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Garmin Ltd GRMN

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Morningstar’s Analysis

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Economic Moat




Garmin Remains on Course Despite Pandemic Uncertainty; Maintaining $81 FVE

Julie Bhusal Sharma Equity Analyst

Analyst Note

| Julie Bhusal Sharma |

Garmin delivered strong second-quarter results amid the COVID-19 pandemic, as revenue and earnings per share surpassed CapIQ consensus estimates. Management highlighted accelerated growth in the fitness and marine segments, which offset weakness in outdoor, aviation, and auto. We are encouraged by Garmin’s resilience in the indoor and outdoor fitness categories, yet we think the macroeconomic uncertainty will have a longer-lasting harmful impact on auto and aviation. Therefore, we are maintaining our $81 fair value estimate. With shares trading around $96, we do not see an appropriate margin of safety and would recommend waiting for a pullback before investing in the narrow-moat name.

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Company Profile

Business Description

Garmin produces GPS-enabled hardware and software for five verticals: fitness, outdoors, auto, aviation, and marine. The company relies on licensing mapping data to enable its hardware specialized for often niche activities like scuba diving or sailing. Garmin operates in 100 countries and sells its products via distributors as well as relationships with original equipment manufacturers.

Muhlentalstrasse 2
Schaffhausen, 8200, Switzerland
T +41 526301600
Sector Technology
Industry Scientific & Technical Instruments
Most Recent Earnings Jun 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type
Employees 15,000