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 10,274 - -
Change - -7.56% -11.03% -27.47% 4.11% 16.71% - -
Enterprise Value (EV) 1 11,619 10,565 9,672 7,081 7,610 9,056 9,057 9,160
Change - -9.07% -8.45% -26.78% 7.46% 19% 0.01% 1.13%
P/E 18.9x 16.9x 13.6x 44.1x 3,365x 38.5x 26x 20.6x
PBR 1.24x 1.13x 0.97x 0.7x 0.75x 0.89x 0.88x 0.87x
PEG - 3.16x 1.78x -0.6x -34.1x 0x 0.5x 0.8x
Capitalization / Revenue 1.94x 1.75x 1.48x 1.26x 1.4x 1.59x 1.52x 1.45x
EV / Revenue 1.59x 1.41x 1.23x 1.05x 1.21x 1.41x 1.34x 1.3x
EV / EBITDA 7.96x 6.75x 6.12x 9.84x 13.6x 11.7x 9.42x 8.27x
EV / EBIT 11.4x 9.12x 8.12x 23.3x 56.4x 24.2x 16.6x 13.7x
EV / FCF 11.6x 31.4x -56.9x -32.8x 136x 17.6x 18x 48.5x
FCF Yield 8.63% 3.19% -1.76% -3.05% 0.74% 5.67% 5.55% 2.06%
Dividend per Share 2 5.5 6 6.5 4.5 4.5 4.587 5.084 5.535
Rate of return 1.97% 2.28% 2.84% 2.73% 2.67% 2.31% 2.56% 2.79%
EPS 2 14.77 15.56 16.75 3.74 0.05 5.155 7.644 9.632
Distribution rate 37.2% 38.6% 38.8% 120% 9,000% 89% 66.5% 57.5%
Net sales 1 7,313 7,499 7,888 6,735 6,280 6,444 6,760 7,063
EBITDA 1 1,459 1,565 1,581 720 558 774.7 961.2 1,107
EBIT 1 1,021 1,158 1,191 304 135 374.9 545.6 670.3
Net income 1 765 807 869 193 3 258.2 369.2 412.9
Net Debt 1 -2,556 -2,538 -1,986 -1,374 -1,193 -1,218 -1,217 -1,114
Reference price 2 279.00 263.00 228.60 165.00 168.25 198.65 198.65 198.65
Nbr of stocks (in thousands) 51,771 51,808 51,836 51,872 51,767 51,996 - -
Announcement Date 25/01/22 24/01/23 23/01/24 30/01/25 30/01/26 - - -
1CHF in Million2CHF
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
24.42x1.79x12.97x1.24% 3.67B
18.07x1.37x9.68x2.22% 3.35B
20.7x - - - 611M
-11.61x0.38x7.22x - 243M
Average 12.90x 1.18x 9.96x 1.73% 1.97B
Weighted average by Cap. 20.32x 1.55x 11.26x 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