Nike’s 2Q Results Driven by Product Innovation and Direct-to-Consumer Sales; Long-Term Thesis Intact
We do not expect a large change to our $75 fair value estimate for wide-moat Nike after second-quarter results were in line with our full-year targets. We believe Nike will benefit from the margin accretive direct-to-consumer sales, and the firm’s brand is well positioned to capitalize on key growth markets such as China (up 26% in the quarter) and women’s footwear and apparel (up 20%). Additionally, Nike’s innovation pipeline is very much on track, which we contend supports the firm’s ability t...NIKE is engaged in the design, development and marketing and selling of athletic footwear, apparel, equipment, accessories and services. The company focuses its NIKE Brand product offerings in Running, NIKE Basketball, the Jordan Brand, Football (Soccer), Training and Sportswear categories. The company markets products designed for kids, as well as for other athletic and recreational uses such as American football, baseball, cricket, golf, lacrosse, tennis, walking, and other outdoor activities. The company has license agreements that permit unaffiliated parties to manufacture and sell, using the company-owned trademarks, certain apparel, digital devices and applications and other equipment designed for sports activities.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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