WOSG: Model update post 4Q/FY26 prelim results

研报英文原文证据摘录

WOSG: Model update post 4Q/FY26 prelim results

RBC Europe Limited

Piral Dadhania (Analyst)

+44 20 7429 8644, piral.dadhania@rbccm.com

Nikolaos Lafioniatis (Analyst)

+44 20 7429 8437, nikolaos.lafioniatis@rbccm.com

Richard Chamberlain (Co-Head of Global Consumer & Retail UPDATE Research)

+44 20 7429 8092, richard.chamberlain@rbccm.com

May 19, 2026

Watches of Switzerland Group PLC Sector Perform MODEL Model update post 4Q/FY26 prelim results LSE: WOSG; GBp 655.00

Our view: We increase estimates by +2% revenues and +7-8% EBIT/EPS Price Target GBp 650 ↑ 560

following a results beat and better-than-expected FY27E guidance. Net, Scenario Analysis*

WOSG is executing well in a buoyant US and stabilised UK watches and

jewellery market, however much of the recent share price performance is DownsideScenario TargetPrice CurrentPrice ScenarioUpside

driven by valuation re-rating which may limit further upside, now at 13x

FY27E P/E. Our target price moves to GBp 650 (from GBp 560). 450.0031% 650.001% 655.00 800.0022%

Key points: *Implied Total Returns Key Statistics Estimates changes - We raise FY27E organic revenue to +8.0% (from +7.6% Shares O/S (MM): 236.7 Market Cap (MM): 1,551

prior) and net margin by 2% to £704m and raise pre IFRS-16 EBIT by 2% Dividend: 0.00 Yield: 0.0%

Avg. Daily Volume: 396,906RESEARCH to £175m (8.9% margin). We raised group revenue from FY28-29E by 2%.

Market Cap in GBP

Group’s adj. PBT and EPS also raised by 8% for FY28-29E.

RBC Estimates

RBC vs consensus - RBC estimates for FY27E are 1% above consensus FY Apr 2026A 2027E 2028E 2029E

revenues for FY27E and 3% above on adj. EBIT. For FY28E, RBC estimates Revenue 1,828.0 1,964.3 2,069.1 2,170.5

are broadly in line with consensus revenues for FY28E and 3% above on adj. Prev. 1,795.2 1,929.8 2,033.2