Logitech
Note: This is a daily stock update and the information stands true as of 22/10/24, 09:00 CET.
Company Update:
Expert Opinion:
The momentum remains very strong and the guidance upgrade is good news. However, we were already ahead of the group’s guidance and we believe that the consensus was also ahead of the previous guidance, meaning that the consensus upgrade is likely to be minimal. Logitech is a high quality group but we believe current share price valuation already factors in those good fundamentals. Logitech trades on FY25 (March) of 24.8x which looks expensive for a stock that is eventually consumer related.
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Company Update:
Sales up 6% LFL to $1.12bn, a 1% beat to consensus and gross profit, at $486.1m, was up 11% yoy and beat the consensus by 5%.
Non-GAAP operating income in the quarter was $193m, up 5% yoy and 8% ahead of the consensus.
FY Guidance raised sales now expected in the range $4.39-4.47bn (vs. $4.34-4.43bn previously), whereas profits are expected to be $720-750m (vs. $700-730m previously).
Expert Opinion:
The momentum remains very strong and the guidance upgrade is good news. However, we were already ahead of the group’s guidance and we believe that the consensus was also ahead of the previous guidance, meaning that the consensus upgrade is likely to be minimal. Logitech is a high quality group but we believe current share price valuation already factors in those good fundamentals. Logitech trades on FY25 (March) of 24.8x which looks expensive for a stock that is eventually consumer related.
For daily updates, subscribe to our newsletter and for detailed daily updates, reach out to us at sales@alphavalue.eu
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