Watches of Switzerland Group: FY26 EBIT a modest beat. Upgrade FY27 EPS by 12%, c10% above company consensus. Expect strong positive reaction

研报英文原文证据摘录

Watches of Switzerland Group: FY26 EBIT a modest beat. Upgrade FY27 EPS by 12%, c10% above company consensus. Expect strong positive reaction

Equity Research

UK Mid & Small Cap Leisure/Consumer

14 May 2026

Watches of Switzerland Group

FY26 EBIT a modest beat. Upgrade

FY27 EPS by 12%, c10% above

WOSG.L/WOSG LN OVERWEIGHTcompany consensus. Expect

Unchanged

UK Mid & Small Cap NEUTRALstrong positive reaction Leisure/Consumer

We u/g FY26 EPS by 5% based on mid-point of FY26 EBIT Price Target GBp 725

range, and u/g FY27 EPS 12% based on mid-point of new raised 12% from GBp 645

guidance range (5-10% CC revenue growth, +40-80bps on Price (13-May-26) GBp 531 Potential Upside/Downside +36.5%

Source: Bloomberg, Barclays ResearchEBIT margin). Broad-based strength with good growth in

watches, jewellery, online, and UK sequentially improved. PT

Market Cap (GBP mn) 1238

to 725p, reiterate OW. Shares Outstanding (mn) 233.30

Free Float (%) 92.92

Our view: We expect a strong positive reaction to this statement, given ac3% EBIT beat vs FY26 52 Wk Avg Daily Volume (mn) 0.5

company consensus (at mid-point of FY26 expected outcome), along with confident guidance Dividend Yield (%) N/A

for FY27 that implies EBIT 7% above company consensus, using the mid-point of the new Return on Equity TTM (%) 12.24

revenue/EBIT margin range. We upgrade FY26/27 EPS by 5/12% respectively. To see the US Current BVPS (GBp) 251

perform well is not a huge surprise, but UK revenue growth has improved sequentially in H2, Source: Bloomberg

which we view as encouraging. Roberto Coin wholesale performance (+22% CC) is worth calling

out, and may help improve investor confidence about the group’s decision to allocate capital on Price Performance Exchange-LSE

this acquisition. 52 Week range GBP 5.59-3.16