reports
- João Calado
- Kamilė Bertašiūtė
BiG Research Flash Note: Adidas
Adidas AG is a Consumer Discretionary company, which manufactures sport and athleticproducts, including footwear, apparel and accessories. It was founded in 1924 inGermany, Herzogenaurach and now it is present in the major markets, namely NorthAmerica, Latin America, Asia-Pacific, Europe and Emerging markets. Adidas employsmore than 57 thousand people. The company owns two strong brands – internallydeveloped Adidas and Reebok, acquired in 2006. Both brands are associated with thehigh quality and...
- David Swartz
Morningstar | ADDYY Updated Forecasts and Estimates from 07 May 2019
We think Adidas is a leader in athletic and “athleisure†apparel with a narrow moat rating based on an intangible brand asset. The firm is executing well on the five-year plan it announced in 2015, and we forecast that e-commerce, now available in more than 40 countries, will account for 15% of total 2020 sales and approach its sales target of EUR 4 billion for the year. We also think Adidas is improving its supply chain to increase the speed at which its products reach consumers. Most Adida...
- David Swartz
Morningstar | Narrow-Moat Adidas Riding a Fashion Wave to Stay Ahead o...
We think Adidas is a leader in athletic and “athleisure†apparel with a narrow moat rating based on an intangible brand asset. The firm is executing well on the five-year plan it announced in 2015, and we forecast that e-commerce, now available in more than 40 countries, will account for 15% of total 2020 sales and approach its sales target of EUR 4 billion for the year. We also think Adidas is improving its supply chain to increase the speed at which its products reach consumers. Most Adida...
- David Swartz
Narrow-Moat Adidas Riding a Fashion Wave to Stay Ahead of Competition
Narrow-moat Adidas reported a solid first quarter of 2019 on a gross margin improvement and strength in China. Adidas’ first-quarter EPS from continuing operations of EUR 3.17 beat our forecast of EUR 2.93 as its gross margin of 53.6% was well above our forecast of 51.3%. Adidas’ first-quarter sales of EUR 5.88 billion beat our forecast of EUR 5.79 billion, partly due to currency-neutral sales growth of 16% in greater China. We think Adidas continues to gain share on smaller brands in China,...
- David Swartz
Morningstar | Solid Start to 2019 for Narrow-Moat Adidas Despite Produ...
Narrow-moat Adidas reported a solid first quarter of 2019 on a gross margin improvement and strength in China. Adidas’ first-quarter EPS from continuing operations of EUR 3.17 beat our forecast of EUR 2.93 as its gross margin of 53.6% was well above our forecast of 51.3%. Adidas’ first-quarter sales of EUR 5.88 billion beat our forecast of EUR 5.79 billion, partly due to currency-neutral sales growth of 16% in greater China. We think Adidas continues to gain share on smaller brands in China,...
- David Swartz
Solid Start to 2019 for Narrow-Moat Adidas Despite Production Issues; ...
Narrow-moat Adidas reported a solid first quarter of 2019 on a gross margin improvement and strength in China. Adidas’ first-quarter EPS from continuing operations of EUR 3.17 beat our forecast of EUR 2.93 as its gross margin of 53.6% was well above our forecast of 51.3%. Adidas’ first-quarter sales of EUR 5.88 billion beat our forecast of EUR 5.79 billion, partly due to currency-neutral sales growth of 16% in greater China. We think Adidas continues to gain share on smaller brands in China,...
- David Swartz
Morningstar | ADDYY Updated Forecasts and Estimates from 29 Apr 2019
We think Adidas is a leader in athletic and “athleisure†apparel with a narrow moat rating based on an intangible brand asset. The firm is executing well on the five-year plan it announced in 2015, and we forecast that e-commerce, now available in more than 40 countries, will account for 15% of total 2020 sales and approach its sales target of EUR 4 billion for the year. We also think Adidas is improving its supply chain to increase the speed at which its products reach consumers. Most Adida...
- David Swartz
Morningstar | Narrow-Moat Adidas Outpaces Competition by Riding a Fash...
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%)...
- David Swartz
Morningstar | Narrow-Moat Adidas Remains Fashionable, but Competitors ...
We think Adidas is a leader in athletic and “athleisure†apparel with a narrow moat rating based on an intangible brand asset. The firm is executing well on the five-year plan it announced in 2015, and we forecast that e-commerce, now available in more than 40 countries, will account for 15% of total 2020 sales and approach its sales target of EUR 4 billion for the year. We also think Adidas is improving its supply chain to increase the speed at which its products reach consumers. Most Adida...
- David Swartz
Narrow-Moat Adidas Outpaces Competition by Riding a Fashion Wave; FVE ...
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%)...
- R.J. Hottovy
Morningstar | ADDYY Updated Star Rating from 08 Apr 2019
Adidas is the number-two player in the global athletic market with a deep branded portfolio and a long history of product innovation, operating for almost 70 years. The company sells its Adidas and Reebok brands globally, including in Europe (27% of sales), North America (21%), Asia-Pacific (33%), and many emerging markets (15%), indicating that the brands resonate widely with different consumer cohorts. We foresee Adidas benefiting most significantly from China’s middle class, which is expect...
- R.J. Hottovy
Morningstar | Narrow-Moat Adidas Continues to Capitalize on Fashion Tr...
Adidas is the number-two player in the global athletic market with a deep branded portfolio and a long history of product innovation, operating for almost 70 years. The company sells its Adidas and Reebok brands globally, including in Europe (27% of sales), North America (21%), Asia-Pacific (33%), and many emerging markets (15%), indicating that the brands resonate widely with different consumer cohorts. We foresee Adidas benefiting most significantly from China’s middle class, which is expect...
- R.J. Hottovy
Narrow-Moat Adidas Continues to Capitalize on Fashion Trends as Eviden...
Narrow-moat Adidas ended fiscal 2018 on a strong note, posting full-year results that outpaced our estimates as the firm continues to benefit from on-trend merchandise. The story remained consistent throughout the year, with sales growth driven by North America (up 15%) and China (up 23%) outperforming, and profitability expanding as sales trended toward brand-accretive channels (e-commerce up 36% to over EUR 2 billion for the year). As a result, we anticipate a high-single-digit increase to our...
- R.J. Hottovy
Morningstar | Adidas Posts Strong Fiscal 2018 Results Driven by E-Comm...
Narrow-moat Adidas ended fiscal 2018 on a strong note, posting full-year results that outpaced our estimates as the firm continues to benefit from on-trend merchandise. The story remained consistent throughout the year, with sales growth driven by North America (up 15%) and China (up 23%) outperforming, and profitability expanding as sales trended toward brand-accretive channels (e-commerce up 36% to over EUR 2 billion for the year). As a result, we anticipate a high-single-digit increase to our...
- R.J. Hottovy
Adidas Posts Strong Fiscal 2018 Results Driven by E-Commerce and North...
Narrow-moat Adidas ended fiscal 2018 on a strong note, posting full-year results that outpaced our estimates as the firm continues to benefit from on-trend merchandise. The story remained consistent throughout the year, with sales growth driven by North America (up 15%) and China (up 23%) outperforming, and profitability expanding as sales trended toward brand-accretive channels (e-commerce up 36% to over EUR 2 billion for the year). As a result, we anticipate a high-single-digit increase to our...
- R.J. Hottovy
Morningstar | Adidas Posts Tepid 3Q Results in Europe Offset by China ...
Adidas is the number-two player in the global athletic market with a deep branded portfolio and a long history of product innovation, operating for almost 70 years. The company sells its Adidas and Reebok brands globally, including in Europe (28% of sales), North America (20%), China (18%), and many emerging markets (13%), indicating that the brands resonate widely with different consumer cohorts. We foresee Adidas benefiting most significantly from China’s middle class, which is expected to d...
- R.J. Hottovy
Adidas Posts Tepid 3Q Results in Europe Offset by China and North Amer...
Narrow-moat Adidas reported third-quarter results that place the firm on track to meet our full-year assumptions that call for currency-neutral sales growth of 8% and operating margins of 10.4%. While revenue growth slowed more than management expected (up 8%) because of weakness in Western Europe (down 1%, 28% of fiscal 2017 sales), the firm’s gross margin outperformed, growing 140 basis points to 51.8% (outpacing our 50.7% full-year estimate). The primary driver for gross margin were sales t...
- R.J. Hottovy
Morningstar | Narrow-Moat Adidas on Track for Fiscal 2018 Targets Desp...
Narrow-moat Adidas reported third-quarter results that place the firm on track to meet our full-year assumptions that call for currency-neutral sales growth of 8% and operating margins of 10.4%. While revenue growth slowed more than management expected (up 8%) because of weakness in Western Europe (down 1%, 28% of fiscal 2017 sales), the firm’s gross margin outperformed, growing 140 basis points to 51.8% (outpacing our 50.7% full-year estimate). The primary driver for gross margin were sales t...
- R.J. Hottovy
Narrow-Moat Adidas on Track for Fiscal 2018 Targets Despite Weakness i...
Narrow-moat Adidas reported third-quarter results that place the firm on track to meet our full-year assumptions that call for currency-neutral sales growth of 8% and operating margins of 10.4%. While revenue growth slowed more than management expected (up 8%) because of weakness in Western Europe (down 1%, 28% of fiscal 2017 sales), the firm’s gross margin outperformed, growing 140 basis points to 51.8% (outpacing our 50.7% full-year estimate). The primary driver for gross margin were sales t...
- R.J. Hottovy
Morningstar | Adidas’ product innovation winning with global consume...
Adidas is the number-two player in the global athletic market with a deep branded portfolio and a long history of product innovation, operating for almost 70 years. The company sells its Adidas and Reebok brands globally, including in Europe (28% of sales), North America (20%), China (18%), and many emerging markets (13%), indicating that the brands resonate widely with different consumer cohorts. We foresee Adidas benefiting most significantly from China’s middle class, which is expected to t...
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