Logitech International S.A.

LOGI

TechnologyComputer HardwareNASDAQ

$109.39

Market Cap: $15.70B

Logitech International S.A. (LOGI) Valuation Summary

Updated May 9, 2026 05:53

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Growth Exit 5Y	$59.73 – $135.94	$80.12	-26.8%
Growth Exit 10Y	$56.73 – $116.04	$72.94	-33.3%
EBITDA Exit 5Y	$54.81 – $97.06	$74.20	-32.2%
EBITDA Exit 10Y	$54.88 – $92.43	$70.99	-35.1%
▸ Trading Multiples
P/E	$70.11 – $166.65	$97.15	-11.2%
EV/EBITDA	$71.34 – $109.30	$84.31	-22.9%
EV/Revenue	$109.84 – $184.00	$146.41	+33.9%
▸ PEG
PEG Fair Value	$96.50 – $96.50	$96.50	-11.8%
▸ Earnings Power Value
Earnings Power Value	$51.20 – $67.11	$57.82	-47.1%
▸ Dividend Discount
Dividend Discount	$26.94 – $61.92	$38.73	-64.6%

Valuation History

DCF Analysis

Fair Value

$80.12

Market Price

$109.39

Upside / Downside

-26.8%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Logitech International S.A.'s cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 2.6% to -3.1% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 46, DPO 64, DIO 79). At a 8.9% WACC with mid-year discounting, the terminal value (76% of enterprise value) is derived from the Gordon Growth Model on Year 6 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $80.12 per share, suggesting LOGI is overvalued by 26.8% at the current price of $109.39.

FCFF Present Value Calculation

WACC

8.93%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2027	2028	2029	2030	2031	Terminal
Profit Before Tax	617	646	681	721	699	717
(−) Net Interest	99	104	110	116	113	115
(+) D&A	71	68	65	70	76	78
EBITDA	788	818	856	908	888	910

(−) Tax	80	83	88	93	90	92
(−) CapEx	74	78	82	87	84	86
(−) ΔWC	278	35	42	48	-27	-27
Free Cash Flow (FCFF)	356	623	644	680	741	759

Terminal Value						11,816
WACC / Discount Rate	8.9%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	341	548	520	504	504	7,706

Enterprise Value	10,123
Projection Period	2,417	23.9%
Terminal Value	7,706	76.1%

(−) Current Net Debt	(1,751)

Equity Value	11,874
(/) Outstanding Shares	148

Fair Price	$80.12

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
6.9%	$96	$103	$112	$122	$136
7.9%	$83	$88	$93	$100	$108
8.9%	$73	$76	$80	$85	$90
9.9%	$66	$68	$71	$74	$77
10.9%	$60	$62	$64	$66	$68

Current price: $109.39. Green = undervalued, Red = overvalued.

Fair Value

$72.94

Market Price

$109.39

Upside / Downside

-33.3%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Logitech International S.A.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 2.6% to 2.0% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 46, DPO 64, DIO 79). At a 8.9% WACC with mid-year discounting, the terminal value (53% of enterprise value) is derived from the Gordon Growth Model on Year 11 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $72.94 per share, suggesting LOGI is overvalued by 33.3% at the current price of $109.39.

FCFF Present Value Calculation

WACC

8.93%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2027	2028	2029	2030	2031	2032	2033	2034	2035	2036	Terminal
Profit Before Tax	617	646	681	721	699	685	678	678	684	698	715
(−) Net Interest	99	104	110	116	113	110	109	109	110	112	115
(+) D&A	71	68	65	70	76	81	82	83	83	82	84
EBITDA	788	818	856	908	888	876	869	870	877	892	915

(−) Tax	80	83	88	93	90	88	87	87	88	90	92
(−) CapEx	74	78	82	87	84	82	81	81	82	84	86
(−) ΔWC	278	35	42	48	-27	-17	-9	-0	8	16	17
Free Cash Flow (FCFF)	356	623	644	680	741	723	709	701	699	702	720

Terminal Value											11,203
WACC / Discount Rate	8.9%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	341	548	520	504	504	452	407	369	338	312	4,765

Enterprise Value	9,060
Projection Period	4,295	47.4%
Terminal Value	4,765	52.6%

(−) Current Net Debt	(1,751)

Equity Value	10,811
(/) Outstanding Shares	148

Fair Price	$72.94

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
6.9%	$89	$94	$100	$107	$116
7.9%	$77	$80	$84	$88	$93
8.9%	$69	$71	$73	$76	$79
9.9%	$62	$63	$65	$67	$69
10.9%	$57	$58	$59	$60	$62

Current price: $109.39. Green = undervalued, Red = overvalued.

Fair Value

$74.19

Market Price

$109.39

Upside / Downside

-32.2%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Logitech International S.A.'s cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 2.6% to -3.1% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 46, DPO 64, DIO 79). At a 8.9% WACC with mid-year discounting, the terminal value (74% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 11.5x to Year 6 EBITDA. After subtracting net debt, the equity value implies a fair price of $74.20 per share, suggesting LOGI is overvalued by 32.2% at the current price of $109.39.

FCFF Present Value Calculation

WACC

8.93%

3% – 20%

EV/EBITDA Exit Multiple

11.50x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2027	2028	2029	2030	2031	Terminal
Profit Before Tax	617	646	681	721	699	717
(−) Net Interest	99	104	110	116	113	115
(+) D&A	71	68	65	70	76	78
EBITDA	788	818	856	908	888	910

(−) Tax	80	83	88	93	90	—
(−) CapEx	74	78	82	87	84	—
(−) ΔWC	278	35	42	48	-27	—
Free Cash Flow (FCF)	356	623	644	680	741	—

Peers' EBITDA Multiple						11.5x
Terminal Value						10,469
WACC / Discount Rate	8.93%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	341	548	520	504	504	6,827

Enterprise Value	9,244
Projection Period	2,417	26.1%
Terminal Value	6,827	73.9%

(−) Current Net Debt	(1,751)
Equity Value	10,995
(÷) Outstanding Shares	148M
Fair Price	$74	-32.2%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	7.5x	9.5x	11.5x	13.5x	15.5x
6.9%	$62	$71	$79	$88	$97
7.9%	$60	$68	$77	$85	$94
8.9%	$58	$66	$74	$82	$90
9.9%	$56	$64	$72	$79	$87
10.9%	$55	$62	$69	$77	$84

Current price: $109.39. Green = undervalued, Red = overvalued.

Based on default parameters

Fair Value

$70.98

Market Price

$109.39

Upside / Downside

-35.1%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Logitech International S.A.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 2.6% to 2.0% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 46, DPO 64, DIO 79). At a 8.9% WACC with mid-year discounting, the terminal value (51% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 11.5x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $70.99 per share, suggesting LOGI is overvalued by 35.1% at the current price of $109.39.

FCFF Present Value Calculation

WACC

8.93%

3% – 20%

EV/EBITDA Exit Multiple

11.50x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2027	2028	2029	2030	2031	2032	2033	2034	2035	2036	Terminal
Profit Before Tax	617	646	681	721	699	685	678	678	684	698	715
(−) Net Interest	99	104	110	116	113	110	109	109	110	112	115
(+) D&A	71	68	65	70	76	81	82	83	83	82	84
EBITDA	788	818	856	908	888	876	869	870	877	892	915

(−) Tax	80	83	88	93	90	88	87	87	88	90	—
(−) CapEx	74	78	82	87	84	82	81	81	82	84	—
(−) ΔWC	278	35	42	48	-27	-17	-9	-0	8	16	—
Free Cash Flow (FCF)	356	623	644	680	741	723	709	701	699	702	—

Peers' EBITDA Multiple											11.5x
Terminal Value											10,519
WACC / Discount Rate	8.93%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	341	548	520	504	504	452	407	369	338	312	4,474

Enterprise Value	8,769
Projection Period	4,295	49.0%
Terminal Value	4,474	51.0%

(−) Current Net Debt	(1,751)
Equity Value	10,520
(÷) Outstanding Shares	148M
Fair Price	$71	-35.1%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	7.5x	9.5x	11.5x	13.5x	15.5x
6.9%	$67	$73	$80	$86	$92
7.9%	$64	$69	$75	$81	$87
8.9%	$60	$66	$71	$76	$81
9.9%	$58	$62	$67	$72	$77
10.9%	$55	$59	$64	$68	$72

Current price: $109.39. Green = undervalued, Red = overvalued.

Based on default parameters

Trading Multiples

Fair Value

$97.15

Market Price

$109.39

Upside / Downside

-11.2%

Verdict

Overvalued

Using the industry peer median P/E Multiples multiple (trailing + forward), Logitech International S.A. (LOGI) has a fair value of $97.15 based on 7 comparable companies in the Computer Hardware industry.

P/E Valuation — Computer Hardware

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing P/E	Forward P/E
Logitech International S.A.LOGI	16,212	22.8x	19.7x
NetApp, Inc.NTAP	23,371	20.8x	22.5x
Corpay, Inc.CPAY	22,749	22.9x	18.1x
Fortive CorporationFTV	18,423	34.7x	20.3x
Jacobs Solutions Inc.J	13,984	49.8x	17.0x
Gen Digital Inc.GEN	13,736	14.4x	11.6x
GoDaddy Inc.GDDY	12,078	14.6x	12.8x
Gartner, Inc.IT	10,622	16.4x	13.3x
Industry Median		20.8x	17.0x
(*) Profit after tax		711	822
Equity Value		14,801	13,997
(/) Outstanding shares		148	148
Fair Price		$100	$94

Selected Fair Value (avg of trailing + forward)

$97.15

-11.2%

Fair Value

$84.31

Market Price

$109.39

Upside / Downside

-22.9%

Verdict

Overvalued

Using the industry peer median EV/EBITDA multiple (trailing + forward), Logitech International S.A. (LOGI) has a fair value of $84.31 based on 7 comparable companies in the Computer Hardware industry.

EV/EBITDA Valuation — Computer Hardware

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/EBITDA	Forward EV/EBITDA
Logitech International S.A.LOGI	16,212	16.7x	16.7x
NetApp, Inc.NTAP	23,371	14.3x	14.7x
Corpay, Inc.CPAY	22,749	10.2x	11.6x
Fortive CorporationFTV	18,423	17.7x	21.0x
Jacobs Solutions Inc.J	13,984	16.7x	18.5x
Gen Digital Inc.GEN	13,736	10.2x	13.3x
GoDaddy Inc.GDDY	12,078	11.5x	10.9x
Gartner, Inc.IT	10,622	10.2x	10.6x
Industry Median		11.5x	13.3x
(*) EBITDA		866	865
= Enterprise Value		9,964	11,525
(-) Net Debt		-1,751	-1,751
Equity Value		11,715	13,276
(/) Outstanding shares		148	148
Fair Price		$79	$90

Selected Fair Value (avg of trailing + forward)

$84.31

-22.9%

Fair Value

$146.41

Market Price

$109.39

Upside / Downside

+33.9%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Logitech International S.A. (LOGI) has a fair value of $146.41 based on 8 comparable companies in the Computer Hardware industry.

EV/Revenue Valuation — Computer Hardware

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Logitech International S.A.LOGI	16,212	3.0x	3.0x
NetApp, Inc.NTAP	23,371	3.7x	3.8x
Corpay, Inc.CPAY	22,749	5.3x	6.0x
Fortive CorporationFTV	18,423	4.1x	4.9x
IonQ, Inc.IONQ	18,053	131.2x	64.8x
Jacobs Solutions Inc.J	13,984	1.3x	1.4x
Gen Digital Inc.GEN	13,736	4.3x	5.6x
GoDaddy Inc.GDDY	12,078	3.0x	2.8x
Gartner, Inc.IT	10,622	1.9x	2.0x
Industry Median		3.9x	4.3x
(*) Revenue		4,841	4,834
= Enterprise Value		18,886	21,011
(-) Net Debt		-1,751	-1,751
Equity Value		20,637	22,763
(/) Outstanding shares		148	148
Fair Price		$139	$154

Selected Fair Value (avg of trailing + forward)

$146.41

+33.9%

PEG Fair Value

Fair Value

$96.50

Market Price

$109.39

Upside / Downside

-11.8%

Verdict

Overvalued

Using the PEG framework with analyst consensus forward EPS growth of 17.2% plus 1.5% dividend yield, the company has a fair value of $96.50 based on NTM EPS (FY2027) of $5.63. The current PEG ratio is 1.13.

PEG Ratio

1.13Fair Value

01.02.03.0+

PEG = P/E ÷ (Growth + Yield) = 19.4 ÷ (15.7% + 1.5%) = 1.13

PEG < 1 = bargain, 1–1.5 = fair, > 2 = expensive.

Growth Category: Fast GrowerPEG highly applicable

PEG is most informative for high-growth companies — the PEG sweet spot.

Fair Value Calculation

EPS Growth RateForward	15.7%
Dividend Yield	+1.5%
Adjusted Growth (clamped 8–25%)	17.2%
Fair P/E	17.2x
NTM EPS (FY2027)	$5.63
Fair Value	$96.50

Growth Analysis

Forward GrowthActive

Period	EPS Est.	Growth	Analysts
FY2026 (actual)	$4.80	—	—
FY2027E	$5.63	+17.2%	6
FY2028E	$6.12	+8.8%	10
FY2029E	$6.74	+10.1%	5
FY2030E	$8.59	+27.5%	5

4Y Forward EPS CAGR: 15.7%

Historical Growth

Year	Net Income	EPS	YoY
FY2022	$644.5M	$3.78	—
FY2023	$364.6M	$2.23	-41.0%
FY2024	$612.1M	$3.87	+73.5%
FY2025	$631.5M	$4.13	+6.7%
FY2026	$711.2M	$4.80	+16.2%

4Y Historical EPS CAGR: 6.2%

Earnings Power Value

Fair Value

$57.82

Market Price

$109.39

Upside / Downside

-47.1%

Verdict

Overvalued

Using the Earnings Power Value framework with a WACC of 8.9% and normalized earnings of $608.5M, the company has a fair value of $57.82 per share. The EPV range is $51.20 – $67.11 based on WACC sensitivity (7.4% – 10.4%).

Currency: USD Millions

	Low	Selected	High
Normalized Earnings	609	609	609
(/) WACC	10.4%	8.9%	7.4%
Enterprise Value	5,837	6,818	8,196
(-) Net debt	-1,751	-1,751	-1,751
Equity Value	7,588	8,569	9,947
(/) Outstanding shares	148	148	148
Fair Price	$51.20	$57.82	$67.11

Dividend Discount Model

Fair Value

$38.73

Market Price

$109.39

Upside / Downside

-64.6%

Verdict

Overvalued

Using the Two-Stage Dividend Discount Model with a Cost of Equity of 8.9% and projected dividend growth of 12.8%, the fair value is $38.73 per share. The DDM range is $26.94 – $61.92 based on sensitivity analysis across Cost of Equity and growth rate assumptions.

Dividend Profile

Current DPS

$1.58

Dividend Yield

1.49%

Payout Ratio

32.9%

Dividend Coverage

3.04x

FCF Payout Ratio24.0%

DPS CAGR (4Y)14.0%

Historical Dividends Per Share

Year	DPS	Payout Ratio	YoY Growth
2026	$1.58	32.9%	+16.1%
2025	$1.36	32.9%	+20.2%
2024	$1.13	29.3%	+11.9%
2023	$1.01	45.4%	+8.1%
2022	$0.94	24.7%	—

Dividend Projections (5-Year)

Year	Projected DPS	Growth	Discount Factor	Present Value
2027	$1.78	12.8%	0.9181	$1.63
2028	$2.01	12.8%	0.8428	$1.69
2029	$2.26	12.8%	0.7738	$1.75
2030	$2.55	12.8%	0.7104	$1.81
2031	$2.88	12.8%	0.6522	$1.88
Terminal Value	$2.95 DPS	2.5%		$29.96

PV of Projected Dividends$8.77

PV of Terminal Value$29.96

Fair Value per Share$38.73

Sensitivity Analysis

Fair value under different Cost of Equity (rows) and DPS Growth Rate (columns) assumptions.

Ke \ Growth	10.8%	11.8%	12.8%	13.8%	14.8%
6.9%	$52	$55	$57	$59	$62
7.9%	$43	$44	$46	$48	$50
8.9%	$36	$37	$39	$40	$42
9.9%	$31	$32	$33	$35	$36
10.9%	$27	$28	$29	$30	$32

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Logitech International S.A. (LOGI) Valuation Summary

Updated May 9, 2026 05:53

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Growth Exit 5Y	$59.73 – $135.94	$80.12	-26.8%
Growth Exit 10Y	$56.73 – $116.04	$72.94	-33.3%
EBITDA Exit 5Y	$54.81 – $97.06	$74.20	-32.2%
EBITDA Exit 10Y	$54.88 – $92.43	$70.99	-35.1%
▸ Trading Multiples
P/E	$70.11 – $166.65	$97.15	-11.2%
EV/EBITDA	$71.34 – $109.30	$84.31	-22.9%
EV/Revenue	$109.84 – $184.00	$146.41	+33.9%
▸ PEG
PEG Fair Value	$96.50 – $96.50	$96.50	-11.8%
▸ Earnings Power Value
Earnings Power Value	$51.20 – $67.11	$57.82	-47.1%
▸ Dividend Discount
Dividend Discount	$26.94 – $61.92	$38.73	-64.6%

Valuation History

DCF Analysis

Fair Value

$80.12

Market Price

$109.39

Upside / Downside

-26.8%

Verdict

Overvalued

FCFF Present Value Calculation

WACC

8.93%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2027	2028	2029	2030	2031	Terminal
Profit Before Tax	617	646	681	721	699	717
(−) Net Interest	99	104	110	116	113	115
(+) D&A	71	68	65	70	76	78
EBITDA	788	818	856	908	888	910

(−) Tax	80	83	88	93	90	92
(−) CapEx	74	78	82	87	84	86
(−) ΔWC	278	35	42	48	-27	-27
Free Cash Flow (FCFF)	356	623	644	680	741	759

Terminal Value						11,816
WACC / Discount Rate	8.9%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	341	548	520	504	504	7,706

Enterprise Value	10,123
Projection Period	2,417	23.9%
Terminal Value	7,706	76.1%

(−) Current Net Debt	(1,751)

Equity Value	11,874
(/) Outstanding Shares	148

Fair Price	$80.12

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
6.9%	$96	$103	$112	$122	$136
7.9%	$83	$88	$93	$100	$108
8.9%	$73	$76	$80	$85	$90
9.9%	$66	$68	$71	$74	$77
10.9%	$60	$62	$64	$66	$68

Current price: $109.39. Green = undervalued, Red = overvalued.

Fair Value

$72.94

Market Price

$109.39

Upside / Downside

-33.3%

Verdict

Overvalued

FCFF Present Value Calculation

WACC

8.93%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2027	2028	2029	2030	2031	2032	2033	2034	2035	2036	Terminal
Profit Before Tax	617	646	681	721	699	685	678	678	684	698	715
(−) Net Interest	99	104	110	116	113	110	109	109	110	112	115
(+) D&A	71	68	65	70	76	81	82	83	83	82	84
EBITDA	788	818	856	908	888	876	869	870	877	892	915

(−) Tax	80	83	88	93	90	88	87	87	88	90	92
(−) CapEx	74	78	82	87	84	82	81	81	82	84	86
(−) ΔWC	278	35	42	48	-27	-17	-9	-0	8	16	17
Free Cash Flow (FCFF)	356	623	644	680	741	723	709	701	699	702	720

Terminal Value											11,203
WACC / Discount Rate	8.9%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	341	548	520	504	504	452	407	369	338	312	4,765

Enterprise Value	9,060
Projection Period	4,295	47.4%
Terminal Value	4,765	52.6%

(−) Current Net Debt	(1,751)

Equity Value	10,811
(/) Outstanding Shares	148

Fair Price	$72.94

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
6.9%	$89	$94	$100	$107	$116
7.9%	$77	$80	$84	$88	$93
8.9%	$69	$71	$73	$76	$79
9.9%	$62	$63	$65	$67	$69
10.9%	$57	$58	$59	$60	$62

Current price: $109.39. Green = undervalued, Red = overvalued.

Fair Value

$74.19

Market Price

$109.39

Upside / Downside

-32.2%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Logitech International S.A.'s cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 2.6% to -3.1% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 46, DPO 64, DIO 79). At a 8.9% WACC with mid-year discounting, the terminal value (74% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 11.5x to Year 6 EBITDA. After subtracting net debt, the equity value implies a fair price of $74.20 per share, suggesting LOGI is overvalued by 32.2% at the current price of $109.39.

FCFF Present Value Calculation

WACC

8.93%

3% – 20%

EV/EBITDA Exit Multiple

11.50x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2027	2028	2029	2030	2031	Terminal
Profit Before Tax	617	646	681	721	699	717
(−) Net Interest	99	104	110	116	113	115
(+) D&A	71	68	65	70	76	78
EBITDA	788	818	856	908	888	910

(−) Tax	80	83	88	93	90	—
(−) CapEx	74	78	82	87	84	—
(−) ΔWC	278	35	42	48	-27	—
Free Cash Flow (FCF)	356	623	644	680	741	—

Peers' EBITDA Multiple						11.5x
Terminal Value						10,469
WACC / Discount Rate	8.93%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	341	548	520	504	504	6,827

Enterprise Value	9,244
Projection Period	2,417	26.1%
Terminal Value	6,827	73.9%

(−) Current Net Debt	(1,751)
Equity Value	10,995
(÷) Outstanding Shares	148M
Fair Price	$74	-32.2%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	7.5x	9.5x	11.5x	13.5x	15.5x
6.9%	$62	$71	$79	$88	$97
7.9%	$60	$68	$77	$85	$94
8.9%	$58	$66	$74	$82	$90
9.9%	$56	$64	$72	$79	$87
10.9%	$55	$62	$69	$77	$84

Current price: $109.39. Green = undervalued, Red = overvalued.

Based on default parameters

Fair Value

$70.98

Market Price

$109.39

Upside / Downside

-35.1%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Logitech International S.A.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 2.6% to 2.0% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 46, DPO 64, DIO 79). At a 8.9% WACC with mid-year discounting, the terminal value (51% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 11.5x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $70.99 per share, suggesting LOGI is overvalued by 35.1% at the current price of $109.39.

FCFF Present Value Calculation

WACC

8.93%

3% – 20%

EV/EBITDA Exit Multiple

11.50x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2027	2028	2029	2030	2031	2032	2033	2034	2035	2036	Terminal
Profit Before Tax	617	646	681	721	699	685	678	678	684	698	715
(−) Net Interest	99	104	110	116	113	110	109	109	110	112	115
(+) D&A	71	68	65	70	76	81	82	83	83	82	84
EBITDA	788	818	856	908	888	876	869	870	877	892	915

(−) Tax	80	83	88	93	90	88	87	87	88	90	—
(−) CapEx	74	78	82	87	84	82	81	81	82	84	—
(−) ΔWC	278	35	42	48	-27	-17	-9	-0	8	16	—
Free Cash Flow (FCF)	356	623	644	680	741	723	709	701	699	702	—

Peers' EBITDA Multiple											11.5x
Terminal Value											10,519
WACC / Discount Rate	8.93%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	341	548	520	504	504	452	407	369	338	312	4,474

Enterprise Value	8,769
Projection Period	4,295	49.0%
Terminal Value	4,474	51.0%

(−) Current Net Debt	(1,751)
Equity Value	10,520
(÷) Outstanding Shares	148M
Fair Price	$71	-35.1%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	7.5x	9.5x	11.5x	13.5x	15.5x
6.9%	$67	$73	$80	$86	$92
7.9%	$64	$69	$75	$81	$87
8.9%	$60	$66	$71	$76	$81
9.9%	$58	$62	$67	$72	$77
10.9%	$55	$59	$64	$68	$72

Current price: $109.39. Green = undervalued, Red = overvalued.

Based on default parameters

Trading Multiples

Fair Value

$97.15

Market Price

$109.39

Upside / Downside

-11.2%

Verdict

Overvalued

P/E Valuation — Computer Hardware

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing P/E	Forward P/E
Logitech International S.A.LOGI	16,212	22.8x	19.7x
NetApp, Inc.NTAP	23,371	20.8x	22.5x
Corpay, Inc.CPAY	22,749	22.9x	18.1x
Fortive CorporationFTV	18,423	34.7x	20.3x
Jacobs Solutions Inc.J	13,984	49.8x	17.0x
Gen Digital Inc.GEN	13,736	14.4x	11.6x
GoDaddy Inc.GDDY	12,078	14.6x	12.8x
Gartner, Inc.IT	10,622	16.4x	13.3x
Industry Median		20.8x	17.0x
(*) Profit after tax		711	822
Equity Value		14,801	13,997
(/) Outstanding shares		148	148
Fair Price		$100	$94

Selected Fair Value (avg of trailing + forward)

$97.15

-11.2%

Fair Value

$84.31

Market Price

$109.39

Upside / Downside

-22.9%

Verdict

Overvalued

EV/EBITDA Valuation — Computer Hardware

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/EBITDA	Forward EV/EBITDA
Logitech International S.A.LOGI	16,212	16.7x	16.7x
NetApp, Inc.NTAP	23,371	14.3x	14.7x
Corpay, Inc.CPAY	22,749	10.2x	11.6x
Fortive CorporationFTV	18,423	17.7x	21.0x
Jacobs Solutions Inc.J	13,984	16.7x	18.5x
Gen Digital Inc.GEN	13,736	10.2x	13.3x
GoDaddy Inc.GDDY	12,078	11.5x	10.9x
Gartner, Inc.IT	10,622	10.2x	10.6x
Industry Median		11.5x	13.3x
(*) EBITDA		866	865
= Enterprise Value		9,964	11,525
(-) Net Debt		-1,751	-1,751
Equity Value		11,715	13,276
(/) Outstanding shares		148	148
Fair Price		$79	$90

Selected Fair Value (avg of trailing + forward)

$84.31

-22.9%

Fair Value

$146.41

Market Price

$109.39

Upside / Downside

+33.9%

Verdict

Undervalued

EV/Revenue Valuation — Computer Hardware

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Logitech International S.A.LOGI	16,212	3.0x	3.0x
NetApp, Inc.NTAP	23,371	3.7x	3.8x
Corpay, Inc.CPAY	22,749	5.3x	6.0x
Fortive CorporationFTV	18,423	4.1x	4.9x
IonQ, Inc.IONQ	18,053	131.2x	64.8x
Jacobs Solutions Inc.J	13,984	1.3x	1.4x
Gen Digital Inc.GEN	13,736	4.3x	5.6x
GoDaddy Inc.GDDY	12,078	3.0x	2.8x
Gartner, Inc.IT	10,622	1.9x	2.0x
Industry Median		3.9x	4.3x
(*) Revenue		4,841	4,834
= Enterprise Value		18,886	21,011
(-) Net Debt		-1,751	-1,751
Equity Value		20,637	22,763
(/) Outstanding shares		148	148
Fair Price		$139	$154

Selected Fair Value (avg of trailing + forward)

$146.41

+33.9%

PEG Fair Value

Fair Value

$96.50

Market Price

$109.39

Upside / Downside

-11.8%

Verdict

Overvalued

PEG Ratio

1.13Fair Value

01.02.03.0+

PEG = P/E ÷ (Growth + Yield) = 19.4 ÷ (15.7% + 1.5%) = 1.13

PEG < 1 = bargain, 1–1.5 = fair, > 2 = expensive.

Growth Category: Fast GrowerPEG highly applicable

PEG is most informative for high-growth companies — the PEG sweet spot.

Fair Value Calculation

EPS Growth RateForward	15.7%
Dividend Yield	+1.5%
Adjusted Growth (clamped 8–25%)	17.2%
Fair P/E	17.2x
NTM EPS (FY2027)	$5.63
Fair Value	$96.50

Growth Analysis

Forward GrowthActive

Period	EPS Est.	Growth	Analysts
FY2026 (actual)	$4.80	—	—
FY2027E	$5.63	+17.2%	6
FY2028E	$6.12	+8.8%	10
FY2029E	$6.74	+10.1%	5
FY2030E	$8.59	+27.5%	5

4Y Forward EPS CAGR: 15.7%

Historical Growth

Year	Net Income	EPS	YoY
FY2022	$644.5M	$3.78	—
FY2023	$364.6M	$2.23	-41.0%
FY2024	$612.1M	$3.87	+73.5%
FY2025	$631.5M	$4.13	+6.7%
FY2026	$711.2M	$4.80	+16.2%

4Y Historical EPS CAGR: 6.2%

Earnings Power Value

Fair Value

$57.82

Market Price

$109.39

Upside / Downside

-47.1%

Verdict

Overvalued

Currency: USD Millions

	Low	Selected	High
Normalized Earnings	609	609	609
(/) WACC	10.4%	8.9%	7.4%
Enterprise Value	5,837	6,818	8,196
(-) Net debt	-1,751	-1,751	-1,751
Equity Value	7,588	8,569	9,947
(/) Outstanding shares	148	148	148
Fair Price	$51.20	$57.82	$67.11

Dividend Discount Model

Fair Value

$38.73

Market Price

$109.39

Upside / Downside

-64.6%

Verdict

Overvalued

Dividend Profile

Current DPS

$1.58

Dividend Yield

1.49%

Payout Ratio

32.9%

Dividend Coverage

3.04x

FCF Payout Ratio24.0%

DPS CAGR (4Y)14.0%

Historical Dividends Per Share

Year	DPS	Payout Ratio	YoY Growth
2026	$1.58	32.9%	+16.1%
2025	$1.36	32.9%	+20.2%
2024	$1.13	29.3%	+11.9%
2023	$1.01	45.4%	+8.1%
2022	$0.94	24.7%	—

Dividend Projections (5-Year)

Year	Projected DPS	Growth	Discount Factor	Present Value
2027	$1.78	12.8%	0.9181	$1.63
2028	$2.01	12.8%	0.8428	$1.69
2029	$2.26	12.8%	0.7738	$1.75
2030	$2.55	12.8%	0.7104	$1.81
2031	$2.88	12.8%	0.6522	$1.88
Terminal Value	$2.95 DPS	2.5%		$29.96

PV of Projected Dividends$8.77

PV of Terminal Value$29.96

Fair Value per Share$38.73

Sensitivity Analysis

Fair value under different Cost of Equity (rows) and DPS Growth Rate (columns) assumptions.

Ke \ Growth	10.8%	11.8%	12.8%	13.8%	14.8%
6.9%	$52	$55	$57	$59	$62
7.9%	$43	$44	$46	$48	$50
8.9%	$36	$37	$39	$40	$42
9.9%	$31	$32	$33	$35	$36
10.9%	$27	$28	$29	$30	$32