Garmin Ltd.

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices in the Americas, the Asia Pacific, Australian Continent, Europe, the Middle East, and Africa. Its Fitness segment offers running and multi-sport watches; cycling products; activity tracking and smartwatch devices; and fitness and cycling accessories. This segment also provides Garmin Connect and Garmin Connect Mobile, which are web and mobile platforms; and Connect IQ, an application development platform. The company's Outdoor segment offers adventure watches, outdoor handhelds, golf devices and mobile apps, and dog tracking and training devices. Its Aviation segment designs, manufactures, and markets various aircraft avionics solutions comprising integrated flight decks, electronic flight displays and instrumentation, navigation and communication products, automatic flight control systems and safety-enhancing technologies, audio control systems, engine indication systems, traffic awareness and avoidance solutions, ADS-B and transponder solutions, weather information and avoidance solutions, datalink and connectivity solutions, portable GPS navigators and wearables, and various services products. The company's Marine segment provides chartplotters and multi-function displays, cartography products, fish finders, sonar products, autopilot systems, radars, compliant instrument displays and sensors, VHF communication radios, handhelds and wearable devices, sailing products, entertainment, digital switching products, and trolling motors. Its Auto segment offers embedded computing models and infotainment systems; personal navigation devices; and cameras. The company sells its products through independent retailers, online retailers, dealers, distributors, installation and repair shops, and original equipment manufacturers, as well as an online webshop, garmin.com. Garmin Ltd. was founded in 1989 and is based in Schaffhausen, Switzerland.

Garmin Ltd. (GRMN)

Executive Summary

Garmin could experience significant growth if it successfully launches new products, makes strategic acquisitions, and capitalizes on increasing consumer interest in its core segments.

Investment Thesis

The Bull Case

Garmin could experience significant growth if it successfully launches new products, makes strategic acquisitions, and capitalizes on increasing consumer interest in its core segments.

Catalysts:

Successful introduction of new products in high-growth segments like aviation and marine.
Strategic acquisitions to expand market presence and technological capabilities.
Stronger-than-expected growth in the fitness and outdoor segments due to increased consumer interest in health and wellness.

The Bear Case (Risks)

A significant downturn could occur if Garmin fails to innovate quickly enough to maintain its competitive edge or if supply chain issues arise due to its reliance on TSMC, or if the EU antitrust case results in penalties.

Risks:

Intensified competition
Supply chain disruptions
Regulatory headwinds

📊 The Numbers

Revenue & Growth

Revenue Trend

Revenue has grown at a CAGR of 0.5% over the last period.

Valuation

$235 (Upside: 0.15%) Discounted Cash Flow (DCF)

Strengths	Weaknesses
Strong financial performance.	Reliance on third-party suppliers.
Diversified revenue streams.	Vulnerability to economic downturns.
Innovative product development.	Potential for inventory obsolescence.

Garmin Ltd.

Garmin Ltd. (GRMN)

Executive Summary

Investment Thesis

The Bull Case

The Bear Case (Risks)

📊 The Numbers

Revenue & Growth

Valuation

🛡️ Competitive Moat

SWOT Analysis

Key Differentiators

⚠️ Red Team Risk Assessment

Conclusion

GRMN Valuation Model

Garmin Ltd. (GRMN)