Logitech (Q+A) | Buy | Could a DRAM shortage disrupt Logitechs growth path?

研报英文原文证据摘录

Logitech (Q+A) | Buy | Could a DRAM shortage disrupt Logitechs growth path?

h. Dividend yield 1.6% 1.6% 1.7%

Logitech is gaining market share and driving growth via B2B and a broader offering. ND(F+IFRS16)/EBITDA -2.3 -2.2 -2.2

Gearing -81.1% -81.1% -81.3%

▪Innovation is becoming more visible. Logitech is using AI to improve existing ROIC 176.6% 191.6% 189.5%

categories, launch products in new areas, and accelerate product development. AI EV/IC 40.8 38.2 35.7

is also helping to improve product differentiation and shorten time to market, and Sector Most Pref. Sector Least Pref.

for the first time in years, we think Logitech has real innovations up its sleeve. ASML ams OSRAM

Infineon Ericsson

▪While sales are currently slow, margin strength implies that Logitech may consider Nokia X-FAB

raising EBIT margin targets at some stage. US tariffs were more than offset already. Nordic Semiconductor

Opex discipline remains intact. FY 2025/26 margins were above the target range.

▪We use this report to raise our estimates and TP. Capital returns add support.

Logitech ended FY 2025/26 with USD1.7bn of cash and returned USD768m to

shareholders through dividends and buybacks. A new USD1.4bn buyback

completes a USD2bn three-year plan. Consequently, the shares remain a Buy.

Research Framework

Investment case Valuation methodology

n Through a more diversified manufacturing footprint, n Given that we cannot easily find close peers to this unique

Logitech has mitigated US tariffs. Pricing power, supply business, we base our TP on a DCF, which we back up with

chain flexibility and cost design help offset much of the peer multiples.

impact. Now there is a chance to claim tariffs back. n We back up our standalone valuation with a peer group

n Logitech remains a growth story.