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 9,420 - -
Change - -7.56% -11.03% -27.47% 4.11% 7.01% - -
Enterprise Value (EV) 1 11,619 10,565 9,672 7,081 7,610 8,241 8,233 8,217
Change - -9.07% -8.45% -26.78% 7.46% 8.29% -0.1% -0.19%
P/E 18.9x 16.9x 13.6x 44.1x 3,365x 37.4x 23.8x 18.4x
PBR 1.24x 1.13x 0.97x 0.7x 0.75x 0.81x 0.8x 0.79x
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 1.44x 1.36x 1.31x
EV / Revenue 1.59x 1.41x 1.23x 1.05x 1.21x 1.26x 1.19x 1.14x
EV / EBITDA 7.96x 6.75x 6.12x 9.84x 13.6x 10.9x 8.37x 7.17x
EV / EBIT 11.4x 9.12x 8.12x 23.3x 56.4x 23.9x 14.7x 11.5x
EV / FCF 11.6x 31.4x -56.9x -32.8x 136x 31x 11x 11.8x
FCF Yield 8.63% 3.19% -1.76% -3.05% 0.74% 3.23% 9.05% 8.5%
Dividend per Share 2 5.5 6 6.5 4.5 4.5 4.598 5.171 5.619
Rate of return 1.97% 2.28% 2.84% 2.73% 2.67% 2.54% 2.85% 3.1%
EPS 2 14.77 15.56 16.75 3.74 0.05 4.85 7.62 9.834
Distribution rate 37.2% 38.6% 38.8% 120% 9,000% 94.8% 67.9% 57.1%
Net sales 1 7,313 7,499 7,888 6,735 6,280 6,561 6,909 7,206
EBITDA 1 1,459 1,565 1,581 720 558 753.9 983.6 1,146
EBIT 1 1,021 1,158 1,191 304 135 344.8 561.7 712.2
Net income 1 765 807 869 193 3 218.9 361.6 458.2
Net Debt 1 -2,556 -2,538 -1,986 -1,374 -1,193 -1,179 -1,187 -1,203
Reference price 2 279.00 263.00 228.60 165.00 168.25 181.30 181.30 181.30
Nbr of stocks (in thousands) 51,771 51,808 51,836 51,872 51,767 51,996 - -
Announcement Date 25/1/22 24/1/23 23/1/24 30/1/25 30/1/26 - - -
1CHF in Million2CHF
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
28.62x2.07x15.03x1.06% 4.44B
18.69x1.39x9.84x2.19% 3.51B
20.81x - - - 627M
49.06x - - 0.35% 446M
-16.59x0.49x9.31x - 348M
Average 20.12x 1.32x 11.39x 1.2% 1.88B
Weighted average by Cap. 23.67x 1.72x 12.59x 1.49%

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