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 10,870 - -
Change - -7.56% -11.03% -27.47% 4.11% 23.48% - -
Enterprise Value (EV) 1 11,619 10,565 9,672 7,081 7,610 9,656 9,653 9,750
Change - -9.07% -8.45% -26.78% 7.46% 26.89% -0.04% 1.01%
P/E 18.9x 16.9x 13.6x 44.1x 3,365x 39.3x 26.8x 21.9x
PBR 1.24x 1.13x 0.97x 0.7x 0.75x 0.94x 0.93x 0.91x
PEG - 3.16x 1.78x -0.6x -34.1x 0x 0.6x 1x
Capitalization / Revenue 1.94x 1.75x 1.48x 1.26x 1.4x 1.68x 1.6x 1.54x
EV / Revenue 1.59x 1.41x 1.23x 1.05x 1.21x 1.49x 1.42x 1.38x
EV / EBITDA 7.96x 6.75x 6.12x 9.84x 13.6x 12.4x 9.85x 8.75x
EV / EBIT 11.4x 9.12x 8.12x 23.3x 56.4x 25.6x 17.2x 14.4x
EV / FCF 11.6x 31.4x -56.9x -32.8x 136x 21.5x 16.5x 23.2x
FCF Yield 8.63% 3.19% -1.76% -3.05% 0.74% 4.65% 6.07% 4.31%
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% 2.19% 2.42% 2.6%
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 6,794 7,071
EBITDA 1 1,459 1,565 1,581 720 558 777.1 980 1,115
EBIT 1 1,021 1,158 1,191 304 135 376.6 561.4 677
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 -1,218 -1,120
Reference price 2 279.00 263.00 228.60 165.00 168.25 209.90 209.90 209.90
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.($)
24.79x1.81x13.15x1.22% 3.89B
18.1x1.37x9.7x2.22% 3.49B
21.16x - - - 624M
-11.35x0.37x7.12x - 236M
Average 13.18x 1.19x 9.99x 1.72% 2.06B
Weighted average by Cap. 20.65x 1.57x 11.38x 1.69%

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