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GPS or GP$?

GPS or GP$?. A Research Presentation by Jonathan Keller. Commercial History. Firsts in GPS History 1985-European receiver (Thales) 1989-US handheld receiver (Thales) 1990 GPS Company goes public (Trimble)

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GPS or GP$?

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  1. GPS or GP$? A Research Presentation by Jonathan Keller

  2. Commercial History • Firsts in GPS History • 1985-European receiver (Thales) • 1989-US handheld receiver (Thales) • 1990 GPS Company goes public (Trimble) • 1993 GPS 24-satellite constellation complete, reliable aviation products available (Garmin) • 1995 GPS Car navigation • 1998 GPS/Cell Phone combination (Garmin)

  3. The Industry • Product sectors: ship, plane, car, and pedestrian navigation, cell phones, surveying equipment, weapons, shipment tracking, etc. • Main Companies US market: Garmin, Thales (Magellan products), Trimble Navigation, TomTom • Weak Oligopoly-many different specializations • Rapidly Expanding-horizontally more than vertically • Industry Size has quadrupled since 2005

  4. Garmin International • Owned by Garmin Ltd • Pedestrian GPS main player • Founded in 1991, started in Aviation products • Quickly moved to handheld GPS • Privately owned by current CEO Dr. Min Kao and Gary Burrell until 2001 • 2003 went partially public on very stable financial standing • Very fast growing company

  5. Garmin Financial Information • Garmin outpaced growth projected for it by Merrill Lynch (see chart next slide) • Revenues over $1B last year and growing between 30-40% annually • Volatile stock history (see chart) • Garmin (market cap $9.4B) is now larger than the entire industry was when it went public

  6. Expected Gross values from Merrill Lynch 2001

  7. Stock History

  8. Garmin: A Success Story • Innovative (when stock hit low in 2004 released 44 new products in 1 quarter, 16 was the previous high for a year) • Robust R&D • Affordable Consumer Products • Rapid Expansion • 80% Market Share in Handheld GPS

  9. Future of Commercial GPS • Refining of current technology: • Cell Phones (2001 FCC law), PDA’s cameras • Touch-Screen, removable car systems • Family Tracking • Introduction of New Ideas

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