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 10,544 - -
Change - -7.56% -11.03% -27.47% 4.11% 19.77% - -
Enterprise Value (EV) 1 11,619 10,565 9,672 7,081 7,610 9,330 9,326 9,423
Change - -9.07% -8.45% -26.78% 7.46% 22.6% -0.04% 1.04%
P/E 18.9x 16.9x 13.6x 44.1x 3,365x 37.8x 25.9x 21.1x
PBR 1.24x 1.13x 0.97x 0.7x 0.75x 0.91x 0.9x 0.88x
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 1.63x 1.55x 1.49x
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 12x 9.53x 8.45x
EV / EBIT 11.4x 9.12x 8.12x 23.3x 56.4x 24.7x 16.6x 13.9x
EV / FCF 11.6x 31.4x -56.9x -32.8x 136x 20.8x 15.9x 22.4x
FCF Yield 8.63% 3.19% -1.76% -3.05% 0.74% 4.82% 6.28% 4.46%
Dividend per Share 2 5.5 6 6.5 4.5 4.5 4.586 5.084 5.462
Rate of return 1.97% 2.28% 2.84% 2.73% 2.67% 2.26% 2.5% 2.69%
EPS 2 14.77 15.56 16.75 3.74 0.05 5.375 7.843 9.606
Distribution rate 37.2% 38.6% 38.8% 120% 9,000% 85.3% 64.8% 56.9%
Net sales 1 7,313 7,499 7,888 6,735 6,280 6,476 6,791 7,071
EBITDA 1 1,459 1,565 1,581 720 558 777.9 979 1,115
EBIT 1 1,021 1,158 1,191 304 135 377.4 560.5 677
Net income 1 765 807 869 193 3 273 382.3 427
Net Debt 1 -2,556 -2,538 -1,986 -1,374 -1,193 -1,214 -1,218 -1,120
Reference price 2 279.00 263.00 228.60 165.00 168.25 203.00 203.00 203.00
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, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
24.89x1.82x13.2x1.21% 373.06Cr
18.43x1.4x9.89x2.18% 340.68Cr
20.73x - - - 61Cr
-11.49x0.38x7.17x - 24Cr
Average 13.14x 1.20x 10.09x 1.7% 199.74Cr
Weighted average by Cap. 20.72x 1.58x 11.47x 1.67%

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