Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on LOGITECH INTERNATIONAL-REG. We currently have 9 research reports from 1 professional analysts.
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Strong operating performance in Q2 16/17
26 Oct 16
The company reported strong Q2 16/17 results ending in September. Revenues increased 14% to US$564m on an adjusted basis. In December 2015, management separated out the Lifesize division and the OEM business from the company with total revenues of US$43.6m. Therefore all reported numbers are based on results from continuing operations. Including the Lifesize business, revenues increased 4.5% and the gross margin improved from 34.5% to 36.9%. EBIT jumped 105.3% to US$52.7m compared to US$25.7m in Q2 15 including losses from discontinued operations of US$12.36m. The EBIT margin improved from 4.8% to 9.3% and the adjusted EBIT margin increased from 7.5% to 11.4%. The share-based compensation alone contributed US$8.5m (+39.4%) to total adjustments.
Strong start in Q1 16/17
02 Aug 16
In Q1 16/17 ending in June, revenues increased 2% to US$479.9m (adjusted excluding LifeSize +7%). The gross margin declined from 36.5% to 35.5%. EBIT jumped 271% to US$25.9m and the EBIT margin increased from 1.5% to 5.4%. The company reported an EBIT margin decline from 8% to 7.9%. This EBIT margin, however, is based on adjusted Non-GAAP related figures. Also the Non-GAAP net income increase 6% to US$33m. In reality, net income increased 138% to US$21.9m, still reflecting the solid improvement in the operating performance. Revenues in the Americas increased by 7% to US$223m, in the EMEA region 24% to US$143m and in Asia Pacific 12% to US$114m with strong business in China. Management also experienced strong revenue growth of 24% in EMEA with double-digit gains in all major product groups.
28 Apr 16
Logitech reported Q4 results ending in March. Revenues declined 3% to US$431m, however, excluding OEM revenues, retail sales increased by 4% and 6% at cc to US$431m. The operating income jumped 22% to US$22m and the EBIT margin increased from 4.1% to 5.2%. The gross margin improved further by 90bp to 33.1% and operating expenses declined by 3%. Revenues in the Americas declined by 9% to US$162m but grew in EMEA by 17% and Asia Pacific by 9%. Revenues in the Americas were negatively impacted by lower mobile speaker sales, which declined 39% to US$24m. The weak performance in Q4 15/16 might also indicate that the growth story for mobile speakers is over. Video collaboration revenues jumped 35% and gaming 19% in Q4 15/16. In the financial year 2015/16, revenues grew 1% (at constant currency +9%) to US%2.02bn. EBIT declined 10% to US$179m. Growth was driven by mobile speakers (+29% to US$230m), new gaming keyboards (+16% to US$245m) and video collaboration which grew 44% to US$89m.
15 Apr 16
The company has acquired the US-based company Jaybird for a total of US$50m in cash and an additional earn-out of up to US$45m. The earn-out is based on growth targets over the next two years. Jaybird produces fitness-focused wireless earbuds and the Reign fitness tracking wristband. The Reign is using Bluetooth to communicate data with an app for IOS or Android. According to Logitech’s management, the company is a leader in wireless audio wearables for sports and active lifestyles. The company started the business in 2006.
It is all about marketing!
02 Mar 16
Today Logitech is hosting a Capital Markets Day. Management reiterated the outlook for the financial year 2016 ending in March. At constant currency revenues are expected to grow between 7% and 9%. Non-GAAP operating income is expected to reach US$170m. In the finanical year 2017, management is expecting non-GAAP operating income to range between US$185m and US$200m. The three-year plan for returning US$500m to shareholders in cash is still valid.
Guidance increase was unavoidable
22 Jan 16
The company reported Q3`15/16 results to end December. Revenues increased by 3% to US$621m. Total retail revenues grew b y 4% to €594m and by 9% at cc. The business division reported total revenue growth of 10% and 17% at cc. Net quantity increased by only 3% but this was closely linked to the business with Tablet & Other accessories. Volume dropped by 38%. Revenues of the business division Profit Max remained flat and +5% at cc. Pointing devices benefited from the newest, high-end wireless mice and increased 3% at cc. Revenues into the US channels increased by 7% at cc (5% real), into EMEA by 10% (-1% real) and into Asia by 15% at cc (real 9%). Operating income declined marginally from US$69.5m to US$68.5m. The EBIT margin dropped from 11.5% to 11%. The gross margin also declined from 35.2% to 33.5%. Gross profit declined by 2% to US$206.5m.
Making Mobiles Better
17 Jan 17
Mobile phones are increasingly the key connection for the modern world. This means that the performance of mobile phones, and their networks, is going to become more critical for all the apps and businesses that rely on them. New technologies such as VR, AR, and AV will need better, more reliable connections to really move into the mainstream. In this thematic piece we attempt to identify some of the most important issues facing mobile phone networks and their users, and start to identify solutions and enablers that will solve these problems and create value by doing so.
Panmure Morning Note 18-01-2017
18 Jan 17
Blancco technology, a leading provider of data erasure solutions and mobile device diagnostics, has announced that its underlying profits are ahead of expectations. Organic sales growth remains strong, the group continues to win larger ticket orders and the mobile diagnostics is performing ahead of plan. Consequently, we are raising our FY17 PBT forecast from £8.0m to £8.3m.
N+1 Singer - NCC Group - Interims confirm underlying business sound
19 Jan 17
NCC’s interim results were largely flagged in the detailed trading update released in December. Group revenue increased 35% to £125.8 (organic growth +18%) and adj. EBITDA grew 15% to £21.3m. The group’s issues relating to contract losses/deferrals in the period were previously announced and are already included in our forecasts. The group has maintained its interim dividend at 1.5p, which we believe is an indication of the strong underlying business. Separately, NCC has announced that Paul Mitchell intends to step down as chairman in May ’17. We continue to believe that NCC remains a highly attractive asset in an area seeing strong structural growth and see the current share price weakness as an opportunity. We retain our Buy recommendation and 233p target price.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
N+1 Singer - dotDigital Group - Trading update
17 Jan 17
dotDigital issued a trading update for the six months ended 31 December 2016, indicating revenue growth up 17% y-o-y to £15.0m with EBITDA in line with market expectations and on track for the full year. Cash has grown to £18.9m. Revenue was slightly light of expectations owing to a slower start in the US but Q2 already showed improvement with a strong pipeline building. Our EBITDA and EPS forecasts are unchanged but revenues trimmed by 4% for both years. There is much activity in broadening avenues of growth in terms of new connectors, partnerships and geographical footprint and we remain positive of its prospects. Interim results will be released on Feb 21.