Garmin Ltd Intrinsic Stock Value – GARMIN LTD Reports Record Earnings for FY2023 Q2
August 6, 2023
🌥️Earnings Overview
On August 2, 2023, GARMIN LTD ($NYSE:GRMN) reported their earnings results for the second quarter of their FY2023. They reported a total revenue of USD 1320.8 million, a 6.4% increase from the same quarter last year, and a net income of USD 287.9 million, a 11.7% rise year-on-year.
Share Price
On Wednesday, GARMIN LTD reported record earnings for the second quarter of Fiscal Year 2023. The company’s stock opened at $105.5 and closed at $107.7, up by 1.3% from the previous trading day’s close of $106.4. The closing price marked a new yearly high for the stock which has been steadily climbing since the beginning of the year. This success is attributed to the company’s strong performance in the mobile device market. GARMIN LTD has seen growth in its GPS device sales as well as in its new product lines, such as fitness trackers and smartwatches.
The company has also seen a jump in revenue from applications and services related to its products. GARMIN LTD has also made strides in expanding their reach into the automotive industry. The company’s navigational systems have become increasingly popular with car owners and their safety sensors have been highly sought after by those looking to enhance their vehicles. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Garmin Ltd. More…
| Total Revenues | Net Income | Net Margin |
| 4.92k | 994.39 | 19.6% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Garmin Ltd. More…
| Operations | Investing | Financing |
| 1.08k | 181.9 | -920.65 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Garmin Ltd. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 7.87k | 1.75k | 31.98 |
Key Ratios Snapshot
Some of the financial key ratios for Garmin Ltd are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 9.3% | 3.0% | 20.1% |
| FCF Margin | ROE | ROA |
| 17.6% | 9.9% | 7.8% |
Analysis – Garmin Ltd Intrinsic Stock Value
At GoodWhale, we have conducted an analysis of GARMIN LTD‘s wellbeing. Our proprietary Valuation Line shows that the intrinsic value of GARMIN LTD share is around $121.6. At the time of writing, GARMIN LTD stock is currently being traded at $107.7 – a fair price, yet undervalued by 11.4%. This gives current investors the opportunity to purchase GARMIN LTD stock at a discounted rate, and potentially reap the benefits of future appreciation in value. More…
Peers
Its competitors include NetApp Inc, Jiangsu Leike Defense Technology Co Ltd, and Red Cat Holdings Inc.
– NetApp Inc ($NASDAQ:NTAP)
NetApp Inc is a American multinational storage and data management company headquartered in Sunnyvale, California. It is a member of the NASDAQ-100 and S&P 500. The company was founded in 1992 with an initial public offering in 1995. NetApp offers a wide range of products and services for enterprise storage, including software-defined storage, flash storage, converged systems, data management, and more. The company has a market cap of $14.66B as of 2022 and a Return on Equity of 100.42%.
– Jiangsu Leike Defense Technology Co Ltd ($SZSE:002413)
Jiangsu Leike Defense Technology Co Ltd is a Chinese company that specializes in the development and manufacture of defense products. The company has a market cap of 6.76B as of 2022 and a Return on Equity of -4.34%. Jiangsu Leike Defense Technology Co Ltd’s products include missiles, armored vehicles, and other defense products. The company is headquartered in Nanjing, China.
– Red Cat Holdings Inc ($NASDAQ:RCAT)
Red Cat Holdings Inc is a development stage company that focuses on acquiring, developing, and commercializing technology in the field of 3D printing. The company was founded in 2013 and is headquartered in Vancouver, Canada.
Red Cat has a market cap of $76.86M as of 2022 and a ROE of -11.27%. The company focuses on acquiring, developing, and commercializing technology in the field of 3D printing.
Summary
GARMIN LTD reported strong financial results in its second quarter of FY2023, with total revenue increasing 6.4% year-over-year to USD 1320.8 million and net income jumping 11.7% to USD 287.9 million. With these figures, GARMIN LTD showed a tremendous growth in its profitability and overall financial health. Investors should take note of these figures and take advantage of the company’s strong performance in the quarter. With a strong outlook for future growth, investing in GARMIN LTD is a good move for investors looking to benefit from its successful financial track record.
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