Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Logitech International S.A. (LOGN.SW)

Company Dividend Discount ModelIndustry: Computer HardwareSector: Technology

Valuation Snapshot

Stable Growth$240.84 - $856.83$787.51
Multi-Stage$109.47 - $119.76$114.53
Blended Fair Value$451.02
Current Price$90.04
Upside400.91%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS10.85%16.86%1.391.221.061.060.980.830.760.690.620.57
YoY Growth--14.01%14.89%-0.46%8.66%18.14%8.96%9.33%11.98%8.35%96.30%
Dividend Yield--1.54%1.25%1.78%2.04%0.81%1.27%1.86%1.58%1.69%3.54%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)646.34
(-) Cash Dividends Paid (M)237.87
(=) Cash Retained (M)408.48
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)129.2780.7948.48
Cash Retained (M)408.48408.48408.48
(-) Cash Required (M)-129.27-80.79-48.48
(=) Excess Retained (M)279.21327.68360.00
(/) Shares Outstanding (M)150.02150.02150.02
(=) Excess Retained per Share1.862.182.40
LTM Dividend per Share1.591.591.59
(+) Excess Retained per Share1.862.182.40
(=) Adjusted Dividend3.453.773.99
WACC / Discount Rate7.01%7.01%7.01%
Growth Rate5.50%6.50%7.50%
Fair Value$240.84$787.51$856.83
Upside / Downside167.48%774.62%851.61%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)646.34688.36733.10780.75831.50885.55912.11
Payout Ratio36.80%47.44%58.08%68.72%79.36%90.00%92.50%
Projected Dividends (M)237.87326.57425.79536.54659.88796.99843.70

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.01%7.01%7.01%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)302.31305.17308.04
Year 2 PV (M)364.89371.84378.85
Year 3 PV (M)425.64437.85450.30
Year 4 PV (M)484.60503.23522.40
Year 5 PV (M)541.81567.98595.15
PV of Terminal Value (M)14,304.1214,995.0115,712.35
Equity Value (M)16,423.3617,181.0917,967.10
Shares Outstanding (M)150.02150.02150.02
Fair Value$109.47$114.53$119.76
Upside / Downside21.58%27.19%33.01%

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