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$81.58 - $174.33$116.12
Multi-Stage$60.90 - $66.44$63.62
Blended Fair Value$89.87
Current Price$90.04
Upside-0.19%
DecisionDon't Buy

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 Rate9.96%9.96%9.96%
Growth Rate5.50%6.50%7.50%
Fair Value$81.58$116.12$174.33
Upside / Downside-9.40%28.96%93.61%

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 Rate9.96%9.96%9.96%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)294.20296.99299.78
Year 2 PV (M)345.58352.17358.81
Year 3 PV (M)392.31403.58415.05
Year 4 PV (M)434.69451.40468.60
Year 5 PV (M)472.98495.82519.54
PV of Terminal Value (M)7,196.527,544.127,905.02
Equity Value (M)9,136.299,544.089,966.80
Shares Outstanding (M)150.02150.02150.02
Fair Value$60.90$63.62$66.44
Upside / Downside-32.36%-29.34%-26.21%

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