Garmin Ltd.


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Garmin Ltd.: Initiation Of Coverage – What Is Its Biggest Competitive Advantage? 


This is our first report on Garmin Ltd., leading producer of navigation and communication equipment. The company delivered strong growth in both consolidated revenue and profit for Q4 2023. Consolidated revenue rose by 13% to nearly $1.5 billion, breaking a new quarterly record with three of its business segments reporting double-digit growth. Gross and operating margins expanded yearly to 58% and 23% respectively, resulting in a record-breaking operating income of $340 million, and a 27% year-on-year increase. This prompted a pro forma EPS of $1.72, a 27% rise over the previous year.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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