Intrinsic value of Garmin - GRMN

Previous Close

$63.24

  Intrinsic Value

$39.42

stock screener

  Rating & Target

sell

-38%

Previous close

$63.24

 
Intrinsic value

$39.42

 
Up/down potential

-38%

 
Rating

sell

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

We calculate the intrinsic value of GRMN 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  7.06
  2.90
  3.11
  3.30
  3.47
  3.62
  3.76
  3.88
  4.00
  4.10
  4.19
  4.27
  4.34
  4.41
  4.47
  4.52
  4.57
  4.61
  4.65
  4.68
  4.72
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
Revenue, $m
  3,019
  3,107
  3,203
  3,309
  3,424
  3,548
  3,681
  3,824
  3,977
  4,140
  4,313
  4,497
  4,692
  4,899
  5,118
  5,349
  5,593
  5,851
  6,123
  6,410
  6,713
  7,031
  7,367
  7,720
  8,091
  8,482
  8,894
  9,326
  9,781
  10,259
  10,762
Variable operating expenses, $m
 
  1,935
  1,994
  2,059
  2,130
  2,206
  2,288
  2,376
  2,470
  2,571
  2,677
  2,768
  2,888
  3,016
  3,150
  3,293
  3,443
  3,602
  3,769
  3,946
  4,132
  4,328
  4,534
  4,752
  4,981
  5,221
  5,474
  5,741
  6,021
  6,315
  6,625
Fixed operating expenses, $m
 
  540
  554
  568
  582
  596
  611
  626
  642
  658
  675
  691
  709
  726
  745
  763
  782
  802
  822
  842
  864
  885
  907
  930
  953
  977
  1,001
  1,026
  1,052
  1,078
  1,105
Total operating expenses, $m
  2,395
  2,475
  2,548
  2,627
  2,712
  2,802
  2,899
  3,002
  3,112
  3,229
  3,352
  3,459
  3,597
  3,742
  3,895
  4,056
  4,225
  4,404
  4,591
  4,788
  4,996
  5,213
  5,441
  5,682
  5,934
  6,198
  6,475
  6,767
  7,073
  7,393
  7,730
Operating income, $m
  624
  632
  655
  682
  712
  745
  782
  821
  864
  911
  961
  1,037
  1,095
  1,157
  1,223
  1,293
  1,368
  1,448
  1,532
  1,622
  1,717
  1,818
  1,925
  2,038
  2,158
  2,284
  2,418
  2,559
  2,708
  2,866
  3,032
EBITDA, $m
  711
  719
  744
  773
  806
  842
  881
  923
  970
  1,020
  1,073
  1,131
  1,193
  1,259
  1,330
  1,405
  1,485
  1,570
  1,660
  1,755
  1,857
  1,964
  2,078
  2,199
  2,326
  2,461
  2,603
  2,753
  2,912
  3,079
  3,256
Interest expense (income), $m
  0
  0
  1
  2
  4
  5
  7
  9
  10
  12
  14
  17
  19
  22
  24
  27
  30
  33
  36
  40
  44
  48
  52
  56
  60
  65
  70
  76
  81
  87
  93
Earnings before tax, $m
  630
  632
  654
  680
  708
  740
  775
  813
  854
  898
  947
  1,021
  1,076
  1,135
  1,199
  1,266
  1,338
  1,415
  1,496
  1,582
  1,674
  1,770
  1,873
  1,982
  2,097
  2,219
  2,347
  2,483
  2,627
  2,779
  2,939
Tax expense, $m
  119
  171
  177
  184
  191
  200
  209
  219
  231
  243
  256
  276
  291
  307
  324
  342
  361
  382
  404
  427
  452
  478
  506
  535
  566
  599
  634
  671
  709
  750
  794
Net income, $m
  511
  461
  477
  496
  517
  540
  566
  593
  623
  656
  691
  745
  786
  829
  875
  924
  977
  1,033
  1,092
  1,155
  1,222
  1,292
  1,367
  1,447
  1,531
  1,620
  1,714
  1,813
  1,918
  2,029
  2,146

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,114
  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
  4,525
  3,510
  3,619
  3,739
  3,869
  4,009
  4,159
  4,321
  4,494
  4,678
  4,873
  5,081
  5,302
  5,536
  5,783
  6,044
  6,320
  6,612
  6,919
  7,243
  7,585
  7,945
  8,324
  8,723
  9,143
  9,585
  10,049
  10,538
  11,052
  11,593
  12,161
Adjusted assets (=assets-cash), $m
  3,411
  3,510
  3,619
  3,739
  3,869
  4,009
  4,159
  4,321
  4,494
  4,678
  4,873
  5,081
  5,302
  5,536
  5,783
  6,044
  6,320
  6,612
  6,919
  7,243
  7,585
  7,945
  8,324
  8,723
  9,143
  9,585
  10,049
  10,538
  11,052
  11,593
  12,161
Revenue / Adjusted assets
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
Average production assets, $m
  534
  550
  567
  586
  606
  628
  652
  677
  704
  733
  763
  796
  831
  867
  906
  947
  990
  1,036
  1,084
  1,135
  1,188
  1,245
  1,304
  1,366
  1,432
  1,501
  1,574
  1,651
  1,731
  1,816
  1,905
Working capital, $m
  1,480
  376
  388
  400
  414
  429
  445
  463
  481
  501
  522
  544
  568
  593
  619
  647
  677
  708
  741
  776
  812
  851
  891
  934
  979
  1,026
  1,076
  1,128
  1,184
  1,241
  1,302
Total debt, $m
  0
  34
  69
  108
  150
  196
  245
  297
  353
  413
  477
  544
  616
  692
  772
  857
  947
  1,042
  1,142
  1,247
  1,358
  1,475
  1,598
  1,728
  1,864
  2,008
  2,159
  2,318
  2,485
  2,661
  2,845
Total liabilities, $m
  1,107
  1,141
  1,176
  1,215
  1,257
  1,303
  1,352
  1,404
  1,460
  1,520
  1,584
  1,651
  1,723
  1,799
  1,879
  1,964
  2,054
  2,149
  2,249
  2,354
  2,465
  2,582
  2,705
  2,835
  2,971
  3,115
  3,266
  3,425
  3,592
  3,768
  3,952
Total equity, $m
  3,418
  2,369
  2,443
  2,524
  2,611
  2,706
  2,808
  2,917
  3,033
  3,157
  3,290
  3,430
  3,579
  3,737
  3,903
  4,080
  4,266
  4,463
  4,670
  4,889
  5,120
  5,363
  5,619
  5,888
  6,171
  6,470
  6,783
  7,113
  7,460
  7,825
  8,209
Total liabilities and equity, $m
  4,525
  3,510
  3,619
  3,739
  3,868
  4,009
  4,160
  4,321
  4,493
  4,677
  4,874
  5,081
  5,302
  5,536
  5,782
  6,044
  6,320
  6,612
  6,919
  7,243
  7,585
  7,945
  8,324
  8,723
  9,142
  9,585
  10,049
  10,538
  11,052
  11,593
  12,161
Debt-to-equity ratio
  0.000
  0.010
  0.030
  0.040
  0.060
  0.070
  0.090
  0.100
  0.120
  0.130
  0.140
  0.160
  0.170
  0.190
  0.200
  0.210
  0.220
  0.230
  0.240
  0.260
  0.270
  0.280
  0.280
  0.290
  0.300
  0.310
  0.320
  0.330
  0.330
  0.340
  0.350
Adjusted equity ratio
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  511
  461
  477
  496
  517
  540
  566
  593
  623
  656
  691
  745
  786
  829
  875
  924
  977
  1,033
  1,092
  1,155
  1,222
  1,292
  1,367
  1,447
  1,531
  1,620
  1,714
  1,813
  1,918
  2,029
  2,146
Depreciation, amort., depletion, $m
  87
  87
  89
  91
  94
  96
  99
  102
  105
  109
  112
  94
  98
  102
  107
  111
  116
  122
  128
  133
  140
  146
  153
  161
  168
  177
  185
  194
  204
  214
  224
Funds from operations, $m
  729
  548
  567
  588
  611
  636
  665
  695
  729
  765
  803
  839
  883
  931
  982
  1,036
  1,093
  1,154
  1,219
  1,288
  1,361
  1,439
  1,521
  1,608
  1,699
  1,796
  1,899
  2,007
  2,121
  2,242
  2,370
Change in working capital, $m
  23
  11
  12
  13
  14
  15
  16
  17
  18
  20
  21
  22
  24
  25
  26
  28
  30
  31
  33
  35
  37
  39
  41
  43
  45
  47
  50
  52
  55
  58
  61
Cash from operations, $m
  706
  538
  555
  575
  597
  621
  649
  678
  710
  745
  782
  817
  860
  906
  955
  1,008
  1,064
  1,123
  1,187
  1,254
  1,325
  1,400
  1,480
  1,565
  1,654
  1,749
  1,849
  1,955
  2,066
  2,184
  2,309
Maintenance CAPEX, $m
  0
  -63
  -65
  -67
  -69
  -71
  -74
  -77
  -80
  -83
  -86
  -90
  -94
  -98
  -102
  -107
  -111
  -116
  -122
  -128
  -133
  -140
  -146
  -153
  -161
  -168
  -177
  -185
  -194
  -204
  -214
New CAPEX, $m
  -97
  -16
  -17
  -19
  -20
  -22
  -24
  -25
  -27
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -51
  -54
  -56
  -59
  -62
  -66
  -69
  -73
  -77
  -81
  -85
  -89
Cash from investing activities, $m
  -122
  -79
  -82
  -86
  -89
  -93
  -98
  -102
  -107
  -112
  -117
  -123
  -129
  -135
  -141
  -148
  -154
  -162
  -170
  -179
  -187
  -196
  -205
  -215
  -227
  -237
  -250
  -262
  -275
  -289
  -303
Free cash flow, $m
  584
  459
  473
  489
  508
  528
  551
  576
  603
  633
  665
  694
  731
  772
  814
  860
  909
  961
  1,017
  1,075
  1,138
  1,204
  1,274
  1,349
  1,428
  1,511
  1,600
  1,693
  1,792
  1,896
  2,006
Issuance/(repayment) of debt, $m
  0
  34
  35
  39
  42
  46
  49
  53
  56
  60
  64
  68
  72
  76
  80
  85
  90
  95
  100
  105
  111
  117
  123
  130
  136
  144
  151
  159
  167
  176
  185
Issuance/(repurchase) of shares, $m
  -82
  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  
  -81
  34
  35
  39
  42
  46
  49
  53
  56
  60
  64
  68
  72
  76
  80
  85
  90
  95
  100
  105
  111
  117
  123
  130
  136
  144
  151
  159
  167
  176
  185
Total cash flow (excl. dividends), $m
  495
  492
  509
  528
  550
  574
  600
  629
  660
  693
  729
  762
  803
  847
  895
  945
  999
  1,056
  1,116
  1,181
  1,249
  1,321
  1,398
  1,479
  1,564
  1,655
  1,751
  1,852
  1,959
  2,072
  2,191
Retained Cash Flow (-), $m
  -73
  -65
  -74
  -81
  -88
  -95
  -102
  -109
  -117
  -124
  -132
  -140
  -149
  -158
  -167
  -176
  -186
  -197
  -208
  -219
  -231
  -243
  -256
  -269
  -283
  -298
  -314
  -330
  -347
  -365
  -384
Prev. year cash balance distribution, $m
 
  1,114
  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
 
  1,541
  435
  448
  462
  479
  498
  520
  543
  569
  597
  621
  654
  690
  728
  769
  812
  859
  909
  962
  1,018
  1,078
  1,142
  1,209
  1,281
  1,357
  1,437
  1,522
  1,612
  1,707
  1,807
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
 
  1,477
  398
  389
  381
  371
  362
  351
  339
  327
  313
  295
  279
  262
  244
  226
  206
  187
  167
  148
  129
  112
  95
  79
  65
  53
  42
  33
  25
  19
  14
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

Garmin Ltd. (Garmin) and subsidiaries offer global positioning system (GPS) navigation and wireless devices and applications. The Company operates through five segments. It offers a range of auto navigation products, as well as a range of products and applications designed for the mobile GPS market. It offers products to consumers around the world, including Outdoor Handhelds, Wearable Devices, Golf Devices, and Dog Tracking and Training/Pet Obedience Devices. It offers a range of products designed for use in fitness and activity tracking. Garmin offers a range of products designed for use in fitness and activity tracking. Its aviation business segment is a provider of solutions to aircraft manufacturers, existing aircraft owners and operators, as well as military and government customers and serves a range of aircraft, including transport aircraft, business aviation, general aviation, experimental/light sport, helicopters, optionally piloted vehicles and unmanned aerial vehicles.

FINANCIAL RATIOS  of  Garmin (GRMN)

Valuation Ratios
P/E Ratio 23.3
Price to Sales 3.9
Price to Book 3.5
Price to Tangible Book
Price to Cash Flow 16.9
Price to Free Cash Flow 19.6
Growth Rates
Sales Growth Rate 7.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 15.5%
Cap. Spend. - 3 Yr. Gr. Rate 11.2%
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 11.3%
Ret/ On Assets - 3 Yr. Avg. 9.6%
Return On Total Capital 15.1%
Ret/ On T. Cap. - 3 Yr. Avg. 13%
Return On Equity 15.1%
Return On Equity - 3 Yr. Avg. 13%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 55.6%
Gross Margin - 3 Yr. Avg. 55.4%
EBITDA Margin 23.7%
EBITDA Margin - 3 Yr. Avg. 24.8%
Operating Margin 20.7%
Oper. Margin - 3 Yr. Avg. 21.4%
Pre-Tax Margin 20.9%
Pre-Tax Margin - 3 Yr. Avg. 22.1%
Net Profit Margin 16.9%
Net Profit Margin - 3 Yr. Avg. 15.3%
Effective Tax Rate 18.9%
Eff/ Tax Rate - 3 Yr. Avg. 29.4%
Payout Ratio 94.1%

GRMN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GRMN stock intrinsic value calculation we used $3019 million for the last fiscal year's total revenue generated by Garmin. The default revenue input number comes from 2016 income statement of Garmin. 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 GRMN stock valuation model: a) initial revenue growth rate of 2.9% 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 GRMN is calculated based on our internal credit rating of Garmin, 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 Garmin.
    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 GRMN stock the variable cost ratio is equal to 62.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $527 million in the base year in the intrinsic value calculation for GRMN 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 Garmin.

Corporate tax rate of 27% is the nominal tax rate for Garmin. 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 GRMN 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 GRMN are equal to 17.7%.

Life of production assets of 8.5 years is the average useful life of capital assets used in Garmin 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 GRMN is equal to 12.1%. 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 - $3418 million for Garmin - 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 188.182 million for Garmin 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 Garmin at the current share price and the inputted number of shares is $11.9 billion.

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COMPANY NEWS

▶ Garmin Shares Near 9-Year High As Dividend Yield Tops 3%   [Jan-19-18 03:01PM  Investor's Business Daily]
▶ What Do Analysts Expect from GoPro in 4Q17?   [Jan-18-18 01:05PM  Market Realist]
▶ Garmin Ltd. schedules its fourth quarter 2017 earnings call   [Jan-17-18 07:30AM  Business Wire]
▶ 3 High-Yield Tech Stocks   [Jan-15-18 10:49AM  Motley Fool]
▶ Why Garmin's Stock Gained 23% in 2017   [Jan-09-18 03:40PM  Motley Fool]
▶ How Taxes Have Affected Garmin   [Jan-05-18 09:01AM  Market Realist]
▶ Garmins Recent Optimism Explained   [07:32AM  Market Realist]
▶ 2 Reasons to Shrug Off Negativity on Roku Inc Stock   [Jan-04-18 12:44PM  InvestorPlace]
▶ Wearables Stocks: What to Watch in 2018   [08:46AM  Motley Fool]
▶ Why Did Garmins Expenses Jump in 3Q17?   [Jan-03-18 02:10PM  Market Realist]
▶ Examining Garmins Product Launches   [12:40PM  Market Realist]
▶ Breaking Down Garmins Performance Metrics   [11:09AM  Market Realist]
▶ 3 Tech Stocks for Dividend Investors to Buy Now   [Dec-21-17 01:18PM  Zacks]
▶ 3 Wearables Stocks to Buy for 2018   [Dec-17-17 07:31PM  Motley Fool]
▶ Is Fitbit Inc. (FIT) a Buy?   [Dec-11-17 01:26PM  Motley Fool]
▶ 3 Reasons to Be Bullish on Fitbit Inc Stock   [09:57AM  InvestorPlace]
▶ How Far Could an Amazon Partnership Take Garmin?   [Dec-06-17 01:16PM  Market Realist]
▶ Stocks With Rising Relative Price Strength: Garmin   [03:00AM  Investor's Business Daily]
▶ Garmin® confirms December 29 dividend payment   [Dec-01-17 10:13AM  Business Wire]
▶ Why Disappointing Fitbit Inc Stock Can Still Turn It Around   [Nov-30-17 12:53PM  InvestorPlace]
▶ Stocks To Watch: Garmin Sees Relative Strength Rating Rise To 83   [Nov-29-17 03:00AM  Investor's Business Daily]
▶ Johnson Controls up over 2% among leaders   [01:36PM  CNBC Videos]
▶ ETFs with exposure to Garmin Ltd. : November 24, 2017   [Nov-24-17 10:40AM  Capital Cube]
▶ H.P. among the IQ100 laggards   [Nov-22-17 02:54PM  CNBC Videos]
▶ 3 Tech Stocks for Dividend Investors to Buy Now   [Nov-21-17 04:02PM  Zacks]
▶ Bull of the Day: Garmin (GRMN)   [06:55AM  Zacks]
▶ Garmin Ltd (GRMN): What Can We Expect In The Future?   [Nov-16-17 02:17PM  Simply Wall St.]
▶ KC tech giants, others celebrate possibilities with new KCI   [Nov-14-17 05:35PM  American City Business Journals]
▶ 3 High-Yield Tech Stocks   [01:37PM  Motley Fool]
▶ Top Dividend Paying Companies   [08:02AM  Simply Wall St.]
▶ ETFs with exposure to Garmin Ltd. : November 13, 2017   [Nov-13-17 12:26PM  Capital Cube]
▶ 3 High-Yield Dividend Stocks I'd Buy Right Now   [Nov-07-17 07:23AM  Motley Fool]
▶ ETFs with exposure to Garmin Ltd. : November 3, 2017   [Nov-03-17 12:12PM  Capital Cube]
▶ GoPro, Fitbit Tumble After Earnings Reports; Zagg Jumps   [Nov-02-17 05:42PM  Investor's Business Daily]
▶ Demand for high-end smartwatches drives Garmin's wearable growth   [Nov-01-17 04:50PM  American City Business Journals]
▶ Garmin Ltd. to Host Earnings Call   [08:10AM  ACCESSWIRE]
▶ Garmin beats Street 3Q forecasts   [07:14AM  Associated Press]
▶ Garmin's new product is a home run in the making   [Oct-31-17 02:10PM  American City Business Journals]
Financial statements of GRMN
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