Analyst Jonathan Ho estimated that the company would earn $2.86 per share in 2012 and $2.92 in 2013.
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"We believe the time is right for investors to take another look at Garmin, based on its compelling valuation, attractive free cash flow, and emerging growth opportunities," Ho said. "We believe the thesis has changed significantly since we last covered Garmin, from June 2005 to May 2010, with the company’s personal navigation device (PND) business now stabilizing and growth being led by the company’s attractive opportunities in fitness, aviation, and outdoor."
He added, "We believe the company has an excellent track record of dominating markets it has entered, driven by strong product and marketing execution. In our view, these segments are earlier in their growth opportunity, more defensible, and more profitable. As a result, the company’s profitability and cash flow should continue to grow at a faster rate than the company’s top line."
William Blair & Company is a global investment banking and asset management firm. We are committed to building enduring relationships with our clients and providing expertise and solutions to meet their evolving needs. An independent and employee-owned firm, William Blair is based in Chicago, with office locations in 10 cities including London, New York, Shanghai, and Zurich. For more information, please visit williamblair.com.
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