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Equity research - garmin ltd: making products that are engineered on the inside for life on the outside
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| 1.23 MB | Adobe PDF |
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We present our valuation of Garmin as of 31-Dec-2023,
accompanied by the analysis behind our estimation of the share
price and of its factors. This analysis follows the Discounted Cash
Flow (DCF) model for valuation. Also, a multiples valuation is
presented. Garmin is heavily exposed to consumer markets
mainly in the Fitness and Outdoor segments, and to a lesser
extent, in the Marine and Consumer Auto segments, but also to
Original Equipment Manufacturers’ (OEMs) markets in the
Aviation and Auto OEM segments. Due to the diversified product
portfolio Garmin offers throughout these segments, the company
is influenced by various trends and factors of each market.
According to our findings, our recommendation is to Buy.
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Valuation Garmin Gps Consumer Oem