Report
Cedric Rossi

ADIDAS GROUP: Well positioned to thrive in the post-COVID era | BUY vs. NEUTRAL | EUR275 vs. EUR250 (+12%)

ADIDAS GROUP - BUY vs. NEUTRAL | EUR275 vs. EUR250 (+12%)
Well positioned to thrive in the post-COVID era

FY20 will be a difficult year to go through, especially H1
FY21: ADS should rapidly get back on its feet
1/ Brand strategy: strong DNA and dual sports performance -lifestyle exposure more crucial than ever
2/ Accelerate digitalization and “e-tailization”
3/ Ramp up sustainability efforts as a key differentiating factor
Upgraded to Buy and FV increased to EUR275
Underlying
Adidas AG

ACM Managed Dollar Income Fund is a non-diversified, closed-end management investment company. This closed-end investment fund is designed for investors who seek high current income and capital appreciation. In order to achieve this objective, Co. invests primarily in high-yielding, U.S. and non-U.S. fixed income securities, denominated in U.S. dollars, that it expects to benefit from improving economic and credit fundamentals. Co. may utilize leverage through the investment techniques of reverse repurchase agreements and dollar rolls. As of Sept 30 2007, Co. had total assets of $192,614,325 and investment portfolio totalled $178,906,534.

Provider
Bryan Garnier
Bryan Garnier

Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.

Analysts
Cedric Rossi

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