, the Swiss brand would be worth 17 times its EBITDA, giving it a price tag of about 3 billion Swiss francs, including debt. That’s nearly four times what CVC paid.
Buyers of a minority stake may see that as steep, given their lack of control. Yet Breitling’s Pitt-powered sales are growing at 10% a year, the insiders say, putting revenue on track for 1 billion Swiss francs in 2025, when it too could be ready for a listing. Its positive cash flows also mean CVC is under no immediate pressure to sell. Breitling suitors may have to accept a celebrity valuation.
- CVC bought 80% of Breitling in 2017. The deal valued the independent Swiss brand, founded in 1884, at around 800 million Swiss francs at the time, according to a person familiar with the deal. CVC acquired a further 20% in 2018. - Swiss online luxury watch marketplace Chronext said on Sept. 10 that it hoped to raise 250 million Swiss francs via a listing of its shares on the domestic stock market.Reuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day.
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