WOSG: FY26E revenues/EBIT slightly ahead of consensus with strong US print

研报英文原文证据摘录

WOSG: FY26E revenues/EBIT slightly ahead of consensus with strong US print

Watches of Switzerland Group PLC

WOSG is one of the only ways to gain indirect exposure to Rolex. That said, the business is fairly concentrated (US and UK only),

exposed to US tariff risk and no China recovery optionality. It is also reliant on suppliers and a price taker, and operates in an

industry that is inherently cyclical.

FY26E setup is supported by some large and high profile new/renovated/relocated store openings, however we note no likely M&A

contribution and more challenging 2H revenue comps. At some point, management will have to address its FY28E Long Range Plan

targets, which whilst not reflected in consensus expectations, still has the potential to be a negative share price event.

Execution appears to be stabilising, with strong US growth offsetting flattish UK performance.

Valuation is less supportive following recent re-rating to 12x CY26E P/E, 11x EV/EBIT and 1.0x EV/sales which are broadly in-line

with historical averages.

Links to relevant RBC research

RBC Luxury Datawatch - Estimating the COGS impact of Iran War on our coverage (1 May 2026)

RBC Luxury & Premium Brands Iran war EPS scenario analysis (23 Mar 2026)

RBC Luxury Goods - Luxury Pricing Tracker 1Q26 (31 Mar 2026)

RBC Luxury & Premium Brands - Impact of Middle East conflict initial thoughts (02 Mar 2026)

WOSG - Peak trading ahead of expectations; FY26E revenue guidance raise, but margins slightly lower (04 Feb 2026)

RBC Luxury and Premium Brands - 2026 Outlook (09 Dec 2025)

WOSG - Feedback post CEO/CFO investor round table (05 Sep 2025)

WOSG - LRP analytical framework (14 Nov 2023)

WOSG - Watch this space; initiate at Outperform (15 May 2023)

May 14, 2026 Piral Dadhania +44 20 7429 8644; piral.dadhania@rbccm.com 2