Logitech International SA

LOGN: XSWX (CHE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CHF 34.90	Sjtqg	Zyjdzzy

Logitech: Initiating Coverage With No Moat and $55 Fair Value Estimate

Rob Hales

Sep 29, 2023

We’re initiating coverage of Logitech with a no-moat rating and $55 (CHF 50) fair value estimate. Our fair value estimate implies a 2023 enterprise value/EBITDA multiple of 16.5 times and a P/E ratio of 22 times. Our estimates are broadly in line with FactSet consensus, but we think the shares currently look overvalued. We surmise the market is betting that high margins in the video collaboration segment are more durable than our expectations.

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