Garmin is an interesting case demonstrating that sometimes there is a lot going on under the hood even if the top line is flat. Garmin’s automotive business is in full collapse – no secret there – but two related divisions – Fitness and Outdoor – have been taking up the slack.

This model includes IOI’s best- and worst-case projections as well as segment details and several extra graphs. Note that the Tear Sheet that we published used the number of shares outstanding at the end of 2Q 2016 because the third quarter numbers had not been published yet. The attached model uses the 3Q 2016 number from the freshly published Form 10-Q.