Intrinsic value of Logitech International - LOGI

Previous Close

$34.62

  Intrinsic Value

$74.47

stock screener

  Rating & Target

str. buy

+115%

  Value-price divergence*

+84%

Previous close

$34.62

 
Intrinsic value

$74.47

 
Up/down potential

+115%

 
Rating

str. buy

 
Value-price divergence*

+84%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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 6.0

 

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, %
  9.37
  15.10
  14.09
  13.18
  12.36
  11.63
  10.96
  10.37
  9.83
  9.35
  8.91
  8.52
  8.17
  7.85
  7.57
  7.31
  7.08
  6.87
  6.68
  6.52
  6.36
  6.23
  6.11
  5.99
  5.90
  5.81
  5.73
  5.65
  5.59
  5.53
  5.48
Revenue, $m
  2,207
  2,540
  2,898
  3,280
  3,686
  4,114
  4,565
  5,039
  5,534
  6,051
  6,591
  7,152
  7,737
  8,344
  8,975
  9,632
  10,314
  11,022
  11,759
  12,525
  13,322
  14,152
  15,016
  15,916
  16,854
  17,833
  18,854
  19,920
  21,033
  22,195
  23,411
Variable operating expenses, $m
 
  1,622
  1,847
  2,087
  2,342
  2,612
  2,895
  3,193
  3,504
  3,829
  4,168
  4,496
  4,864
  5,246
  5,643
  6,055
  6,484
  6,929
  7,393
  7,874
  8,375
  8,897
  9,440
  10,006
  10,596
  11,211
  11,853
  12,523
  13,223
  13,954
  14,718
Fixed operating expenses, $m
 
  627
  643
  659
  676
  692
  710
  727
  746
  764
  783
  803
  823
  844
  865
  886
  909
  931
  955
  978
  1,003
  1,028
  1,054
  1,080
  1,107
  1,135
  1,163
  1,192
  1,222
  1,252
  1,284
Total operating expenses, $m
  2,010
  2,249
  2,490
  2,746
  3,018
  3,304
  3,605
  3,920
  4,250
  4,593
  4,951
  5,299
  5,687
  6,090
  6,508
  6,941
  7,393
  7,860
  8,348
  8,852
  9,378
  9,925
  10,494
  11,086
  11,703
  12,346
  13,016
  13,715
  14,445
  15,206
  16,002
Operating income, $m
  197
  291
  408
  534
  668
  810
  960
  1,119
  1,284
  1,458
  1,639
  1,853
  2,050
  2,255
  2,468
  2,690
  2,921
  3,162
  3,412
  3,673
  3,944
  4,227
  4,522
  4,830
  5,152
  5,487
  5,838
  6,205
  6,588
  6,989
  7,409
EBITDA, $m
  247
  324
  442
  569
  705
  848
  1,000
  1,160
  1,327
  1,502
  1,685
  1,876
  2,074
  2,281
  2,497
  2,721
  2,954
  3,197
  3,450
  3,713
  3,987
  4,272
  4,570
  4,881
  5,206
  5,544
  5,898
  6,268
  6,655
  7,060
  7,484
Interest expense (income), $m
  0
  0
  3
  7
  11
  15
  20
  24
  29
  34
  39
  45
  51
  57
  63
  69
  76
  83
  90
  98
  106
  114
  122
  131
  140
  150
  160
  170
  181
  193
  205
Earnings before tax, $m
  201
  291
  405
  527
  657
  795
  941
  1,094
  1,255
  1,424
  1,600
  1,808
  1,999
  2,198
  2,405
  2,621
  2,845
  3,079
  3,322
  3,575
  3,838
  4,113
  4,400
  4,699
  5,011
  5,337
  5,678
  6,034
  6,407
  6,797
  7,205
Tax expense, $m
  10
  79
  109
  142
  177
  215
  254
  295
  339
  384
  432
  488
  540
  593
  649
  708
  768
  831
  897
  965
  1,036
  1,111
  1,188
  1,269
  1,353
  1,441
  1,533
  1,629
  1,730
  1,835
  1,945
Net income, $m
  191
  212
  295
  385
  480
  580
  687
  799
  916
  1,039
  1,168
  1,320
  1,459
  1,605
  1,756
  1,913
  2,077
  2,247
  2,425
  2,610
  2,802
  3,003
  3,212
  3,430
  3,658
  3,896
  4,145
  4,405
  4,677
  4,962
  5,259

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
  1,488
  1,082
  1,234
  1,397
  1,570
  1,752
  1,944
  2,146
  2,357
  2,577
  2,807
  3,046
  3,295
  3,554
  3,823
  4,102
  4,392
  4,694
  5,008
  5,334
  5,674
  6,027
  6,395
  6,779
  7,178
  7,595
  8,030
  8,484
  8,958
  9,453
  9,971
Adjusted assets (=assets-cash), $m
  940
  1,082
  1,234
  1,397
  1,570
  1,752
  1,944
  2,146
  2,357
  2,577
  2,807
  3,046
  3,295
  3,554
  3,823
  4,102
  4,392
  4,694
  5,008
  5,334
  5,674
  6,027
  6,395
  6,779
  7,178
  7,595
  8,030
  8,484
  8,958
  9,453
  9,971
Revenue / Adjusted assets
  2.348
  2.348
  2.348
  2.348
  2.348
  2.348
  2.348
  2.348
  2.348
  2.348
  2.348
  2.348
  2.348
  2.348
  2.348
  2.348
  2.348
  2.348
  2.348
  2.348
  2.348
  2.348
  2.348
  2.348
  2.348
  2.348
  2.348
  2.348
  2.348
  2.348
  2.348
Average production assets, $m
  71
  81
  93
  105
  118
  132
  146
  161
  177
  194
  211
  229
  248
  267
  287
  308
  330
  353
  376
  401
  426
  453
  481
  509
  539
  571
  603
  637
  673
  710
  749
Working capital, $m
  507
  -48
  -55
  -62
  -70
  -78
  -87
  -96
  -105
  -115
  -125
  -136
  -147
  -159
  -171
  -183
  -196
  -209
  -223
  -238
  -253
  -269
  -285
  -302
  -320
  -339
  -358
  -378
  -400
  -422
  -445
Total debt, $m
  0
  97
  202
  314
  432
  558
  690
  828
  973
  1,125
  1,282
  1,447
  1,618
  1,795
  1,980
  2,172
  2,372
  2,579
  2,795
  3,019
  3,252
  3,495
  3,748
  4,011
  4,285
  4,572
  4,870
  5,182
  5,508
  5,848
  6,204
Total liabilities, $m
  647
  743
  848
  960
  1,078
  1,204
  1,336
  1,474
  1,619
  1,771
  1,928
  2,093
  2,264
  2,441
  2,626
  2,818
  3,018
  3,225
  3,441
  3,665
  3,898
  4,141
  4,394
  4,657
  4,931
  5,218
  5,516
  5,828
  6,154
  6,494
  6,850
Total equity, $m
  842
  339
  386
  437
  491
  548
  609
  672
  738
  807
  879
  953
  1,031
  1,112
  1,196
  1,284
  1,375
  1,469
  1,568
  1,670
  1,776
  1,887
  2,002
  2,122
  2,247
  2,377
  2,513
  2,655
  2,804
  2,959
  3,121
Total liabilities and equity, $m
  1,489
  1,082
  1,234
  1,397
  1,569
  1,752
  1,945
  2,146
  2,357
  2,578
  2,807
  3,046
  3,295
  3,553
  3,822
  4,102
  4,393
  4,694
  5,009
  5,335
  5,674
  6,028
  6,396
  6,779
  7,178
  7,595
  8,029
  8,483
  8,958
  9,453
  9,971
Debt-to-equity ratio
  0.000
  0.290
  0.520
  0.720
  0.880
  1.020
  1.130
  1.230
  1.320
  1.390
  1.460
  1.520
  1.570
  1.610
  1.650
  1.690
  1.730
  1.760
  1.780
  1.810
  1.830
  1.850
  1.870
  1.890
  1.910
  1.920
  1.940
  1.950
  1.960
  1.980
  1.990
Adjusted equity ratio
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  191
  212
  295
  385
  480
  580
  687
  799
  916
  1,039
  1,168
  1,320
  1,459
  1,605
  1,756
  1,913
  2,077
  2,247
  2,425
  2,610
  2,802
  3,003
  3,212
  3,430
  3,658
  3,896
  4,145
  4,405
  4,677
  4,962
  5,259
Depreciation, amort., depletion, $m
  50
  33
  34
  35
  37
  38
  40
  41
  43
  44
  46
  23
  25
  27
  29
  31
  33
  35
  38
  40
  43
  45
  48
  51
  54
  57
  60
  64
  67
  71
  75
Funds from operations, $m
  300
  246
  330
  420
  516
  619
  727
  840
  959
  1,084
  1,214
  1,343
  1,484
  1,631
  1,785
  1,944
  2,110
  2,283
  2,462
  2,650
  2,845
  3,048
  3,260
  3,481
  3,712
  3,953
  4,205
  4,469
  4,744
  5,033
  5,334
Change in working capital, $m
  21
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
Cash from operations, $m
  279
  252
  337
  427
  524
  627
  735
  849
  968
  1,093
  1,224
  1,353
  1,495
  1,643
  1,797
  1,956
  2,123
  2,296
  2,476
  2,664
  2,860
  3,064
  3,276
  3,498
  3,730
  3,972
  4,225
  4,489
  4,765
  5,055
  5,357
Maintenance CAPEX, $m
  0
  -7
  -8
  -9
  -10
  -12
  -13
  -15
  -16
  -18
  -19
  -21
  -23
  -25
  -27
  -29
  -31
  -33
  -35
  -38
  -40
  -43
  -45
  -48
  -51
  -54
  -57
  -60
  -64
  -67
  -71
New CAPEX, $m
  -32
  -11
  -11
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -36
  -37
  -39
Cash from investing activities, $m
  -99
  -18
  -19
  -21
  -23
  -26
  -27
  -30
  -32
  -35
  -36
  -39
  -42
  -44
  -47
  -50
  -53
  -56
  -59
  -63
  -66
  -70
  -73
  -77
  -81
  -85
  -90
  -94
  -100
  -104
  -110
Free cash flow, $m
  180
  234
  317
  406
  501
  601
  707
  819
  936
  1,059
  1,187
  1,314
  1,454
  1,599
  1,750
  1,907
  2,070
  2,240
  2,418
  2,602
  2,794
  2,995
  3,203
  3,421
  3,649
  3,887
  4,135
  4,395
  4,666
  4,950
  5,248
Issuance/(repayment) of debt, $m
  0
  97
  105
  112
  119
  125
  132
  138
  145
  151
  158
  164
  171
  178
  185
  192
  200
  207
  216
  224
  233
  243
  253
  263
  275
  286
  299
  312
  326
  340
  356
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
  97
  105
  112
  119
  125
  132
  138
  145
  151
  158
  164
  171
  178
  185
  192
  200
  207
  216
  224
  233
  243
  253
  263
  275
  286
  299
  312
  326
  340
  356
Total cash flow (excl. dividends), $m
  121
  331
  422
  518
  619
  727
  839
  958
  1,081
  1,211
  1,345
  1,479
  1,625
  1,776
  1,934
  2,099
  2,270
  2,448
  2,633
  2,826
  3,028
  3,237
  3,456
  3,685
  3,924
  4,173
  4,434
  4,706
  4,992
  5,290
  5,603
Retained Cash Flow (-), $m
  -82
  -45
  -48
  -51
  -54
  -57
  -60
  -63
  -66
  -69
  -72
  -75
  -78
  -81
  -84
  -87
  -91
  -94
  -98
  -102
  -106
  -111
  -115
  -120
  -125
  -130
  -136
  -142
  -148
  -155
  -162
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
 
  835
  374
  467
  565
  670
  779
  895
  1,015
  1,142
  1,273
  1,404
  1,547
  1,695
  1,850
  2,011
  2,179
  2,353
  2,535
  2,724
  2,921
  3,127
  3,341
  3,565
  3,798
  4,042
  4,298
  4,564
  4,843
  5,135
  5,441
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
 
  800
  342
  406
  465
  519
  566
  604
  635
  656
  668
  667
  660
  645
  621
  590
  554
  512
  467
  419
  371
  323
  277
  234
  193
  157
  125
  98
  75
  56
  41
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 SA, through its subsidiaries, designs, manufactures, and markets products that allow people to connect through music, gaming, video, computing, and other digital platforms worldwide. Its products include portable wireless Bluetooth speakers, PC speakers, PC headsets, in-ear headphones, and wireless audio wearables; gaming mice, keyboards, headsets, gamepads, and steering wheels; and audio and video, and other products that connect small and medium sized user groups. The company’s products also comprise keyboards and covers for tablets and smartphones, as well as other accessories for mobile devices; pointing devices, such as PC and Mac-related mice, touchpads, and presenters; corded and cordless keyboards, living room keyboards, and keyboard-and-mouse combos; PC-based Webcams; and remote control and home automation products. It sells its products through direct sales to retailers, e-tailers, and indirect sales, as well as through distributors. The company’s retail network includes consumer electronics distributors, retailers, mass merchandisers, specialty electronics stores, computer and telecommunications stores, value-added resellers, and online merchants. Logitech International SA was founded in 1981 and is based in Apples, Switzerland.

FINANCIAL RATIOS  of  Logitech International (LOGI)

Valuation Ratios
P/E Ratio 29.4
Price to Sales 2.5
Price to Book 6.7
Price to Tangible Book
Price to Cash Flow 20.1
Price to Free Cash Flow 22.8
Growth Rates
Sales Growth Rate 9.4%
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 0.1
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 13.6%
Ret/ On Assets - 3 Yr. Avg. 7.6%
Return On Total Capital 23.8%
Ret/ On T. Cap. - 3 Yr. Avg. 13.6%
Return On Equity 23.8%
Return On Equity - 3 Yr. Avg. 13.6%
Asset Turnover 1.6
Profitability Ratios
Gross Margin 36.5%
Gross Margin - 3 Yr. Avg. 35.1%
EBITDA Margin 11.4%
EBITDA Margin - 3 Yr. Avg. 10.2%
Operating Margin 8.9%
Oper. Margin - 3 Yr. Avg. 7.6%
Pre-Tax Margin 9.1%
Pre-Tax Margin - 3 Yr. Avg. 7.7%
Net Profit Margin 8.7%
Net Profit Margin - 3 Yr. Avg. 5%
Effective Tax Rate 5%
Eff/ Tax Rate - 3 Yr. Avg. 3.5%
Payout Ratio 48.7%

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 $2207 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 15.1% 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 64%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $612 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 3.2%.

Life of production assets of 10 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 -1.9%. 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 - $842 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 172.343 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 $6.0 billion.

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COMPANY NEWS

▶ 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]
▶ Ultimate Ears Brings Music to Life   [03:01AM  Business Wire]
▶ Logitech Files Annual Report on Form 10-K   [05:00PM  Business Wire]
▶ Logitech, iRobot Jump On March-Quarter Earnings   [Apr-26-17 04:42PM  Investor's Business Daily]
▶ Logitech posts 4Q profit   [05:01AM  Associated Press]
▶ Is This Big Winner Of The 1990s About To Surge Again?   [Apr-06-17 04:58PM  Investor's Business Daily]
▶ Logitech Awarded Nine Red Dot 2017 Product Design Awards   [Apr-03-17 03:01AM  Business Wire]
▶ [$$] Shenzhen's gadget makers come of age   [04:17PM  Financial Times]
▶ Today's Strong Buys Breaking Out to New Highs   [Mar-25-17 12:01AM  Zacks]
▶ 3 Market-Beating Growth Stocks   [Mar-24-17 01:04PM  Zacks]
▶ 5 Top Liquid Stocks for a Winning Portfolio   [Mar-23-17 08:22AM  Zacks]
▶ How Amazon's Alexa Could Drive the Connected Car Revolution   [Feb-24-17 08:23AM  at Motley Fool]
Stock chart of LOGI 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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