Intrinsic value of Garmin - GRMN

Previous Close

$64.21

  Intrinsic Value

$64.07

stock screener

  Rating & Target

hold

-0%

Previous close

$64.21

 
Intrinsic value

$64.07

 
Up/down potential

-0%

 
Rating

hold

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

Revenue (in 0001), $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 12.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  7.60
  7.34
  7.11
  6.90
  6.71
  6.54
  6.38
  6.24
  6.12
  6.01
  5.91
  5.82
  5.73
  5.66
  5.59
  5.54
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
Revenue, $m
  3,322
  3,565
  3,819
  4,082
  4,356
  4,641
  4,937
  5,245
  5,566
  5,900
  6,249
  6,612
  6,991
  7,387
  7,800
  8,232
  8,683
  9,155
  9,649
  10,165
  10,705
  11,271
  11,863
  12,484
  13,134
  13,815
  14,529
  15,278
  16,062
  16,885
Variable operating expenses, $m
  1,133
  1,213
  1,296
  1,383
  1,473
  1,566
  1,664
  1,765
  1,871
  1,981
  2,054
  2,174
  2,298
  2,428
  2,564
  2,706
  2,854
  3,010
  3,172
  3,341
  3,519
  3,705
  3,900
  4,104
  4,318
  4,541
  4,776
  5,022
  5,280
  5,551
Fixed operating expenses, $m
  1,423
  1,454
  1,486
  1,519
  1,552
  1,586
  1,621
  1,657
  1,693
  1,730
  1,768
  1,807
  1,847
  1,888
  1,929
  1,972
  2,015
  2,059
  2,105
  2,151
  2,198
  2,247
  2,296
  2,347
  2,398
  2,451
  2,505
  2,560
  2,616
  2,674
Total operating expenses, $m
  2,556
  2,667
  2,782
  2,902
  3,025
  3,152
  3,285
  3,422
  3,564
  3,711
  3,822
  3,981
  4,145
  4,316
  4,493
  4,678
  4,869
  5,069
  5,277
  5,492
  5,717
  5,952
  6,196
  6,451
  6,716
  6,992
  7,281
  7,582
  7,896
  8,225
Operating income, $m
  766
  898
  1,037
  1,181
  1,331
  1,488
  1,652
  1,823
  2,002
  2,189
  2,426
  2,631
  2,846
  3,071
  3,307
  3,554
  3,814
  4,086
  4,372
  4,672
  4,988
  5,319
  5,667
  6,033
  6,418
  6,823
  7,248
  7,695
  8,166
  8,661
EBITDA, $m
  882
  1,019
  1,163
  1,313
  1,470
  1,633
  1,803
  1,982
  2,168
  2,362
  2,566
  2,779
  3,003
  3,236
  3,482
  3,739
  4,008
  4,291
  4,588
  4,900
  5,228
  5,572
  5,933
  6,313
  6,712
  7,132
  7,574
  8,038
  8,526
  9,039
Interest expense (income), $m
  0
  0
  5
  9
  14
  19
  24
  30
  35
  41
  48
  54
  61
  68
  75
  82
  90
  99
  107
  116
  126
  136
  146
  157
  168
  180
  193
  206
  219
  234
  249
Earnings before tax, $m
  766
  894
  1,027
  1,167
  1,312
  1,464
  1,622
  1,788
  1,961
  2,142
  2,372
  2,571
  2,778
  2,996
  3,224
  3,464
  3,715
  3,979
  4,256
  4,547
  4,852
  5,173
  5,511
  5,865
  6,238
  6,630
  7,042
  7,476
  7,932
  8,412
Tax expense, $m
  207
  241
  277
  315
  354
  395
  438
  483
  529
  578
  640
  694
  750
  809
  871
  935
  1,003
  1,074
  1,149
  1,228
  1,310
  1,397
  1,488
  1,584
  1,684
  1,790
  1,901
  2,019
  2,142
  2,271
Net income, $m
  559
  653
  750
  852
  958
  1,068
  1,184
  1,305
  1,431
  1,563
  1,732
  1,876
  2,028
  2,187
  2,354
  2,529
  2,712
  2,905
  3,107
  3,319
  3,542
  3,776
  4,023
  4,282
  4,554
  4,840
  5,141
  5,457
  5,790
  6,141

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
Total assets, $m
  5,040
  5,410
  5,795
  6,194
  6,610
  7,042
  7,491
  7,959
  8,446
  8,953
  9,482
  10,034
  10,609
  11,209
  11,837
  12,492
  13,177
  13,893
  14,641
  15,425
  16,245
  17,103
  18,002
  18,944
  19,930
  20,964
  22,047
  23,183
  24,374
  25,622
Adjusted assets (=assets-cash), $m
  5,040
  5,410
  5,795
  6,194
  6,610
  7,042
  7,491
  7,959
  8,446
  8,953
  9,482
  10,034
  10,609
  11,209
  11,837
  12,492
  13,177
  13,893
  14,641
  15,425
  16,245
  17,103
  18,002
  18,944
  19,930
  20,964
  22,047
  23,183
  24,374
  25,622
Revenue / Adjusted assets
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
Average production assets, $m
  774
  831
  890
  951
  1,015
  1,081
  1,150
  1,222
  1,297
  1,375
  1,456
  1,541
  1,629
  1,721
  1,817
  1,918
  2,023
  2,133
  2,248
  2,368
  2,494
  2,626
  2,764
  2,909
  3,060
  3,219
  3,385
  3,560
  3,743
  3,934
Working capital, $m
  538
  578
  619
  661
  706
  752
  800
  850
  902
  956
  1,012
  1,071
  1,133
  1,197
  1,264
  1,334
  1,407
  1,483
  1,563
  1,647
  1,734
  1,826
  1,922
  2,022
  2,128
  2,238
  2,354
  2,475
  2,602
  2,735
Total debt, $m
  84
  170
  260
  354
  451
  552
  657
  766
  880
  999
  1,123
  1,252
  1,387
  1,527
  1,674
  1,827
  1,987
  2,155
  2,330
  2,514
  2,705
  2,906
  3,117
  3,337
  3,568
  3,810
  4,063
  4,329
  4,608
  4,900
Total liabilities, $m
  1,179
  1,266
  1,356
  1,449
  1,547
  1,648
  1,753
  1,862
  1,976
  2,095
  2,219
  2,348
  2,482
  2,623
  2,770
  2,923
  3,083
  3,251
  3,426
  3,609
  3,801
  4,002
  4,213
  4,433
  4,664
  4,906
  5,159
  5,425
  5,703
  5,996
Total equity, $m
  3,861
  4,144
  4,439
  4,745
  5,063
  5,394
  5,738
  6,096
  6,470
  6,858
  7,263
  7,686
  8,126
  8,586
  9,067
  9,569
  10,093
  10,642
  11,215
  11,815
  12,444
  13,101
  13,790
  14,511
  15,267
  16,058
  16,888
  17,758
  18,670
  19,627
Total liabilities and equity, $m
  5,040
  5,410
  5,795
  6,194
  6,610
  7,042
  7,491
  7,958
  8,446
  8,953
  9,482
  10,034
  10,608
  11,209
  11,837
  12,492
  13,176
  13,893
  14,641
  15,424
  16,245
  17,103
  18,003
  18,944
  19,931
  20,964
  22,047
  23,183
  24,373
  25,623
Debt-to-equity ratio
  0.020
  0.040
  0.060
  0.070
  0.090
  0.100
  0.110
  0.130
  0.140
  0.150
  0.150
  0.160
  0.170
  0.180
  0.180
  0.190
  0.200
  0.200
  0.210
  0.210
  0.220
  0.220
  0.230
  0.230
  0.230
  0.240
  0.240
  0.240
  0.250
  0.250
Adjusted equity ratio
  0.766
  0.766
  0.766
  0.766
  0.766
  0.766
  0.766
  0.766
  0.766
  0.766
  0.766
  0.766
  0.766
  0.766
  0.766
  0.766
  0.766
  0.766
  0.766
  0.766
  0.766
  0.766
  0.766
  0.766
  0.766
  0.766
  0.766
  0.766
  0.766
  0.766

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  559
  653
  750
  852
  958
  1,068
  1,184
  1,305
  1,431
  1,563
  1,732
  1,876
  2,028
  2,187
  2,354
  2,529
  2,712
  2,905
  3,107
  3,319
  3,542
  3,776
  4,023
  4,282
  4,554
  4,840
  5,141
  5,457
  5,790
  6,141
Depreciation, amort., depletion, $m
  115
  121
  127
  132
  139
  145
  152
  158
  166
  173
  140
  148
  157
  165
  175
  184
  195
  205
  216
  228
  240
  253
  266
  280
  294
  310
  326
  342
  360
  378
Funds from operations, $m
  675
  773
  877
  984
  1,096
  1,213
  1,336
  1,463
  1,597
  1,737
  1,872
  2,025
  2,185
  2,353
  2,529
  2,713
  2,907
  3,110
  3,323
  3,547
  3,782
  4,029
  4,288
  4,561
  4,848
  5,149
  5,466
  5,800
  6,150
  6,519
Change in working capital, $m
  38
  39
  41
  43
  44
  46
  48
  50
  52
  54
  56
  59
  61
  64
  67
  70
  73
  76
  80
  84
  88
  92
  96
  101
  105
  110
  116
  121
  127
  133
Cash from operations, $m
  637
  734
  835
  941
  1,052
  1,167
  1,288
  1,413
  1,545
  1,682
  1,815
  1,966
  2,123
  2,289
  2,462
  2,643
  2,833
  3,033
  3,243
  3,463
  3,694
  3,937
  4,192
  4,461
  4,743
  5,039
  5,351
  5,679
  6,023
  6,386
Maintenance CAPEX, $m
  -69
  -74
  -80
  -86
  -91
  -98
  -104
  -111
  -118
  -125
  -132
  -140
  -148
  -157
  -165
  -175
  -184
  -195
  -205
  -216
  -228
  -240
  -253
  -266
  -280
  -294
  -310
  -326
  -342
  -360
New CAPEX, $m
  -56
  -57
  -59
  -61
  -64
  -66
  -69
  -72
  -75
  -78
  -81
  -85
  -88
  -92
  -96
  -101
  -105
  -110
  -115
  -120
  -126
  -132
  -138
  -145
  -151
  -159
  -166
  -174
  -183
  -192
Cash from investing activities, $m
  -125
  -131
  -139
  -147
  -155
  -164
  -173
  -183
  -193
  -203
  -213
  -225
  -236
  -249
  -261
  -276
  -289
  -305
  -320
  -336
  -354
  -372
  -391
  -411
  -431
  -453
  -476
  -500
  -525
  -552
Free cash flow, $m
  512
  603
  697
  794
  897
  1,003
  1,115
  1,231
  1,353
  1,480
  1,602
  1,741
  1,887
  2,040
  2,200
  2,368
  2,544
  2,729
  2,923
  3,127
  3,341
  3,566
  3,802
  4,050
  4,312
  4,586
  4,875
  5,179
  5,498
  5,834
Issuance/(repayment) of debt, $m
  84
  87
  90
  94
  97
  101
  105
  109
  114
  119
  124
  129
  135
  141
  147
  153
  160
  168
  175
  183
  192
  201
  210
  220
  231
  242
  254
  266
  279
  292
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  84
  87
  90
  94
  97
  101
  105
  109
  114
  119
  124
  129
  135
  141
  147
  153
  160
  168
  175
  183
  192
  201
  210
  220
  231
  242
  254
  266
  279
  292
Total cash flow (excl. dividends), $m
  596
  689
  787
  888
  994
  1,104
  1,220
  1,341
  1,467
  1,599
  1,726
  1,870
  2,022
  2,180
  2,347
  2,521
  2,704
  2,896
  3,098
  3,310
  3,533
  3,766
  4,012
  4,271
  4,542
  4,828
  5,128
  5,444
  5,777
  6,126
Retained Cash Flow (-), $m
  -270
  -283
  -294
  -306
  -318
  -331
  -344
  -358
  -373
  -389
  -405
  -422
  -441
  -460
  -480
  -502
  -525
  -548
  -574
  -600
  -628
  -658
  -689
  -721
  -756
  -792
  -830
  -870
  -912
  -956
Prev. year cash balance distribution, $m
  261
  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
  587
  406
  492
  582
  676
  774
  876
  982
  1,094
  1,210
  1,320
  1,448
  1,581
  1,720
  1,866
  2,019
  2,180
  2,348
  2,524
  2,710
  2,904
  3,109
  3,324
  3,549
  3,787
  4,036
  4,299
  4,574
  4,865
  5,170
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
  563
  372
  428
  479
  524
  561
  592
  614
  628
  634
  627
  618
  601
  577
  548
  513
  474
  432
  389
  344
  300
  258
  218
  181
  147
  118
  92
  71
  53
  39
Current shareholders' claim on cash, %
  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 23.7
Price to Sales 4
Price to Book 3.5
Price to Tangible Book
Price to Cash Flow 17.1
Price to Free Cash Flow 19.9
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 $3087.004 million for the last fiscal year's total revenue generated by Garmin. The default revenue input number comes from 0001 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 7.6% 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 34.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1392 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 5.4% 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 23.3%.

Life of production assets of 10.4 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 16.2%. 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 - $3852.419 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 188.522 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 $12.1 billion.

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COMPANY NEWS

▶ 10 Tech Stocks That Pay You Dividends to Own Them   [Nov-12-18 12:50PM  Kiplinger]
▶ Garmin ranks among nation's most reputable tech companies   [09:29AM  American City Business Journals]
▶ 3 Things Garmin Wants You to Know   [Nov-07-18 06:45PM  Motley Fool]
▶ Better Buy: Garmin Ltd. vs. Fitbit Inc.   [Nov-04-18 12:00PM  Motley Fool]
▶ Garmin: 3Q Earnings Snapshot   [07:16AM  Associated Press]
▶ Garmin's Q3 Earnings Outlook   [02:51PM  Benzinga]
▶ What to Watch in Garmin's Earnings Report   [Oct-28-18 01:00PM  Motley Fool]
▶ Bell snaps up another key supplier for its air taxi   [Oct-24-18 01:51PM  American City Business Journals]
▶ Garmin opens warehouse and manufacturing facility at Olathe HQ [PHOTOS]   [09:01AM  American City Business Journals]
▶ 3 Tech Stocks for Dividend Investors to Buy Now   [Oct-22-18 03:23PM  Zacks]
▶ Garmin's Innovative Approach Could Deliver High Returns   [Oct-09-18 01:58PM  GuruFocus.com]
▶ Garmin Still Growing Despite Apple Watch Success   [Oct-03-18 07:00PM  Motley Fool]
▶ Fort Worth-based Bell partners with navigation giant to help make air taxi for Uber   [Oct-02-18 01:10PM  American City Business Journals]
▶ Garmin Ltd. schedules its third quarter 2018 earnings call   [Oct-01-18 07:00AM  Business Wire]
▶ What is Behind Garmin Ltds (NASDAQ:GRMN) Superior ROE?   [Sep-30-18 09:44AM  Simply Wall St.]
▶ 3 Tech Stocks for Dividend Investors to Buy Now   [Sep-20-18 03:43PM  Zacks]
▶ The New Apple Watch Leaves Fitbit Stock Without a Moat   [Sep-14-18 11:13AM  InvestorPlace]
▶ 10 Tech Dividend Stocks With Growth Potential   [Sep-13-18 11:20AM  InvestorPlace]
▶ Fitbit falls, Garmin shed gains on new Apple watch   [Sep-12-18 07:50PM  Reuters]
▶ 3 Stocks to Buy With Dividends Yielding More than 3%   [Sep-11-18 02:00PM  Motley Fool]
▶ 3 Days Left Until Garmin Ltd (NASDAQ:GRMN) Trades Ex-Dividend,   [Sep-09-18 10:43AM  Simply Wall St.]
▶ 5 Stocks To Have On Your Radar Next Week   [Sep-07-18 01:11PM  Benzinga]
▶ Growing Wearables Industry Holds These Stocks in Good Stead   [Sep-04-18 02:42PM  InvestorPlace]
▶ Garmin buys flight planning business   [Aug-30-18 09:11AM  American City Business Journals]
▶ Bull of the Day: Garmin (GRMN)   [06:55AM  Zacks]
▶ Can Disney and Garmin Succeed Where Fitbit Failed?   [Aug-22-18 11:21AM  Motley Fool]
▶ 3 Tech Stocks for Dividend Investors to Buy Now   [Aug-21-18 03:51PM  Zacks]
▶ How Garmin Plans to Win the Holiday Season   [Aug-19-18 09:30AM  Motley Fool]
▶ Understanding smartwatches   [Aug-12-18 03:52PM  TechCrunch]

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