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home / news releases / ADDDF - Adidas: Valuation Remains Elevated Despite The Uncertain Recovery Path

ADDDF - Adidas: Valuation Remains Elevated Despite The Uncertain Recovery Path

Adidas AG
  • Weakness in its Asian segment (including China) clouds Adidas' top-line performance in FQ3.
  • While margins were resilient, much of the cost savings was due to a one-off reduction in marketing spend.
  • The FQ4 guidance points toward more Y/Y declines and I see downside risk to management's assumptions.
  • While a Reebok sale could bump up shareholder returns, I think shares already account for much of the positives at 31x P/E.

For further details see:

Adidas: Valuation Remains Elevated Despite The Uncertain Recovery Path
Stock Information
Company Name: Adidas AG
Stock Symbol: ADDDF
Market: OTC
Website: adidas-group.com
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