Logitech International S.a.
LOGI
Computer Peripheral Equipment, NEC
Mkt Cap
$13.44BPE
35.22Debt
-Cash
$1.164BEV
-FCF
$878.1MP/E Ratio
35.22Debt
-Cash
$1.164BEV
-FCF
$878.1MLogitech International S.A., through its subsidiaries, designs, manufactures, and markets products that connect people to working, creating, gaming, and streaming worldwide. The company offers pointing devices, such as wireless mouse; corded and cordless keyboards, living room keyboards, and keyboard-and-mouse combinations; PC webcams; and keyboards for tablets and smartphones, as well as other accessories for mobile devices. It also provides keyboards, mice, headsets, and simulation products, such as gamepads, steering wheels, simulation controllers, console gaming headsets, and streamlabs services; video conferencing products, such as ConferenceCams, which combine enterprise-quality audio and high-definition video to bring video conferencing to businesses of any size; webcams and headsets that turn desktop into collaboration space; and controller for video conferencing room solutions. In addition, the company offers portable wireless Bluetooth and Wi-Fi connected speakers, mobile speakers, PC speakers, PC headsets, microphones, in-ear headphones, and wireless audio wearables. Its channel network includes consumer electronics distributors, retailers, e-tailers, computer and telecommunications stores, value-added resellers, and online merchants. The company sells its products under the Logitech, Logitech G, ASTRO Gaming, Streamlabs, Blue Microphones, and Ultimate Ears brands. Logitech International S.A. was incorporated in 1981 and is headquartered in Lausanne, Switzerland.
DCF
Discounted Cash Flow Valuation of Logitech International S.a.
Value
Growth
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%
Discount
%
%
Multiple
| g\r | +10% | +11% | +12% | +13% | +14% |
|---|---|---|---|---|---|
| 0% | 10 | 9 | 8 | 8 | 7 |
| +1% | 11 | 10 | 9 | 8 | 8 |
| +2% | 13 | 11 | 10 | 9 | 8 |
| +3% | 14 | 13 | 11 | 10 | 9 |
| +4% | 17 | 14 | 12 | 11 | 10 |
| Years | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | TV |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FCF | $878.1M | $1.081B | $1.309B | $1.559B | $1.826B | $2.101B | $2.375B | $2.637B | $2.875B | $3.076B | $3.23B | $32.3B |
| DCF | $940.1M | $990M | $1.025B | $1.044B | $1.044B | $1.027B | $991.3M | $939.8M | $874.5M | $798.5M | $7.985B | |
| Value | $17.66B | |||||||||||
In the chart Earnings are multiplied by this value.
Earnings Growth 30%
Earnings Stability 51%
Competitiveness and MOAT
High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.
| Years | 03-2015 | 03-2016 | 03-2017 | 03-2018 | 03-2019 | 03-2020 | 03-2021 | 03-2022 | 03-2023 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 0.44% | 5.9% | 9.3% | 8.1% | 9.2% | 15% | 18% | 12% | 8% | 9% |
| ROA | 1.1% | 9.9% | 14% | 14% | 14% | 14% | 28% | 19% | 13% | 14% |
| ROE | 1.2% | 16% | 24% | 20% | 22% | 30% | 42% | 27% | 16% | 18% |
What is the average Net Margin?
The average Net Margin over the past 5 years is +11.72%.
What is the trend of Net Margin?
The trend of Net Margin over the past 5 years is +0.29%.
What is the average Return on Assets (ROA)?
The average ROA over the past 5 years is +16.93%.
What is the trend of Return on Assets (ROA)?
The trend of ROA over the past 5 years is +0.77%.
What is the average Return on Equity (ROE)?
The average ROE over the past 5 years is +26.14%.
What is the trend of Return on Equity (ROE)?
The trend of ROE over the past 5 years is +0.23%.
Safety & Stabiliy
Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.
| Years | 03-2015 | 03-2016 | 03-2017 | 03-2018 | 03-2019 | 03-2020 | 03-2021 | 03-2022 | 03-2023 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt FCF | - | - | - | - | - | - | - | - | - | - |
| Debt Equity | - | - | - | - | - | - | - | - | - | - |
| MIN | ||||||||||
| Graham Stability | - | - | 100% | 100% | 100% | 100% | 100% | 100% | 54% | 54% |
What is the Debt/FCF?
The Debt/FCF trailing twelve month is -.
What is the trend of Debt/FCF?
The trend of Debt/FCF over the past 5 years is -.
What is the Graham’s Stability?
Graham’s Stability measure stands at 0.54.
Growth
Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.
| Years | 03-2016 | 03-2018 | 03-2020 | 03-2022 | Trend |
|---|---|---|---|---|---|
| Revenue | 12% | 12% | 15% | -17% | 1.4% |
| Net Income | 17% | 12% | -6.8% | -43% | -55% |
| Stockholders Equity | 17% | 17% | 15% | -5.9% | 1.7% |
| FCF | 20% | 7.6% | 4.6% | 110% | 10% |
What is the 5 year Revenue CAGR?
The Revenue CAGR over the past 5 years is +12.07%.
What is the trend of Revenue growth?
The trend of Revenue growth rate over the past 5 years is +1.41%.
What is the 5 year Earnings CAGR?
The Earnings CAGR over the past 5 years is +11.82%.
What is the trend of Earnings growth?
The trend of Earnings growth rate over the past 5 years is -55.43%.
What is the 5 year Equity CAGR?
The Equity CAGR over the past 5 years is +16.53%.
What is the trend of Equity growth?
The trend of Equity growth rate over the past 5 years is +1.65%.
What is the 5 year FCF CAGR?
The FCF CAGR over the past 5 years is +7.58%.
What is the trend of FCF growth?
The trend of FCF growth rate over the past 5 years is +10.25%.