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    UBSG   CH0244767585

UBS GROUP AG

(UBSG)
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Swiss watch trader Chronext plans stock market listing, sources say

05/17/2021 | 11:02am EDT
FILE PHOTO: Superocean Heritage watches of Swiss watchmaker Breitling at the Baselworld watch and jewellery fair

FRANKFURT (Reuters) - Switzerland's Chronext is preparing an initial public offering (IPO) that could value the online marketplace for new and pre-owned luxury watches at up to 1 billion euros ($1.2 billion), people close to the matter said.

Luxury watch brands, which had long considered the market for second-hand watches as a potential threat to their business, have been shifting their stance in light of the insights it can provide on pricing and demand.

Chronext's planned IPO in Zurich is expected to take place in September but could be brought forward to July if market conditions allow, the sources told Reuters.

The company and its owners are working on the listing with banks including UBS and Bank of America, with Evercore acting as IPO advisor, they said.

Chronext and the banks declined to comment.

The fast-growing marketplace, backers of which include NRW.Bank, Inventure Partners, TEV Ventures and Octopus Ventures, has annual sales of more than 100 million euros. In its core German market, sales role by 25% in 2020.

Rivals such as Farfetch trade at about 5 times expected full-year sales.

Investors often value fast-growing e-commerce companies on expected future revenue numbers.

Chronext is expected to be valued on its 2022 and 2023 forecast sales, the sources said. If the company's growth continues at the current pace, sales could exceed 200 million euros in 2023, one of the sources said.

Rival Chrono24 is also exploring a potential stock market listing, people close to the matter said last week.

($1 = 0.8285 euros)

(Editing by David Goodman)

By Arno Schuetze and Oliver Hirt


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BANK OF AMERICA CORPORATION -2.56% 38.78 Delayed Quote.27.94%
EVERCORE INC. -1.15% 128.03 Delayed Quote.16.77%
UBS GROUP AG -2.02% 14.34 Delayed Quote.15.00%
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Financials
Sales 2021 29 700 M 32 165 M 32 165 M
Net income 2021 4 606 M 4 988 M 4 988 M
Net cash 2021 1 498 M 1 623 M 1 623 M
P/E ratio 2021 11,1x
Yield 2021 2,49%
Capitalization 50 522 M 54 773 M 54 715 M
EV / Sales 2021 1,65x
EV / Sales 2022 1,63x
Nbr of Employees 71 779
Free-Float 91,2%
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Technical analysis trends UBS GROUP AG
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 16,21 CHF
Last Close Price 14,34 CHF
Spread / Highest target 39,5%
Spread / Average Target 13,1%
Spread / Lowest Target -9,34%
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Managers and Directors
NameTitle
Ralph A. J. G. Hamers Group Chief Executive Officer
Kirt Gardner Group Chief Financial Officer
Axel A. Weber Chairman
Mike Dargan Chief Digital & Information Officer
Sabine Keller-Busse Group Chief Operating Officer
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