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 10,989 - -
Change - -7.56% -11.03% -27.47% 4.11% 24.83% - -
Enterprise Value (EV) 1 11,619 10,565 9,672 7,081 7,610 9,777 9,761 9,853
Change - -9.07% -8.45% -26.78% 7.46% 28.47% -0.16% 0.94%
P/E Ratio 18.9x 16.9x 13.6x 44.1x 3,365x 42.2x 28.3x 22.4x
PBR 1.24x 1.13x 0.97x 0.7x 0.75x 0.95x 0.95x 0.93x
PEG - 3.16x 1.78x -0.6x -34.1x 0x 0.6x 0.9x
Capitalization / Revenue 1.94x 1.75x 1.48x 1.26x 1.4x 1.71x 1.63x 1.57x
EV / Revenue 1.59x 1.41x 1.23x 1.05x 1.21x 1.52x 1.45x 1.41x
EV / EBITDA 7.96x 6.75x 6.12x 9.84x 13.6x 12.6x 10.2x 9.01x
EV / EBIT 11.4x 9.12x 8.12x 23.3x 56.4x 26.1x 18x 15x
EV / FCF 11.6x 31.4x -56.9x -32.8x 136x 18.6x 19.4x 39.6x
FCF Yield 8.63% 3.19% -1.76% -3.05% 0.74% 5.39% 5.15% 2.52%
Dividend per Share 2 5.5 6 6.5 4.5 4.5 4.59 5.083 5.551
Rate of return 1.97% 2.28% 2.84% 2.73% 2.67% 2.16% 2.39% 2.61%
EPS 2 14.77 15.56 16.75 3.74 0.05 5.042 7.53 9.502
Distribution rate 37.2% 38.6% 38.8% 120% 9,000% 91% 67.5% 58.4%
Net sales 1 7,313 7,499 7,888 6,735 6,280 6,419 6,730 7,002
EBITDA 1 1,459 1,565 1,581 720 558 777 958.8 1,094
EBIT 1 1,021 1,158 1,191 304 135 375.2 541.9 658.5
Net income 1 765 807 869 193 3 259.7 368.9 426.5
Net Debt 1 -2,556 -2,538 -1,986 -1,374 -1,193 -1,212 -1,227 -1,135
Reference price 2 279.00 263.00 228.60 165.00 168.25 212.80 212.80 212.80
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
29.98x2.04x14.98x1.02% 376.69Cr
22.84x1.52x12.45x2.13% 336.4Cr
20.29x - - - 60Cr
-12.08x0.39x7.42x - 25Cr
Average 15.25x 1.32x 11.62x 1.57% 199.58Cr
Weighted average by Cap. 24.91x 1.75x 13.57x 1.54%

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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