Narrow-Moat Adidas Outpaces Competition by Riding a Fashion Wave; FVE Increased
We maintain our narrow moat rating on Adidas but raise our fair value estimate to EUR 199 from EUR 164. Accounting for most of the increase in our fair value estimate, we have raised our average annual revenue growth expectation to 7% from 6%. We had previously expected revenue growth would drop to 4% by 2025, but we now think growth can remain above 6% over the next decade due to 10% or better annual growth rates from Asia-Pacific. We believe Adidas will gradually increase share (currently 20%)...
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