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 9,580 - -
Change - -7.56% -11.03% -27.47% 4.11% 8.83% - -
Enterprise Value (EV) 1 11,619 10,565 9,672 7,081 7,610 8,411 8,416 8,401
Change - -9.07% -8.45% -26.78% 7.46% 10.53% 0.06% -0.18%
P/E 18.9x 16.9x 13.6x 44.1x 3,365x 38.4x 24.4x 18.9x
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 0.7x
Capitalization / Revenue 1.94x 1.75x 1.48x 1.26x 1.4x 1.46x 1.38x 1.33x
EV / Revenue 1.59x 1.41x 1.23x 1.05x 1.21x 1.28x 1.22x 1.16x
EV / EBITDA 7.96x 6.75x 6.12x 9.84x 13.6x 11.1x 8.55x 7.32x
EV / EBIT 11.4x 9.12x 8.12x 23.3x 56.4x 24.4x 15x 11.8x
EV / FCF 11.6x 31.4x -56.9x -32.8x 136x 31.6x 11.3x 12x
FCF Yield 8.63% 3.19% -1.76% -3.05% 0.74% 3.16% 8.85% 8.32%
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% 2.49% 2.79% 3.03%
EPS 2 14.77 15.56 16.75 3.74 0.05 4.836 7.621 9.837
Distribution rate 37.2% 38.6% 38.8% 120% 9,000% 95.7% 67.9% 57.2%
Net sales 1 7,313 7,499 7,888 6,735 6,280 6,575 6,923 7,222
EBITDA 1 1,459 1,565 1,581 720 558 754.7 984.8 1,147
EBIT 1 1,021 1,158 1,191 304 135 344.5 561.7 712.2
Net income 1 765 807 869 193 3 217.5 361.7 458.3
Net Debt 1 -2,556 -2,538 -1,986 -1,374 -1,193 -1,169 -1,164 -1,179
Reference price 2 279.00 263.00 228.60 165.00 168.25 185.85 185.85 185.85
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.($)
38.43x1.28x11.15x2.49% 11.92B
25.75x2.43x14.18x1.17% 5.72B
18.81x1.58x10.48x2.04% 4.16B
18.46x - - - 564M
-28.32x0.41x6.48x - 305M
Average 14.63x 1.43x 10.57x 1.9% 4.54B
Weighted average by Cap. 30.24x 1.62x 11.74x 2.06%

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