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 8,859 - -
Change - -7.56% -11.03% -27.47% 4.11% 0.64% - -
Enterprise Value (EV) 1 11,619 10,565 9,672 7,081 7,610 7,700 7,721 7,741
Change - -9.07% -8.45% -26.78% 7.46% 1.18% 0.28% 0.26%
P/E 18.9x 16.9x 13.6x 44.1x 3,365x 35.6x 22.3x 17.4x
PBR 1.24x 1.13x 0.97x 0.7x 0.75x 0.76x 0.75x 0.74x
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 1.35x 1.28x 1.23x
EV / Revenue 1.59x 1.41x 1.23x 1.05x 1.21x 1.18x 1.12x 1.07x
EV / EBITDA 7.96x 6.75x 6.12x 9.84x 13.6x 10.5x 7.91x 6.85x
EV / EBIT 11.4x 9.12x 8.12x 23.3x 56.4x 22.9x 14x 11.1x
EV / FCF 11.6x 31.4x -56.9x -32.8x 136x 17.1x 13.4x 18.4x
FCF Yield 8.63% 3.19% -1.76% -3.05% 0.74% 5.84% 7.47% 5.43%
Dividend per Share 2 5.5 6 6.5 4.5 4.5 4.598 5.171 5.619
Rate of return 1.97% 2.28% 2.84% 2.73% 2.67% 2.71% 3.04% 3.31%
EPS 2 14.77 15.56 16.75 3.74 0.05 4.767 7.605 9.777
Distribution rate 37.2% 38.6% 38.8% 120% 9,000% 96.4% 68% 57.5%
Net sales 1 7,313 7,499 7,888 6,735 6,280 6,546 6,910 7,210
EBITDA 1 1,459 1,565 1,581 720 558 731.6 975.7 1,130
EBIT 1 1,021 1,158 1,191 304 135 336.8 552.9 696.6
Net income 1 765 807 869 193 3 204.5 360.3 453.3
Net Debt 1 -2,556 -2,538 -1,986 -1,374 -1,193 -1,160 -1,138 -1,118
Reference price 2 279.00 263.00 228.60 165.00 168.25 169.90 169.90 169.90
Nbr of stocks (in thousands) 51,771 51,808 51,836 51,872 51,767 51,996 - -
Announcement Date 1/25/22 1/24/23 1/23/24 1/30/25 1/30/26 - - -
1CHF in Million2CHF
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
24.59x1.8x13.05x1.23% 3.66B
18.03x1.34x9.47x2.27% 3.25B
19.95x - - - 589M
44.7x - - 0.38% 402M
-11.41x0.38x7.14x - 239M
Average 19.17x 1.17x 9.89x 1.29% 1.63B
Weighted average by Cap. 21.57x 1.54x 11.23x 1.64%

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