 8.89% 8.35%
Dividend per Share 2 5.5 6 6.5 4.5 4.5 4.628 5.178 5.627
Rate of return 1.97% 2.28% 2.84% 2.73% 2.67% 2.5% 2.8% 3.04%
EPS 2 14.77 15.56 16.75 3.74 0.05 4.83 7.616 9.829
Distribution rate 37.2% 38.6% 38.8% 120% 9,000% 95.8% 68% 57.3%
Net sales 1 7,313 7,499 7,888 6,735 6,280 6,571 6,919 7,218
EBITDA 1 1,459 1,565 1,581 720 558 758.8 984 1,146
EBIT 1 1,021 1,158 1,191 304 135 344.1 561.3 711.7
Net income 1 765 807 869 193 3 226.1 361.3 457.5
Net Debt 1 -2,556 -2,538 -1,986 -1,374 -1,193 -1,169 -1,164 -1,179
Reference price 2 279.00 263.00 228.60 165.00 168.25 185.20 185.20 185.20
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.($)
38.34x1.28x11.04x2.5% 1.18TCr
23.42x2.22x12.96x1.28% 531.22Cr
18.08x1.52x10.06x2.12% 408.54Cr
57.79x - - - 72Cr
17.56x - - - 55Cr
37.8x - - 0.48% 51Cr
-27.11x0.4x6.26x - 29Cr
Average 23.70x 1.35x 10.08x 1.59% 332.37Cr
Weighted average by Cap. 30.65x 1.54x 11.27x 2.08%

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