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 10,515 - -
Change - -7.56% -11.03% -27.47% 4.11% 19.45% - -
Enterprise Value (EV) 1 11,619 10,565 9,672 7,081 7,610 9,301 9,283 9,394
Change - -9.07% -8.45% -26.78% 7.46% 22.22% -0.19% 1.19%
P/E 18.9x 16.9x 13.6x 44.1x 3,365x 38x 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 1.62x 1.54x 1.48x
EV / Revenue 1.59x 1.41x 1.23x 1.05x 1.21x 1.44x 1.36x 1.32x
EV / EBITDA 7.96x 6.75x 6.12x 9.84x 13.6x 12x 9.44x 8.39x
EV / EBIT 11.4x 9.12x 8.12x 23.3x 56.4x 24.7x 16.4x 13.8x
EV / FCF 11.6x 31.4x -56.9x -32.8x 136x 20.7x 15.9x 22.3x
FCF Yield 8.63% 3.19% -1.76% -3.05% 0.74% 4.83% 6.31% 4.48%
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 5.341 7.837 9.606
Distribution rate 37.2% 38.6% 38.8% 120% 9,000% 85.9% 64.9% 56.9%
Net sales 1 7,313 7,499 7,888 6,735 6,280 6,477 6,812 7,099
EBITDA 1 1,459 1,565 1,581 720 558 777.1 983.3 1,120
EBIT 1 1,021 1,158 1,191 304 135 376.6 565.3 681.8
Net income 1 765 807 869 193 3 270.4 381.8 427
Net Debt 1 -2,556 -2,538 -1,986 -1,374 -1,193 -1,214 -1,232 -1,121
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 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.($)
24.93x1.82x13.22x1.21% 3.74B
18.04x1.34x9.48x2.27% 3.27B
21.11x - - - 622M
-11.66x0.38x7.25x - 245M
Average 13.10x 1.18x 9.98x 1.74% 1.97B
Weighted average by Cap. 20.63x 1.56x 11.33x 1.71%

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