Strong Growth Continues at Adidas, but Shares Are Overvalued
Narrow-moat Adidas has been on a tear this year, delivering solid currency-neutral double-digit growth across key categories, including football, running, training, originals, and Neo. Strong currency-neutral growth also continues with the Reebok and Taylor Made brands and in all major geographies, as only Russia (with mid-single digit growth) has not grown revenue at a double-digit rate year-to-date. We recently raised our fair value estimate to EUR 96, which we plan to maintain after another r...
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