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GRMN - Garmin Ltd.

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Garmin Ltd.

GRMN

NYSE

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices in the Americas, the Asia Pacific, Australian Continent, Europe, the Middle East, and Africa. Its Fitness segment offers running and multi-sport watches; cycling products; activity tracking and smartwatch devices; and fitness and cycling accessories. This segment also provides Garmin Connect and Garmin Connect Mobile, which are web and mobile platforms; and Connect IQ, an application development platform. The company's Outdoor segment offers adventure watches, outdoor handhelds, golf devices and mobile apps, and dog tracking and training devices. Its Aviation segment designs, manufactures, and markets various aircraft avionics solutions comprising integrated flight decks, electronic flight displays and instrumentation, navigation and communication products, automatic flight control systems and safety-enhancing technologies, audio control systems, engine indication systems, traffic awareness and avoidance solutions, ADS-B and transponder solutions, weather information and avoidance solutions, datalink and connectivity solutions, portable GPS navigators and wearables, and various services products. The company's Marine segment provides chartplotters and multi-function displays, cartography products, fish finders, sonar products, autopilot systems, radars, compliant instrument displays and sensors, VHF communication radios, handhelds and wearable devices, sailing products, entertainment, digital switching products, and trolling motors. Its Auto segment offers embedded computing models and infotainment systems; personal navigation devices; and cameras. The company sells its products through independent retailers, online retailers, dealers, distributors, installation and repair shops, and original equipment manufacturers, as well as an online webshop, garmin.com. Garmin Ltd. was founded in 1989 and is based in Schaffhausen, Switzerland.

191.78 USD

5 (2.61%)

Operating Data

Year

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

Revenue

4.19B

4.98B

4.86B

5.23B

6.3B

7B

7.78B

8.65B

9.61B

10.68B

Revenue %

-

19.02

-2.46

7.57

20.44

11.14

11.14

11.14

11.14

Ebitda

1.18B

1.37B

1.19B

1.27B

1.77B

1.86B

2.07B

2.3B

2.55B

2.84B

Ebitda %

28.21

27.56

24.52

24.29

28.17

26.55

26.55

26.55

26.55

Ebit

1.05B

1.22B

1.03B

1.09B

1.59B

1.64B

1.82B

2.02B

2.25B

2.5B

Ebit %

25.18

24.46

21.15

20.89

25.31

23.4

23.4

23.4

23.4

Depreciation

126.72M

154.82M

163.85M

177.57M

179.74M

220.53M

245.11M

272.42M

302.77M

336.51M

Depreciation %

3.03

3.11

3.37

3.4

2.85

3.15

3.15

3.15

3.15

Balance Sheet

Year

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

Total Cash

1.85B

1.85B

1.45B

1.97B

2.5B

2.64B

2.93B

3.26B

3.62B

4.02B

Total Cash %

44.1

37.05

29.88

37.64

39.71

37.68

37.68

37.68

37.68

Receivables

849.47M

843.45M

656.85M

815.24M

983.4M

1.15B

1.27B

1.42B

1.57B

1.75B

Receivables %

20.29

16.93

13.51

15.59

15.62

16.39

16.39

16.39

16.39

Inventories

762.08M

1.23B

1.52B

1.35B

1.47B

1.72B

1.92B

2.13B

2.37B

2.63B

Inventories %

18.2

24.64

31.17

25.74

23.41

24.63

24.63

24.63

24.63

Payable

258.88M

370.05M

212.42M

253.79M

359.37M

399.5M

444.02M

493.49M

548.48M

609.6M

Payable %

6.18

7.43

4.37

4.85

5.71

5.71

5.71

5.71

5.71

Cap Ex

-187.47M

-309.59M

-246.19M

-195.03M

-193.57M

-315.78M

-350.97M

-390.08M

-433.54M

-481.85M

Cap Ex %

-4.48

-6.21

-5.07

-3.73

-3.07

-4.51

-4.51

-4.51

-4.51

Weighted Average Cost Of Capital

Price

191.78

Beta

Diluted Shares Outstanding

193.47M

Costof Debt

3.92

Tax Rate

After Tax Cost Of Debt

3.26

Risk Free Rate

Market Risk Premium

Cost Of Equity

Total Debt

134.89M

Total Equity

37.1B

Total Capital

37.24B

Debt Weighting

0.36

Equity Weighting

99.64

Wacc

8.33

Build Up Free Cash Flow

Year

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

Revenue

4.19B

4.98B

4.86B

5.23B

6.3B

7B

7.78B

8.65B

9.61B

10.68B

Ebitda

1.18B

1.37B

1.19B

1.27B

1.77B

1.86B

2.07B

2.3B

2.55B

2.84B

Ebit

1.05B

1.22B

1.03B

1.09B

1.59B

1.64B

1.82B

2.02B

2.25B

2.5B

Tax Rate

16.75

16.75

16.75

16.75

16.75

16.75

16.75

16.75

16.75

16.75

Ebiat

948.1M

1.09B

939.64M

1.17B

1.33B

1.49B

1.65B

1.84B

2.04B

2.27B

Depreciation

126.72M

154.82M

163.85M

177.57M

179.74M

220.53M

245.11M

272.42M

302.77M

336.51M

Receivables

849.47M

843.45M

656.85M

815.24M

983.4M

1.15B

1.27B

1.42B

1.57B

1.75B

Inventories

762.08M

1.23B

1.52B

1.35B

1.47B

1.72B

1.92B

2.13B

2.37B

2.63B

Payable

258.88M

370.05M

212.42M

253.79M

359.37M

399.5M

444.02M

493.49M

548.48M

609.6M

Cap Ex

-187.47M

-309.59M

-246.19M

-195.03M

-193.57M

-315.78M

-350.97M

-390.08M

-433.54M

-481.85M

Ufcf

-465.31M

589.7M

598.83M

1.21B

1.12B

1.02B

1.27B

1.41B

1.57B

1.75B

Wacc

8.33

8.33

8.33

8.33

8.33

Pv Ufcf

940.78M

1.08B

1.11B

1.14B

1.17B

Sum Pv Ufcf

5.45B

Terminal Value

Growth In Perpetuity Method

Long Term Growth Rate

Wacc

8.33

Free Cash Flow T1

1.8B

Terminal Value

33.76B

Present Terminal Value

22.63B

Intrinsic Value

Enterprise Value

28.07B

Net Debt

-1.94B

Equity Value

30.02B

Diluted Shares Outstanding

193.47M

Equity Value Per Share

155.17

Projected DCF

155.17 -0.236%

DCF Levered

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