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 9,063 - -
Change - -7.56% -11.03% -27.47% 4.11% 2.96% - -
Enterprise Value (EV) 1 11,619 10,565 9,672 7,081 7,610 7,925 7,904 7,890
Change - -9.07% -8.45% -26.78% 7.46% 4.14% -0.27% -0.17%
P/E 18.9x 16.9x 13.6x 44.1x 3,365x 36.6x 23.1x 17.9x
PBR 1.24x 1.13x 0.97x 0.7x 0.75x 0.79x 0.78x 0.77x
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 1.38x 1.31x 1.25x
EV / Revenue 1.59x 1.41x 1.23x 1.05x 1.21x 1.21x 1.14x 1.09x
EV / EBITDA 7.96x 6.75x 6.12x 9.84x 13.6x 10.5x 8.05x 6.89x
EV / EBIT 11.4x 9.12x 8.12x 23.3x 56.4x 23.2x 14.1x 11.1x
EV / FCF 11.6x 31.4x -56.9x -32.8x 136x 29.8x 10.6x 11.3x
FCF Yield 8.63% 3.19% -1.76% -3.05% 0.74% 3.36% 9.43% 8.85%
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% 2.64% 2.95% 3.21%
EPS 2 14.77 15.56 16.75 3.74 0.05 4.794 7.584 9.796
Distribution rate 37.2% 38.6% 38.8% 120% 9,000% 96.5% 68.3% 57.4%
Net sales 1 7,313 7,499 7,888 6,735 6,280 6,572 6,939 7,242
EBITDA 1 1,459 1,565 1,581 720 558 757.4 982.4 1,145
EBIT 1 1,021 1,158 1,191 304 135 342.3 558.6 708.8
Net income 1 765 807 869 193 3 226.1 361.3 457.5
Net Debt 1 -2,556 -2,538 -1,986 -1,374 -1,193 -1,138 -1,160 -1,173
Reference price 2 279.00 263.00 228.60 165.00 168.25 175.55 175.55 175.55
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.($)
36.62x1.21x10.46x2.64% 11.08B
21.36x2.04x11.88x1.41% 4.89B
15.73x1.31x9.43x2.31% 3.59B
54.45x - - - 665M
17.2x - - - 544M
37.69x - - 0.48% 500M
-33.89x0.4x6.54x - 281M
Average 21.31x 1.24x 9.58x 1.71% 3.08B
Weighted average by Cap. 28.84x 1.42x 10.57x 2.22%

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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