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Logitech International SA LOGN

Morningstar Rating
CHF 79.20 +0.40 (0.51%)
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Company Report

Logitech Earnings: Investors Mark Down Shares on Cautious Fiscal 2025 Outlook

No-moat Logitech reported strong fiscal third-quarter numbers, with sales broadly in line but gross/operating profits and margins handily beating the FactSet consensus. Furthermore, fiscal 2024 guidance was raised above consensus expectations for non-GAAP operating income. Despite the surprisingly positive results, shares were down around 10% intraday. We surmise the markdown was due to Logitech’s cautious comments on fiscal 2025. While not providing specific numbers, commentary implied minimal growth with high macroeconomic uncertainty in fiscal 2025, while consensus was looking for a solid 5% increase going into the quarter. In contrast to the market, we’re raising our fair value estimate 9% to $60 (CHF 52.50) as our near-term estimates have proven to be too conservative. At current levels, we still think the shares are overvalued.

Price vs Fair Value

LOGN is trading within a range we consider fairly valued.
Price
CHF 79.20
Fair Value
CHF 92.70
Uncertainty
High
1-Star Price
CHF 68.21
5-Star Price
CHF 35.20
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

Trading Information

Previous Close Price
CHF 78.80
Day Range
CHF 78.4079.58
52-Week Range
CHF 45.5683.90
Bid/Ask
CHF 79.18 / CHF 0.00
Market Cap
CHF 12.26 Bil
Volume/Avg
358,191 / 626,510

Key Statistics

Price/Earnings (Normalized)
22.59
Price/Sales
3.20
Dividend Yield (Trailing)
1.34%
Dividend Yield (Forward)
1.34%
Total Yield
4.76%

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 Core
Total Number of Employees
7,400

Competitors

Valuation

Metric
LOGN
CSCO
HPE
Price/Earnings (Normalized)
22.5912.177.05
Price/Book Value
6.454.420.92
Price/Sales
3.203.590.69
Price/Cash Flow
20.3812.733.67
Price/Earnings
LOGN
CSCO
HPE

Financial Strength

Metric
LOGN
CSCO
HPE
Quick Ratio
1.791.100.52
Current Ratio
2.241.370.87
Interest Coverage
33.7615.29
Quick Ratio
LOGN
CSCO
HPE

Profitability

Metric
LOGN
CSCO
HPE
Return on Assets (Normalized)
16.80%17.02%5.02%
Return on Equity (Normalized)
27.20%38.38%13.88%
Return on Invested Capital (Normalized)
24.57%30.59%8.80%
Return on Assets
LOGN
CSCO
HPE
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LOGI
Logitech International SAJwc$13.9 Bil

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