Logitech "Roadshow takeaways with the CEO & IR" (Neutral) Iffert

研报英文原文证据摘录

Logitech "Roadshow takeaways with the CEO & IR" (Neutral) Iffert

ative (AI related) products are 03/27E 5.04 5.64

rolled out. Amid corporates, Logitech market share is high at c30% in video 03/28E 5.34 6.24

conferencing but still low for PC peripherals offering room for cross selling. Education 03/29E 5.74 6.98

and health care are incremental drivers. Logitech stated at a larger hospital in California,

the company has recently delivered video camera systems for each patient bed (global Joern Iffert, CFA

penetration still low) which is helping doctors and nurses to increase process efficiencies. Analyst

joern.iffert@ubs.com

+41-44-239 88 00

AI- the use case illustration

Marti Queral Ferre, CFAOverall Logitech is pretty positive about its future AI prospects. Importantly, we think the

Analyst

company has in the meanwhile a deep relation to big eco system AI companies and this marti.queral-ferre@ubs.com

is helping to develop products on time and to better assess its prospects. We illustrate an +41-44-236 9246

interesting use case: There are various press articles how AI supported voice recording

could replace keyboards (link). Initially some could think it is a negative for Logitech but

for voice recording often video cameras, microphones or even sometime pedals are

used, something which is all offered by Logitech. We think this is a good example

AI should not only seen as a risk to Logitech, but also as an opportunity.

Valuation: DCF based PT of CHF80; conclusion

The environment seems resilient for Logitech in a volatile macro environment and a step

up in investments can support share gains. Its 2027E PE of c20-21x is in line with historic

average (c18-20x). We see the shares risk/ reward as balanced and do not see a material

positive or negative catalyst near term.