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Mod 5 Slp

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Submitted By colejay99
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MOD 5 SLP: Net Present Value, Mergers, and Acquisitions
Trident University International
Strategic Corporate Finance
FIN 501

Garmin is a global supplier of Global Positioning Systems. The company targets primarily the aviation, maritime and fitness industry. Garmin is the current leader in the GPS market boasting the highest equity and lowest debt in the industry. For Garmin to merge with another company, it would have to provide significant long term synergy or allow expansion into a new market entirely. A merger between Garmin and Trimble Navigation would benefit both companies and their shareholders.
Garmin Limited – KVH Inductries
KVH (KVHI) develops mobile communications products for land and marine markets worldwide. Garmin is offsetting losses and exploiting growth opportunities in the maritime GPS market at this time. Garmin could easily afford to acquire this company using existing free cash flows and expand its share of the maritime market. KVH has a current stock price of $4.30, an 11% Cost of Equity, and a market cap of 140M. KVH is considered an undervalued technology investment because it has demonstrated potential to design, and develop innovative products. This is exactly what a market leader in the industry would require to prevent the possibility of becoming stagnate or complacent. The same successful model of integrating mobile phone communications and GPS technology (which hurt automobile GPS sales) could be applied to a maritime market. Acquiring innovation as a resource should be extremely important to Garmin during this period of global economic recession.
Garmin is in a position to expand its stake in the GPS market or reposition into another market segment. As Garmin currently has a Debt to Equity Ratio of 0 and a capitalization ratio in the negative, the company could easily afford to...

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