$Garmin (GRMN.US)$In the 2022.8.9 analysis, it was excluded ...

The Swiss company, which was listed in 2000, is mainly engaged in navigation and wearables business. The current price is 162.66 in the global market.

In the past 5 years, except for 4 years in 2022, the average growth rate was 9.3%, and the average operating profit growth rate was 7%. 2023 was lower than the high in 2021, and the average net profit growth rate was 13.2%. However, net profit in 2023 was affected by income from the sale of securities and tax rebates, which affected about 10% of net profit. In recent years, they have only earned interest income, and there is no interest burden. The gross margin fell from 59.5% to 57.5% in the past 5 years, the net profit margin fell from 25.4% to 20% and then returned to 24.7%, and the return on net assets fell from 21% to 16% and recovered to 19.5%.

2024Q1 revenue increased 20.4%, operating profit increased 51.5%, and net profit increased 36.4%.

The balance ratio has declined from 22.3% to 18.5% in the past 5 years, and both total assets and net assets have increased significantly. The ratio and growth rate of accounts receivable and inventory are relatively normal. Goodwill and other intangible assets are 800 million yuan, accounting for 11.4% of the 7 billion net assets, and no interest-bearing liabilities. Treasury stock of $331 million.

Currently, the cash is close to 2 billion dollars, and there is no liquidity risk.

Net cash flow from operating over the past five years has been much higher than net investment, generating a high percentage of shareholder surpluses.

Currently, the price-earnings ratio is 24.2 and the price-earnings ratio is TTM22.9. The valuation is within a reasonable range. Considering the excellent long-term performance, you can choose carefully (⭐️)