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Logitech International SA LOGI

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Stock XNAS Rating as of
$87.03 +0.63 (0.73%)
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Company Report

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Logitech Earnings: Strong Margin Recovery Lifts Shares

Rob Hales

No-moat Logitech reported strong results in its fiscal second quarter, beating the FactSet consensus on revenue and operating income. Fiscal 2024 guidance was lifted meaningfully on non-GAAP operating income. Consequently, the shares were up around 11% intraday. We are currently updating our model for the latest developments but do not anticipate a material change to our $55 (CHF 50) fair value estimate. At current levels, the shares look overvalued.

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Price vs Fair Value

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LOGI is trading at a 57% premium.
Price
$86.38
Fair Value
$32.00
Uncertainty
High
1-Star Price
$36.34
5-Star Price
$59.00
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Logitech dominates some categories such as pointing devices and webcams, with more than 50% market share.

Bears

The gaming market has several focused competitors with meaningful market share that will likely lead to intensifying competition in the future.

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News

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Trading Information

Previous Close Price
$86.40
Day Range
$86.81–87.39
52-Week Range
$50.28–87.39
Bid/Ask
$87.03 / $87.17
Market Cap
$13.64 Bil
Volume/Avg
66,320 / 487,257

Key Statistics

Price/Earnings (Normalized)
25.56
Price/Sales
3.26
Dividend Yield
1.34%
Dividend Yield (Forward)
1.46%
Total Yield
4.10%

Company Profile

Logitech was founded in 1981 and is headquartered in Lausanne, Switzerland. The company specializes in designing and manufacturing computer peripherals such as mice, keyboards, webcams, conference room cameras, headsets, and music-related products such as wireless speakers.
Sector
Technology
Industry
Computer Hardware
Stock Style Box
Mid Growth
Total Number of Employees
7,400
Website
https://www.logitech.com

Competitors

Valuation

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Metric
LOGI
HPE
CSCO
Price/Earnings (Normalized)
 25.567.4811.63
Price/Book Value
 6.531.004.30
Price/Sales
 3.260.753.39
Price/Cash Flow
 22.903.9812.48
Price/Earnings
LOGI
HPE
CSCO

Financial Strength

Metric
LOGI
HPE
CSCO
Quick Ratio
 1.720.501.18
Current Ratio
 2.290.881.47
Interest Coverage
 —6.5635.55
Quick Ratio
LOGI
HPE
CSCO

Profitability

Metric
LOGI
HPE
CSCO
Return on Assets (Normalized)
 15.24%5.15%17.41%
Return on Equity (Normalized)
 24.69%14.32%39.69%
Return on Invested Capital (Normalized)
 22.66%9.19%31.98%
Return on Assets
LOGI
HPE
CSCO

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