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Zebra Technologies Corp Class A ZBRA

Morningstar Rating
$308.91 +4.35 (1.43%)
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Company Report

Zebra: Positive Innovation Day Aligns With Our Moat Thesis

We maintain our $320 fair value estimate for Zebra Technologies after its 2024 Innovation Day showcase aligned with our positive view of the company and our long-term thesis. Zebra highlighted its product portfolio, customer relationships, and strategy for digital transformation, all of which we liked but weren’t new. We appreciate Zebra’s sticky ecosystem of solutions, comprising integrated hardware, software, and services. We believe these embed deeply in customers and contribute to the firm’s economic moat. Management also reiterated its existing financial targets, which align with our model. We see shares as fairly valued today.

Price vs Fair Value

ZBRA is trading at a 214% premium.
Price
$308.91
Fair Value
$364.00
Uncertainty
High
1-Star Price
$583.00
5-Star Price
$664.00
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Zebra derives 80% of its sales from a robust ecosystem of channel partners, which can customize its technology to specific subverticals.

Bears

One third of Zebra’s revenue comes from its legacy printing segment, which faces greater risk of commoditization.

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News

Trading Information

Previous Close Price
$304.56
Day Range
$304.61309.21
52-Week Range
$194.59328.70
Bid/Ask
$291.13 / $315.98
Market Cap
$15.88 Bil
Volume/Avg
302,976 / 324,280

Key Statistics

Price/Earnings (Normalized)
23.70
Price/Sales
3.67
Dividend Yield (Trailing)
Dividend Yield (Forward)
Total Yield
0.23%

Company Profile

Zebra Technologies is a leading provider of automatic identification and data capture technology to enterprises. Its solutions include barcode printers and scanners, mobile computers, and workflow optimization software. The firm primarily serves the retail, transportation logistics, manufacturing, and healthcare markets, designing custom solutions to improve efficiency at its customers.
Sector
Technology
Industry
Communication Equipment
Stock Style Box
Mid Core
Total Number of Employees
9,750

Competitors

Valuation

Metric
ZBRA
HON
ASSA B
Price/Earnings (Normalized)
23.7021.9819.70
Price/Book Value
5.018.263.45
Price/Sales
3.673.752.40
Price/Cash Flow
35.7922.3419.80
Price/Earnings
ZBRA
HON
ASSA B

Financial Strength

Metric
ZBRA
HON
ASSA B
Quick Ratio
0.461.180.70
Current Ratio
0.991.661.13
Interest Coverage
3.589.468.09
Quick Ratio
ZBRA
HON
ASSA B

Profitability

Metric
ZBRA
HON
ASSA B
Return on Assets (Normalized)
6.12%9.52%8.86%
Return on Equity (Normalized)
14.93%35.30%18.46%
Return on Invested Capital (Normalized)
10.25%16.16%12.42%
Return on Assets
ZBRA
HON
ASSA B
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