2025-05-15-Jefferies-瑞士手表公司（WOSG）_瑞士钟表公司重申韧性_10页_143kb

Rating: Buy; Price target 460p, up 18% from current 389.20p. UK Luxury Brands equity research highlights WOSG's improved H2 sales in both UK and US, with US demand strengthening post-tariff uncertainties. Group sales at £1.652m vs revised guidance; adj EBIT aligns with market expectations at ~£149m. Key growth drivers include US expansion, Rolex CPO rollout, and acquisition of Roberto Coin, expected to boost revenues to £1.89bn by 2027. Cal 2025 EPS 42p on ~9.2x P/E, reflecting resilient high-end luxury watch market. Risks include US tariffs, competition, and reliance on Rolex relationships. Catalysts include July 2025 full-year results and M&A activity. Analysts positive on US underserved market potential, with 3-yr sales CAGR projected at ~60%. Current adj leverage 1.8x; sustainability focus on data security.