The Watches of Switzerland Group: Conf call feedback: Underlying momentum remains strong

研报英文原文证据摘录

The Watches of Switzerland Group: Conf call feedback: Underlying momentum remains strong

Global Research

14 July 2026ab

First Read

EquitiesThe Watches of Switzerland Group

Conf call feedback: Underlying momentum United Kingdom

remains strong Retailers, Specialty

12-month rating Buy

12m price target 890p

CEO upbeat on the start to FY27

Following the positive commentary in the press release regarding the continuation of

strong trends in the US and an improvement in the UK, CEO Brian Duffy provided Price (13 Jul 2026) 750p

additional colour on current trading. While he did not quantify recent performance, he RIC: WOSG.L BBG: WOSG LN

noted that Q1 had started strongly and ahead of the company's expectations,

Trading data and key metrics

reinforcing our view that there is upside risk to consensus estimates as the year

progresses, given the company's typical conservatism at this early stage of the fiscal year 52-wk range 752p-319

(FY27 guidance remains for 5-10% cFX sales growth). However, the CEO also Market cap. £1.77b/US$2.37b

highlighted that the group entered the year with a solid inventory position, which, given Shares o/s 237m (ORD)

the supply-constrained nature of the business, could reverse later in the year. On brand Free float 95%

momentum, management confirmed that Cartier (CFR, Buy) continues to perform Avg. daily volume ('000) 762

strongly, as does Omega (UHR, Sell), while e-commerce and jewellery are making a Avg. daily value (m) £5

disproportionately large contribution to sales growth. Common s/h equity (04/27E) £0.74b

P/BV (04/27E) 2.3x

Underlying EBIT margin performance was even stronger Net debt to EBITDA (04/27E) 1.2x

EBIT margin came in slightly ahead of expectations in H2 FY26 despite a ~£3.5m write-

EPS (UBS, diluted) (GBP)