Logitech International SA Dossier
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SectorInformation Technology IndustryComputer Hardware Beta (adjusted)0.77 Intrinsic Value $100.96median of 6 methods · middle span $80-$129based on filings through 30 Jun 2026 Market Price $103.31Price as of 1 Oct 2026 Near fair valueIntrinsic value is 2% below the market price −50% · IV below pricenear fair value ±15%IV above price · +50% Data confidence Sign in to view data confidence Market Cap $14.8B Enterprise Value $13B Shares Outstanding 144.2M diluted Moat Rating Wide Next Earnings Date3 Nov 2026 Last ex-dividend21 Sep 2026 All prices and values are periodic snapshots, not live quotes. Source dates are shown for reference. ThesisStreet consensus, scenarios, merits, risks, and invalidation triggers Thesis Summary Logitech entered FY2027 with strong operating momentum: Q1 sales increased 7%, marking a tenth consecutive growth quarter, while Gaming, Pointing Devices and Video Collaboration each recorded double-digit growth. The near-term outlook is nevertheless unusually dependent on recovery at an affected semiconductor supplier; management estimated a Q3 sales headwind of up to $200 million. Q1 profitability also included $61 million of tariff refunds, making the reported 23.7% non-GAAP operating margin an imperfect measure of normalized earnings power. The balance of category momentum, disciplined execution and shareholder returns against supply uncertainty and non-recurring margin support warrants a Hold pending evidence that the supplier disruption is contained. This section is the 12-month view: analyst targets and the probability-weighted scenarios built from them. The intrinsic value at the top of this page answers a different question: what the business is worth today. Street view · analyst 12-month targets Low · most bearish analyst$84.00 Mean target$108.60 High · most bullish analyst$141.00 Street targets sit above today's price; our intrinsic value sits below it. Different horizons, different questions. Our research · scenarios, merits, risks, and invalidation triggersResearch as of 2 Sep 2026 Scenarios · 12-month scenario targets Bear CaseDownside scenario $84.0025% The supplier disruption lasts longer or costs more than management currently estimates, causing Q2 sales to miss the guidance floor or the Q3 headwind to exceed $200 million. A weaker demand backdrop or erosion below the long-term operating-margin floor would compound the supply shock. Base CaseCentral scenario $108.6056% Matches the consensus meanQ2 remains within guidance, the supplier incident causes a material but temporary Q3 sales headwind, and availability normalizes substantially by Q4. Under this case, underlying growth continues but reported quarterly results remain volatile. Bull CaseUpside scenario $141.0019% Demand momentum persists, the semiconductor constraint is mitigated below management's disclosed estimates, and the incident is largely resolved by Q4 as anticipated. Continued double-digit growth in major categories and margin performance near the high end of the long-term range would support an upside operating outcome. Scenarios are anchored to street consensus at the research date, with our probabilities and rationale. Key Investment Merits
Key Investment Risks
All scenarios are estimates and subject to change. Past performance is not indicative of future results. Quality Pillars MembersThis section is available to registered members. Create a free account or sign in to unlock the full breakdown. Explore this dossierValuationIntrinsic value, the six-method breakdown, peer medians, and your assumptions sandbox.Financial SnapshotRevenue, profitability, returns, balance sheet, dividends, and the filing-level detail.Qualitative AnalysisBusiness overview, strategic initiatives, and mergers, acquisitions & partnerships.Outlook & Key DatesForward estimates, reporting calendar, and the monitoring framework. |