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Garmin Ltd
GRMN : NASDAQ : Technology
$57.10 | %
Today's Range: 57.01 - 58.17
Avg. Daily Volume: 1,357,400
07/25/14 - 3:59 PM ET

Financial Analysis


GARMIN LTD's gross profit margin for the first quarter of its fiscal year 2014 has increased when compared to the same period a year ago. The company has grown its sales and net income during the past quarter when compared with the same quarter a year ago, and although its growth in net income has outpaced the industry average, its revenue growth has not. GARMIN LTD is extremely liquid. Currently, the Quick Ratio is 2.54 which clearly shows the ability to cover any short-term cash needs. The company's liquidity has decreased from the same period last year.

At the same time, stockholders' equity ("net worth") has remained virtually unchanged only increasing by 3.70% from the same quarter last year. Overall, the key liquidity measurements indicate that the company is very unlikely to face financial difficulties in the near future.

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Income Statement Q1 FY14 Q1 FY13
Net Sales ($mil)583.22531.96
EBITDA ($mil)132.0492.55
EBIT ($mil)120.3779.93
Net Income ($mil)118.8288.67


Balance Sheet Q1 FY14 Q1 FY13
Cash & Equiv. ($mil)1300.351238.92
Total Assets ($mil)4738.914570.42
Total Debt ($mil)0.00.0
Equity ($mil)3752.373618.33


Profitability Q1 FY14 Q1 FY13
Gross Profit Margin58.7354.28
EBITDA Margin22.6317.39
Operating Margin20.6415.02
Sales Turnover0.570.59
Return on Assets13.5511.9
Return on Equity17.1215.04
Debt Q1 FY14 Q1 FY13
Current Ratio3.423.82
Debt/Capital0.00.0
Interest Expense0.00.0
Interest Coverage0.00.0


Share Data Q1 FY14 Q1 FY13
Shares outstanding (mil)194.77195.66
Div / share0.450.45
EPS0.610.45
Book value / share19.2718.49
Institutional Own % n/a n/a
Avg Daily Volume1362335.01423696.0

Valuation


BUY. This stock's P/E ratio indicates a discount compared to an average of 21.14 for the Household Durables industry and a discount compared to the S&P 500 average of 19.42. To use another comparison, its price-to-book ratio of 2.91 indicates valuation on par with the S&P 500 average of 2.68 and a discount versus the industry average of 3.08. The price-to-sales ratio is well above both the S&P 500 average and the industry average, indicating a premium. Upon assessment of these and other key valuation criteria, GARMIN LTD proves to trade at a discount to investment alternatives within the industry.


Price/Earnings
1 2 3 4 5
premium   discount
  Price/Cash Flow
1 2 3 4 5
premium   discount
GRMN 17.12 Peers 21.14   GRMN 17.06 Peers 14.45

Discount. A lower P/E ratio than its peers can signify a less expensive stock or lower growth expectations.

GRMN is trading at a discount to its peers.

 

Premium. The P/CF ratio, a stock’s price divided by the company's cash flow from operations, is useful for comparing companies with different capital requirements or financing structures.

GRMN is trading at a premium to its peers.

 
Price/Projected
Earnings
1 2 3 4 5
premium   discount
  Price to
Earnings/Growth
1 2 3 4 5
premium   discount
GRMN 19.13 Peers 17.45   GRMN NM Peers 0.72

Premium. A higher price-to-projected earnings ratio than its peers can signify a more expensive stock or higher future growth expectations.

GRMN is trading at a premium to its peers.

 

Neutral. The PEG ratio is the stock’s P/E divided by the consensus estimate of long-term earnings growth. Faster growth can justify higher price multiples.

GRMN's negative PEG ratio makes this valuation measure meaningless.

 
Price/Book
1 2 3 4 5
premium   discount
  Earnings Growth
1 2 3 4 5
lower   higher
GRMN 2.91 Peers 3.08   GRMN 17.98 Peers 36.66

Average. A lower price-to-book ratio makes a stock more attractive to investors seeking stocks with lower market values per dollar of equity on the balance sheet.

GRMN is trading at a valuation on par with its peers.

 

Lower. Elevated earnings growth rates can lead to capital appreciation and justify higher price-to-earnings ratios.

However, GRMN is expected to significantly trail its peers on the basis of its earnings growth rate.

 
Price/Sales
1 2 3 4 5
premium   discount
  Sales Growth
1 2 3 4 5
premium   discount
GRMN 4.08 Peers 1.27   GRMN -0.30 Peers 23.78

Premium. In the absence of P/E and P/B multiples, the price-to-sales ratio can display the value investors are placing on each dollar of sales.

GRMN is trading at a significant premium to its industry.

 

Lower. A sales growth rate that trails the industry implies that a company is losing market share.

GRMN significantly trails its peers on the basis of sales growth

 

 

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