Intrinsic value of Garmin - GRMN

Previous Close

$55.15

  Intrinsic Value

$48.33

stock screener

  Rating & Target

hold

-12%

  Value-price divergence*

+5%

Previous close

$55.15

 
Intrinsic value

$48.33

 
Up/down potential

-12%

 
Rating

hold

 
Value-price divergence*

+5%

*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

Revenue (in 2016), $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 11.0

 

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
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  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
  5.11
  5.10
Revenue, $m
  3,019
  3,233
  3,456
  3,688
  3,929
  4,179
  4,440
  4,711
  4,994
  5,289
  5,597
  5,918
  6,252
  6,602
  6,967
  7,349
  7,749
  8,166
  8,603
  9,060
  9,539
  10,040
  10,565
  11,115
  11,692
  12,296
  12,929
  13,593
  14,290
  15,020
  15,786
Variable operating expenses, $m
 
  2,013
  2,150
  2,292
  2,441
  2,595
  2,755
  2,923
  3,097
  3,278
  3,468
  3,643
  3,849
  4,064
  4,289
  4,524
  4,770
  5,027
  5,296
  5,577
  5,872
  6,180
  6,503
  6,842
  7,197
  7,569
  7,959
  8,367
  8,796
  9,245
  9,717
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
  2,553
  2,704
  2,860
  3,023
  3,191
  3,366
  3,549
  3,739
  3,936
  4,143
  4,334
  4,558
  4,790
  5,034
  5,287
  5,552
  5,829
  6,118
  6,419
  6,736
  7,065
  7,410
  7,772
  8,150
  8,546
  8,960
  9,393
  9,848
  10,323
  10,822
Operating income, $m
  624
  680
  753
  828
  906
  988
  1,073
  1,162
  1,255
  1,353
  1,455
  1,584
  1,695
  1,812
  1,934
  2,062
  2,197
  2,338
  2,486
  2,641
  2,804
  2,975
  3,155
  3,343
  3,542
  3,750
  3,969
  4,200
  4,442
  4,696
  4,963
EBITDA, $m
  711
  770
  847
  927
  1,010
  1,097
  1,188
  1,283
  1,382
  1,485
  1,594
  1,707
  1,825
  1,949
  2,079
  2,215
  2,358
  2,508
  2,665
  2,829
  3,002
  3,184
  3,375
  3,575
  3,785
  4,006
  4,239
  4,483
  4,739
  5,009
  5,292
Interest expense (income), $m
  0
  0
  3
  6
  9
  12
  15
  18
  22
  25
  29
  33
  37
  42
  46
  51
  56
  61
  66
  72
  78
  84
  90
  97
  104
  112
  119
  127
  136
  145
  154
Earnings before tax, $m
  630
  680
  750
  822
  897
  976
  1,058
  1,144
  1,234
  1,327
  1,425
  1,550
  1,658
  1,770
  1,888
  2,011
  2,141
  2,277
  2,419
  2,569
  2,726
  2,891
  3,064
  3,246
  3,438
  3,639
  3,850
  4,072
  4,306
  4,551
  4,809
Tax expense, $m
  119
  184
  202
  222
  242
  264
  286
  309
  333
  358
  385
  419
  448
  478
  510
  543
  578
  615
  653
  694
  736
  781
  827
  877
  928
  982
  1,040
  1,099
  1,163
  1,229
  1,298
Net income, $m
  511
  497
  547
  600
  655
  713
  773
  835
  901
  969
  1,040
  1,132
  1,210
  1,292
  1,378
  1,468
  1,563
  1,662
  1,766
  1,875
  1,990
  2,110
  2,237
  2,370
  2,510
  2,656
  2,811
  2,973
  3,143
  3,322
  3,511

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
  3,654
  3,905
  4,167
  4,439
  4,722
  5,017
  5,324
  5,643
  5,977
  6,324
  6,686
  7,065
  7,460
  7,873
  8,304
  8,755
  9,227
  9,721
  10,238
  10,779
  11,345
  11,938
  12,560
  13,211
  13,894
  14,610
  15,360
  16,147
  16,972
  17,837
Adjusted assets (=assets-cash), $m
  3,411
  3,654
  3,905
  4,167
  4,439
  4,722
  5,017
  5,324
  5,643
  5,977
  6,324
  6,686
  7,065
  7,460
  7,873
  8,304
  8,755
  9,227
  9,721
  10,238
  10,779
  11,345
  11,938
  12,560
  13,211
  13,894
  14,610
  15,360
  16,147
  16,972
  17,837
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
  572
  612
  653
  695
  740
  786
  834
  884
  936
  991
  1,047
  1,107
  1,169
  1,233
  1,301
  1,371
  1,445
  1,523
  1,604
  1,688
  1,777
  1,870
  1,967
  2,069
  2,176
  2,289
  2,406
  2,529
  2,659
  2,794
Working capital, $m
  1,480
  391
  418
  446
  475
  506
  537
  570
  604
  640
  677
  716
  757
  799
  843
  889
  938
  988
  1,041
  1,096
  1,154
  1,215
  1,278
  1,345
  1,415
  1,488
  1,564
  1,645
  1,729
  1,817
  1,910
Total debt, $m
  0
  80
  162
  247
  336
  428
  523
  623
  727
  835
  948
  1,066
  1,189
  1,317
  1,452
  1,592
  1,738
  1,892
  2,052
  2,220
  2,396
  2,580
  2,773
  2,975
  3,187
  3,409
  3,641
  3,885
  4,141
  4,409
  4,690
Total liabilities, $m
  1,107
  1,187
  1,269
  1,354
  1,443
  1,535
  1,630
  1,730
  1,834
  1,942
  2,055
  2,173
  2,296
  2,424
  2,559
  2,699
  2,845
  2,999
  3,159
  3,327
  3,503
  3,687
  3,880
  4,082
  4,294
  4,516
  4,748
  4,992
  5,248
  5,516
  5,797
Total equity, $m
  3,418
  2,466
  2,636
  2,813
  2,996
  3,187
  3,386
  3,593
  3,809
  4,034
  4,269
  4,513
  4,769
  5,035
  5,314
  5,605
  5,910
  6,228
  6,562
  6,910
  7,275
  7,658
  8,058
  8,478
  8,918
  9,378
  9,861
  10,368
  10,899
  11,456
  12,040
Total liabilities and equity, $m
  4,525
  3,653
  3,905
  4,167
  4,439
  4,722
  5,016
  5,323
  5,643
  5,976
  6,324
  6,686
  7,065
  7,459
  7,873
  8,304
  8,755
  9,227
  9,721
  10,237
  10,778
  11,345
  11,938
  12,560
  13,212
  13,894
  14,609
  15,360
  16,147
  16,972
  17,837
Debt-to-equity ratio
  0.000
  0.030
  0.060
  0.090
  0.110
  0.130
  0.150
  0.170
  0.190
  0.210
  0.220
  0.240
  0.250
  0.260
  0.270
  0.280
  0.290
  0.300
  0.310
  0.320
  0.330
  0.340
  0.340
  0.350
  0.360
  0.360
  0.370
  0.370
  0.380
  0.380
  0.390
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
  497
  547
  600
  655
  713
  773
  835
  901
  969
  1,040
  1,132
  1,210
  1,292
  1,378
  1,468
  1,563
  1,662
  1,766
  1,875
  1,990
  2,110
  2,237
  2,370
  2,510
  2,656
  2,811
  2,973
  3,143
  3,322
  3,511
Depreciation, amort., depletion, $m
  87
  90
  94
  99
  104
  110
  115
  121
  126
  133
  139
  123
  130
  137
  145
  153
  161
  170
  179
  189
  199
  209
  220
  231
  243
  256
  269
  283
  298
  313
  329
Funds from operations, $m
  729
  587
  642
  699
  759
  822
  888
  956
  1,027
  1,102
  1,180
  1,255
  1,340
  1,430
  1,523
  1,621
  1,724
  1,832
  1,945
  2,064
  2,189
  2,320
  2,457
  2,601
  2,753
  2,912
  3,080
  3,256
  3,441
  3,635
  3,839
Change in working capital, $m
  23
  26
  27
  28
  29
  30
  32
  33
  34
  36
  37
  39
  41
  42
  44
  46
  48
  51
  53
  55
  58
  61
  64
  67
  70
  73
  77
  80
  84
  88
  93
Cash from operations, $m
  706
  561
  615
  671
  730
  792
  856
  923
  993
  1,066
  1,142
  1,216
  1,300
  1,387
  1,479
  1,575
  1,676
  1,782
  1,892
  2,009
  2,131
  2,259
  2,393
  2,535
  2,683
  2,839
  3,003
  3,175
  3,356
  3,547
  3,747
Maintenance CAPEX, $m
  0
  -63
  -67
  -72
  -77
  -82
  -87
  -92
  -98
  -104
  -110
  -117
  -123
  -130
  -137
  -145
  -153
  -161
  -170
  -179
  -189
  -199
  -209
  -220
  -231
  -243
  -256
  -269
  -283
  -298
  -313
New CAPEX, $m
  -97
  -39
  -39
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -71
  -74
  -77
  -81
  -85
  -89
  -93
  -97
  -102
  -107
  -112
  -118
  -123
  -129
  -136
Cash from investing activities, $m
  -122
  -102
  -106
  -113
  -120
  -126
  -133
  -140
  -148
  -156
  -164
  -174
  -182
  -192
  -202
  -213
  -224
  -235
  -247
  -260
  -274
  -288
  -302
  -317
  -333
  -350
  -368
  -387
  -406
  -427
  -449
Free cash flow, $m
  584
  459
  508
  558
  611
  666
  723
  782
  845
  910
  978
  1,043
  1,117
  1,195
  1,277
  1,362
  1,452
  1,546
  1,645
  1,749
  1,857
  1,971
  2,091
  2,217
  2,350
  2,489
  2,635
  2,789
  2,950
  3,120
  3,298
Issuance/(repayment) of debt, $m
  0
  80
  82
  85
  88
  92
  96
  100
  104
  108
  113
  118
  123
  128
  134
  140
  147
  153
  160
  168
  176
  184
  193
  202
  212
  222
  233
  244
  256
  268
  281
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
  80
  82
  85
  88
  92
  96
  100
  104
  108
  113
  118
  123
  128
  134
  140
  147
  153
  160
  168
  176
  184
  193
  202
  212
  222
  233
  244
  256
  268
  281
Total cash flow (excl. dividends), $m
  495
  539
  590
  643
  699
  758
  819
  882
  949
  1,018
  1,091
  1,161
  1,240
  1,324
  1,411
  1,503
  1,599
  1,700
  1,805
  1,916
  2,033
  2,156
  2,284
  2,419
  2,561
  2,711
  2,868
  3,032
  3,206
  3,388
  3,580
Retained Cash Flow (-), $m
  -73
  -162
  -170
  -177
  -184
  -191
  -199
  -207
  -216
  -225
  -235
  -245
  -255
  -267
  -279
  -291
  -305
  -318
  -333
  -349
  -365
  -382
  -400
  -420
  -440
  -461
  -483
  -506
  -531
  -557
  -584
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
 
  1,491
  420
  467
  516
  567
  620
  675
  733
  793
  856
  916
  985
  1,057
  1,132
  1,211
  1,294
  1,381
  1,472
  1,568
  1,668
  1,773
  1,884
  2,000
  2,122
  2,250
  2,384
  2,526
  2,675
  2,831
  2,996
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
 
  1,430
  384
  406
  425
  439
  450
  456
  458
  456
  449
  435
  420
  402
  380
  356
  329
  301
  271
  241
  212
  183
  156
  131
  108
  88
  70
  54
  41
  31
  23
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 20.4
Price to Sales 3.4
Price to Book 3
Price to Tangible Book
Price to Cash Flow 14.7
Price to Free Cash Flow 17.1
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 7.1% 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 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 199.315 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 $11.0 billion.

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COMPANY NEWS

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▶ Founder's son moves more than $19M in Garmin stock   [05:22PM  American City Business Journals]
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▶ Garmin announces verdict in another Navico patent lawsuit   [Sep-08-17 04:07PM  Business Wire]
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▶ Garmins latest wearable tries on something new: mobile pay   [Sep-01-17 04:40PM  American City Business Journals]
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▶ Fitbit Inc (FIT) Stock Has Hope, But Isnt Fixed   [Aug-18-17 12:00PM  InvestorPlace]
▶ What Makes Garmin Tick?   [Aug-17-17 04:04PM  GuruFocus.com]
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▶ [$$] Garmins Smartwatches Tick the Right Boxes   [12:30AM  The Wall Street Journal]
▶ [$$] Garmin's Smartwatches Tick the Right Boxes   [Aug-14-17 12:59PM  The Wall Street Journal]
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Financial statements of GRMN
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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