DCF Tool

LOGI

Logitech International S.A. – Computer Terminal and Other Computer Peripheral Equipment Manufacturing
Logitech International S.A. is a Swiss-American multinational manufacturer of computer peripherals and software, with headquarters in Lausanne, Switzerland and Newark, California.
Analysis Results
Intrinsic Value $699.54
Latest Price $59.45
Relative Value 92% undervalued
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Cash Flow (Billions)
Analysis Parameters
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Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 65.2%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 10.7%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 65.2%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (billion) Present value (billion)
2023 2.04 1.84
2024 3.37 2.75
2025 5.57 4.11
2026 9.2 6.13
2027 15.2 9.15
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 179 billion. This corresponds to a present value of 97.1 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 24.0 billion. Adding in the terminal value gives a total present value of 121 billion.

There are presently 173.0 million outstanding shares, so the intrinsic value per share is 699.54.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 3,072,922,000
Current Cash 1,328,716,000
Current Liabilities 1,421,154,000
Current Debt 0
Non-Cash Working Capital (NCWC) 323,052,000
Change in NCWC 595,911,000
EBIT 779,668,000
Tax Provision 131,305,000
Depreciation and Amortization 118,540,000
Capital Expenditure -89,152,000
Unlevered Free Cash Flow 1,273,010,398
Current Assets 3,159,318,000
Current Cash 1,750,327,000
Current Liabilities 1,681,850,000
Current Debt 0
Non-Cash Working Capital (NCWC) -272,859,000
Change in NCWC -257,627,000
EBIT 1,154,362,000
Tax Provision 200,863,000
Depreciation and Amortization 82,570,000
Capital Expenditure -76,189,000
Unlevered Free Cash Flow 701,160,965
Current Assets 1,414,478,000
Current Cash 715,566,000
Current Liabilities 714,144,000
Current Debt 0
Non-Cash Working Capital (NCWC) -15,232,000
Change in NCWC -43,333,000
EBIT 301,376,000
Tax Provision -125,397,000
Depreciation and Amortization 73,751,000
Capital Expenditure -39,484,000
Unlevered Free Cash Flow 292,310,000
Current Assets 1,350,436,000
Current Cash 604,516,000
Current Liabilities 717,819,000
Current Debt 0
Non-Cash Working Capital (NCWC) 28,101,000
Change in NCWC 72,668,000
EBIT 276,192,000
Tax Provision 13,560,000
Depreciation and Amortization 67,651,000
Capital Expenditure -35,930,000
Unlevered Free Cash Flow 366,767,987
Current Assets 1,173,100,000
Current Cash 641,947,000
Current Liabilities 575,720,000
Current Debt 0
Non-Cash Working Capital (NCWC) -44,567,000
Change in NCWC -17,801,000
EBIT 226,121,000
Tax Provision 23,723,000
Depreciation and Amortization 56,902,000
Capital Expenditure -39,748,000
Unlevered Free Cash Flow 202,378,533
Current Assets 1,027,845,000
Current Cash 547,533,000
Current Liabilities 507,078,000
Current Debt 0
Non-Cash Working Capital (NCWC) -26,766,000
Change in NCWC -18,888,000
EBIT 205,253,000
Tax Provision 9,113,000
Depreciation and Amortization 50,488,000
Capital Expenditure -31,804,000
Unlevered Free Cash Flow 196,348,691
Current Assets 926,247,000
Current Cash 519,195,000
Current Liabilities 414,930,000
Current Debt 0
Non-Cash Working Capital (NCWC) -7,878,000
Change in NCWC -27,953,000
EBIT 146,860,000
Tax Provision 3,110,000
Depreciation and Amortization 52,993,000
Capital Expenditure -56,615,000
Unlevered Free Cash Flow 111,810,993
Current Assets 1,052,020,000
Current Cash 537,038,000
Current Liabilities 494,907,000
Current Debt 0
Non-Cash Working Capital (NCWC) 20,075,000
Change in NCWC 11,274,000
EBIT 133,146,000
Tax Provision 4,490,000
Depreciation and Amortization 49,665,000
Capital Expenditure -45,253,000
Unlevered Free Cash Flow 105,426,384
Current Assets 933,000,000
Current Cash 469,412,000
Current Liabilities 454,787,000
Current Debt 0
Non-Cash Working Capital (NCWC) 8,801,000
Change in NCWC -38,939,000
EBIT 89,797,000
Tax Provision 3,278,000
Depreciation and Amortization 66,738,000
Capital Expenditure -46,658,000
Unlevered Free Cash Flow 67,143,890

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