Intrinsic value of Logitech International - LOGI

Previous Close

$33.51

  Intrinsic Value

$53.48

stock screener

  Rating & Target

str. buy

+60%

Previous close

$33.51

 
Intrinsic value

$53.48

 
Up/down potential

+60%

 
Rating

str. buy

We calculate the intrinsic value of LOGI stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 5.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  10.06
  10.40
  9.86
  9.37
  8.94
  8.54
  8.19
  7.87
  7.58
  7.32
  7.09
  6.88
  6.69
  6.53
  6.37
  6.24
  6.11
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.31
  5.28
  5.25
Revenue, $m
  2,221
  2,452
  2,694
  2,946
  3,210
  3,484
  3,769
  4,066
  4,374
  4,694
  5,027
  5,373
  5,733
  6,107
  6,496
  6,901
  7,323
  7,762
  8,221
  8,698
  9,197
  9,717
  10,260
  10,828
  11,421
  12,041
  12,690
  13,368
  14,079
  14,823
  15,601
Variable operating expenses, $m
 
  1,459
  1,600
  1,748
  1,902
  2,062
  2,229
  2,402
  2,583
  2,770
  2,965
  3,142
  3,352
  3,571
  3,799
  4,035
  4,282
  4,539
  4,807
  5,086
  5,378
  5,682
  5,999
  6,331
  6,678
  7,041
  7,420
  7,817
  8,233
  8,667
  9,123
Fixed operating expenses, $m
 
  721
  739
  757
  776
  795
  815
  836
  857
  878
  900
  922
  945
  969
  993
  1,018
  1,044
  1,070
  1,096
  1,124
  1,152
  1,181
  1,210
  1,241
  1,272
  1,303
  1,336
  1,369
  1,404
  1,439
  1,475
Total operating expenses, $m
  2,010
  2,180
  2,339
  2,505
  2,678
  2,857
  3,044
  3,238
  3,440
  3,648
  3,865
  4,064
  4,297
  4,540
  4,792
  5,053
  5,326
  5,609
  5,903
  6,210
  6,530
  6,863
  7,209
  7,572
  7,950
  8,344
  8,756
  9,186
  9,637
  10,106
  10,598
Operating income, $m
  212
  273
  355
  441
  532
  626
  725
  828
  935
  1,046
  1,163
  1,309
  1,435
  1,567
  1,704
  1,848
  1,997
  2,154
  2,317
  2,488
  2,667
  2,854
  3,050
  3,256
  3,471
  3,697
  3,934
  4,182
  4,443
  4,717
  5,004
EBITDA, $m
  262
  315
  400
  488
  580
  677
  777
  882
  992
  1,106
  1,224
  1,348
  1,477
  1,611
  1,752
  1,898
  2,051
  2,210
  2,377
  2,551
  2,734
  2,925
  3,125
  3,335
  3,554
  3,784
  4,026
  4,279
  4,545
  4,825
  5,118
Interest expense (income), $m
  0
  0
  2
  5
  7
  10
  13
  16
  19
  22
  25
  28
  32
  36
  39
  43
  47
  52
  56
  61
  66
  71
  76
  81
  87
  93
  100
  106
  113
  120
  128
Earnings before tax, $m
  215
  273
  353
  437
  524
  616
  712
  812
  916
  1,025
  1,138
  1,280
  1,403
  1,531
  1,665
  1,804
  1,950
  2,102
  2,261
  2,427
  2,601
  2,784
  2,974
  3,174
  3,384
  3,604
  3,834
  4,076
  4,330
  4,596
  4,876
Tax expense, $m
  9
  74
  95
  118
  142
  166
  192
  219
  247
  277
  307
  346
  379
  413
  450
  487
  526
  568
  610
  655
  702
  752
  803
  857
  914
  973
  1,035
  1,101
  1,169
  1,241
  1,317
Net income, $m
  206
  199
  257
  319
  383
  450
  520
  593
  669
  748
  830
  935
  1,024
  1,118
  1,215
  1,317
  1,423
  1,534
  1,651
  1,772
  1,899
  2,032
  2,171
  2,317
  2,470
  2,631
  2,799
  2,975
  3,161
  3,355
  3,560

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  548
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,499
  1,050
  1,154
  1,262
  1,375
  1,492
  1,614
  1,741
  1,873
  2,010
  2,153
  2,301
  2,455
  2,615
  2,782
  2,956
  3,136
  3,324
  3,521
  3,725
  3,939
  4,161
  4,394
  4,637
  4,891
  5,157
  5,435
  5,725
  6,029
  6,348
  6,682
Adjusted assets (=assets-cash), $m
  951
  1,050
  1,154
  1,262
  1,375
  1,492
  1,614
  1,741
  1,873
  2,010
  2,153
  2,301
  2,455
  2,615
  2,782
  2,956
  3,136
  3,324
  3,521
  3,725
  3,939
  4,161
  4,394
  4,637
  4,891
  5,157
  5,435
  5,725
  6,029
  6,348
  6,682
Revenue / Adjusted assets
  2.335
  2.335
  2.334
  2.334
  2.335
  2.335
  2.335
  2.335
  2.335
  2.335
  2.335
  2.335
  2.335
  2.335
  2.335
  2.335
  2.335
  2.335
  2.335
  2.335
  2.335
  2.335
  2.335
  2.335
  2.335
  2.335
  2.335
  2.335
  2.335
  2.335
  2.335
Average production assets, $m
  114
  125
  137
  150
  164
  178
  192
  207
  223
  239
  256
  274
  292
  311
  331
  352
  373
  396
  419
  444
  469
  496
  523
  552
  582
  614
  647
  682
  718
  756
  796
Working capital, $m
  521
  -29
  -32
  -35
  -39
  -42
  -45
  -49
  -52
  -56
  -60
  -64
  -69
  -73
  -78
  -83
  -88
  -93
  -99
  -104
  -110
  -117
  -123
  -130
  -137
  -144
  -152
  -160
  -169
  -178
  -187
Total debt, $m
  0
  67
  137
  210
  286
  366
  448
  534
  623
  716
  812
  913
  1,017
  1,125
  1,238
  1,355
  1,477
  1,604
  1,737
  1,875
  2,019
  2,170
  2,327
  2,492
  2,663
  2,843
  3,031
  3,227
  3,433
  3,648
  3,874
Total liabilities, $m
  643
  710
  780
  853
  929
  1,009
  1,091
  1,177
  1,266
  1,359
  1,455
  1,556
  1,660
  1,768
  1,881
  1,998
  2,120
  2,247
  2,380
  2,518
  2,662
  2,813
  2,970
  3,135
  3,306
  3,486
  3,674
  3,870
  4,076
  4,291
  4,517
Total equity, $m
  856
  340
  374
  409
  445
  483
  523
  564
  607
  651
  698
  746
  795
  847
  901
  958
  1,016
  1,077
  1,141
  1,207
  1,276
  1,348
  1,424
  1,502
  1,585
  1,671
  1,761
  1,855
  1,954
  2,057
  2,165
Total liabilities and equity, $m
  1,499
  1,050
  1,154
  1,262
  1,374
  1,492
  1,614
  1,741
  1,873
  2,010
  2,153
  2,302
  2,455
  2,615
  2,782
  2,956
  3,136
  3,324
  3,521
  3,725
  3,938
  4,161
  4,394
  4,637
  4,891
  5,157
  5,435
  5,725
  6,030
  6,348
  6,682
Debt-to-equity ratio
  0.000
  0.200
  0.370
  0.510
  0.640
  0.760
  0.860
  0.950
  1.030
  1.100
  1.160
  1.220
  1.280
  1.330
  1.370
  1.410
  1.450
  1.490
  1.520
  1.550
  1.580
  1.610
  1.630
  1.660
  1.680
  1.700
  1.720
  1.740
  1.760
  1.770
  1.790
Adjusted equity ratio
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  206
  199
  257
  319
  383
  450
  520
  593
  669
  748
  830
  935
  1,024
  1,118
  1,215
  1,317
  1,423
  1,534
  1,651
  1,772
  1,899
  2,032
  2,171
  2,317
  2,470
  2,631
  2,799
  2,975
  3,161
  3,355
  3,560
Depreciation, amort., depletion, $m
  50
  43
  45
  46
  48
  50
  52
  55
  57
  59
  62
  39
  42
  44
  47
  50
  53
  57
  60
  63
  67
  71
  75
  79
  83
  88
  92
  97
  103
  108
  114
Funds from operations, $m
  286
  242
  302
  365
  431
  500
  572
  647
  726
  807
  892
  974
  1,066
  1,162
  1,263
  1,367
  1,477
  1,591
  1,710
  1,835
  1,966
  2,103
  2,246
  2,396
  2,553
  2,718
  2,891
  3,073
  3,263
  3,463
  3,673
Change in working capital, $m
  7
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
Cash from operations, $m
  279
  245
  305
  368
  434
  504
  576
  651
  729
  811
  896
  978
  1,070
  1,167
  1,267
  1,372
  1,482
  1,596
  1,716
  1,841
  1,972
  2,109
  2,253
  2,403
  2,560
  2,726
  2,899
  3,081
  3,272
  3,472
  3,683
Maintenance CAPEX, $m
  0
  -16
  -18
  -20
  -21
  -23
  -25
  -27
  -30
  -32
  -34
  -37
  -39
  -42
  -44
  -47
  -50
  -53
  -57
  -60
  -63
  -67
  -71
  -75
  -79
  -83
  -88
  -92
  -97
  -103
  -108
New CAPEX, $m
  -32
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
Cash from investing activities, $m
  -99
  -28
  -30
  -33
  -34
  -37
  -40
  -42
  -46
  -48
  -51
  -55
  -57
  -61
  -64
  -68
  -72
  -75
  -80
  -84
  -88
  -94
  -99
  -104
  -109
  -115
  -121
  -127
  -133
  -141
  -148
Free cash flow, $m
  180
  217
  275
  336
  400
  466
  536
  608
  684
  763
  845
  924
  1,013
  1,106
  1,203
  1,304
  1,410
  1,521
  1,636
  1,757
  1,883
  2,015
  2,154
  2,299
  2,451
  2,611
  2,778
  2,954
  3,138
  3,332
  3,535
Issuance/(repayment) of debt, $m
  0
  67
  70
  73
  76
  79
  83
  86
  89
  93
  96
  100
  104
  108
  113
  117
  122
  127
  133
  138
  144
  151
  157
  164
  172
  180
  188
  197
  206
  215
  225
Issuance/(repurchase) of shares, $m
  -44
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -53
  67
  70
  73
  76
  79
  83
  86
  89
  93
  96
  100
  104
  108
  113
  117
  122
  127
  133
  138
  144
  151
  157
  164
  172
  180
  188
  197
  206
  215
  225
Total cash flow (excl. dividends), $m
  121
  284
  345
  409
  476
  546
  618
  694
  773
  856
  941
  1,024
  1,117
  1,214
  1,316
  1,422
  1,532
  1,648
  1,769
  1,895
  2,027
  2,166
  2,311
  2,463
  2,623
  2,790
  2,966
  3,150
  3,344
  3,547
  3,760
Retained Cash Flow (-), $m
  -96
  -32
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -61
  -64
  -66
  -69
  -72
  -75
  -79
  -82
  -86
  -90
  -94
  -99
  -103
  -108
Prev. year cash balance distribution, $m
 
  548
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  800
  311
  374
  439
  508
  579
  653
  730
  811
  895
  976
  1,067
  1,162
  1,262
  1,365
  1,474
  1,587
  1,705
  1,829
  1,958
  2,094
  2,236
  2,385
  2,541
  2,704
  2,876
  3,056
  3,245
  3,444
  3,652
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  767
  285
  325
  362
  393
  420
  441
  457
  466
  469
  463
  455
  442
  424
  401
  374
  345
  314
  282
  249
  217
  186
  156
  129
  105
  84
  66
  50
  38
  28
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Logitech International S.A. is a holding company. The Company designs, manufactures and markets products that allow people to connect through music, gaming, video, computing, and other digital platforms. The Company operates through peripheral segment. The Company offers its products to a network of domestic and international customers, including direct sales to retailers, e-tailers, and indirect sales through distributors. The Company's retail network across the world includes consumer electronics distributors, retailers, mass merchandisers, specialty electronics stores, computer and telecommunications stores, value-added resellers and online merchants. Its music solutions are focused primarily on mobile speakers, including its UE BOOM family of mobile wireless speakers, its Jaybird wireless audio wearables for sports and active lifestyles, and its custom in-ear headphones. It offers a range of gaming gear for gamers, including mice, keyboards, headsets, gamepads and steering wheels.

FINANCIAL RATIOS  of  Logitech International (LOGI)

Valuation Ratios
P/E Ratio 26.4
Price to Sales 2.4
Price to Book 6.4
Price to Tangible Book
Price to Cash Flow 19.5
Price to Free Cash Flow 22
Growth Rates
Sales Growth Rate 10.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -43.9%
Cap. Spend. - 3 Yr. Gr. Rate -7.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 14.6%
Ret/ On Assets - 3 Yr. Avg. 8%
Return On Total Capital 25.5%
Ret/ On T. Cap. - 3 Yr. Avg. 14.1%
Return On Equity 25.5%
Return On Equity - 3 Yr. Avg. 14.1%
Asset Turnover 1.6
Profitability Ratios
Gross Margin 36.9%
Gross Margin - 3 Yr. Avg. 35.3%
EBITDA Margin 11.9%
EBITDA Margin - 3 Yr. Avg. 10.4%
Operating Margin 9.5%
Oper. Margin - 3 Yr. Avg. 7.8%
Pre-Tax Margin 9.7%
Pre-Tax Margin - 3 Yr. Avg. 7.9%
Net Profit Margin 9.3%
Net Profit Margin - 3 Yr. Avg. 5.2%
Effective Tax Rate 4.2%
Eff/ Tax Rate - 3 Yr. Avg. 3.2%
Payout Ratio 45.1%

LOGI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LOGI stock intrinsic value calculation we used $2221 million for the last fiscal year's total revenue generated by Logitech International. The default revenue input number comes from 2017 income statement of Logitech International. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our LOGI stock valuation model: a) initial revenue growth rate of 10.4% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for LOGI is calculated based on our internal credit rating of Logitech International, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Logitech International.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of LOGI stock the variable cost ratio is equal to 59.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $703 million in the base year in the intrinsic value calculation for LOGI stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Logitech International.

Corporate tax rate of 27% is the nominal tax rate for Logitech International. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the LOGI stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for LOGI are equal to 5.1%.

Life of production assets of 7 years is the average useful life of capital assets used in Logitech International operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for LOGI is equal to -1.2%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $856 million for Logitech International - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 172.977 million for Logitech International is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Logitech International at the current share price and the inputted number of shares is $5.8 billion.

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COMPANY NEWS

▶ Five Logitech Products Named CES 2018 Innovation Honorees   [Nov-09-17 05:01PM  Business Wire]
▶ [$$] Esports: Is the gaming business ready to come of age?   [Nov-05-17 05:34AM  Financial Times]
▶ Logitech Files Quarterly Report on Form 10-Q   [Nov-01-17 05:00PM  Business Wire]
▶ Logitech International Earns Technical Rating Upgrade   [03:00AM  Investor's Business Daily]
▶ Logitech International: Cramer's Top Takeaways   [Oct-25-17 09:03PM  TheStreet.com]
▶ Logitech Shares Fall Despite September-Quarter Earnings Beat   [Oct-24-17 05:24PM  Investor's Business Daily]
▶ Logitech posts 2Q profit   [05:01AM  Associated Press]
▶ Logitech Delivers Strong Q2 Sales and Profit Growth   [Oct-23-17 09:00PM  Business Wire]
▶ ASTRO Gaming A20 Wireless Headset Now Available   [Oct-13-17 03:01AM  Business Wire]
▶ Free Your Run With Jaybird RUN True Wireless Headphones   [Sep-14-17 03:03AM  Business Wire]
▶ Logitech Introduces MX Sound   [03:01AM  Business Wire]
▶ Logitech Acquires ASTRO Gaming   [Aug-11-17 05:00PM  Business Wire]
▶ Logitech: Cramer's Top Takeaways   [Jul-28-17 06:24AM  TheStreet.com]
▶ Logitech Files Quarterly Report on Form 10-Q   [05:00PM  Business Wire]
▶ Logitech posts 1Q profit   [Jul-25-17 09:57PM  Associated Press]
▶ Logitech Edges June-Quarter Targets, Raises Outlook   [04:45PM  Investor's Business Daily]
▶ Logitech Delivers Double-Digit Growth and Raises Outlook   [Jul-24-17 09:00PM  Business Wire]
▶ 5 Stocks to Buy on New Analyst Coverage   [Jul-19-17 09:46AM  Zacks]
▶ These are the 9 highest-paid Bay Area tech execs outside of Silicon Valley   [Jun-08-17 05:40PM  American City Business Journals]
Financial statements of LOGI
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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