Logitech International SA

NASDAQGS:LOGI

瑞士 / 資訊科技 / 科技硬件、儲存及周邊設備

LOGIPro分析報告（英文版）

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10 年 DCF 收入退出價

股價

71.67 USD

公允價值

85.76 USD

Metrics	Range	Conclusion
Discount Rate	11.0% - 10.0%	10.5%
Terminal Revenue Multiple	2.4x - 2.7x	2.5x
Fair Value	$81.26 - $90.53	$85.76
Upside	13.4% - 26.3%	19.7%

4.1%

Revenue 10y CAGR

17.7%

10y Avg EBITDA Margin

5.6%

Unlevered FCF 10y CAGR

10-Year DCF Model: Revenue Exit

股價

71.67 USD

公允價值

85.76 USD

看漲

19.7%

Revenue and EBITDA

CapEx

Working Capital

D&A

Tax Rate

Discount Rate

Terminal Value


Select Revenue and EBITDA Forecast

(USD in millions)		Input Projections
Fiscal Years Ending	Mar-24	Mar-25	Mar-26	Mar-27	Mar-28	Mar-29	Mar-30	Mar-31	Mar-32	Mar-33	Mar-34

Revenue	4,298	4,575	4,727	4,982	5,063	5,299	5,491	5,731	5,970	6,209	6,449
% Growth	-5.3%	6.4%	3.3%	5.4%	1.6%	4.7%	3.6%	4.4%	4.2%	4.0%	3.9%

EBITDA	682	843	805	908	857	909	961	1,013	1,064	1,113	1,156
% of Revenue	15.9%	18.4%	17.0%	18.2%	16.9%	17.2%	17.5%	17.7%	17.8%	17.9%	17.9%

支援算式

Calculation of Free Cash Flow

Discounting Periods

Discounting Factors

Calculation of Enterprise Value

Equity Waterfall

Historical Financials

Current Trading Multiples


Calculation of Free Cash Flow

Projected Unlevered Cash Flow
		Mar-25	Mar-26	Mar-27	Mar-28	Mar-29	Mar-30	Mar-31	Mar-32	Mar-33	Mar-34

EBITDA		843	805	908	857	909	961	1,013	1,064	1,113	1,156
Other Income / (Exp)		0	0	0	0	0	0	0	0	0	0
D&A		(73)	(82)	(105)	(224)	(293)	(303)	(316)	(330)	(343)	(356)

EBIT		770	723	802	633	616	658	697	734	770	800
Pro forma Taxes		(108)	(101)	(112)	(89)	(86)	(92)	(98)	(103)	(108)	(112)
NOPAT	514	662	622	690	545	530	566	599	632	662	688

Capital Expenditures	(56)	(70)	(83)	(88)	(81)	(119)	(96)	(99)	(103)	(99)	(100)
NWC Investment	3	(3)	(2)	(3)	(1)	(3)	(2)	(3)	(3)	(3)	(3)
(+) D&A	85	73	82	105	224	293	303	316	330	343	356

Free Cash Flow	545	662	619	705	686	701	771	814	856	903	941
% Growth			-6%	14%	-3%	2%	10%	6%	5%	6%	4%

載入錯誤

Logitech International SA

NASDAQGS:LOGI

瑞士 / 資訊科技 / 科技硬件、儲存及周邊設備

10 年 DCF 收入退出價