Watches of Switzerland: Who‘s Watching?

Research evidence excerpt

Watches of Switzerland: Who‘s Watching?

UK | Luxury Brands

Watches of Switzerland EquityJulyResearch14, 2026

FIRST VIEWWho's Watching?

Conclusion RATING HOLD

WOSG has confirmed an unchanged view for the 26/27 outlook on a largely PRICE 749.50p^

pre-reported set of finals for 25/26. Today's growth deep-dive should add more PRICE TARGET | % TO PT 740.00p | -1%

details on how 'substantial opportunity to deliver sustained, profitable growth' 52W HIGH-LOW 779p - 316p

compares to cons expecting compounding sales gains of MSD+ with gradually FLOAT (%) | ADV MM (USD) 91.5% | 7.48

expanding margins. Investors today will be keen to learn just how 'encouraging' MARKET CAP £1.8B | $2.4B

trading has been in the new fiscal year. And for that matter will seek more clarity TICKER WOSG LN

on the takeover discussions that Reuters reported yesterday have been ongoing ^Priornoted.trading day's closing price unless otherwise

in recent months with the group seeking an exit at 'significantly more than 750p/

share'. We remain of the view that at current levels the equity fairly prices in UK

maturity and structural US growth potential (click here). The results meeting will

start at 9am UKT with the growth deep-dive at 3pm.

Detail

FY EBIT in line with a tightly upgraded guidance range in May...

WOSG reports FY26 EBIT of £155m vs a guide of £152m-£155m ex IFRS16

and cons on £154m (on pre-reported revenues of £1,828m). This equates to an

underlying H2 EBIT margin of -83bps YoY to 8.8% (vs cons of -94bps) and after

-33bps in H1. Closing financial net debt was confirmed at £57m.

... and a reiterated 26/27 outlook.

WOSG reaffirmed previous guidance for FY27 ex fx growth in the range of 5-10%

(cons +8.0%). Mgmt remains confident on the US 'carried good US momentum