2024-05-21 01:52:28 ET
Summary
- ON Holding AG has achieved another record-breaking quarter with strong growth in sales and net income.
- ONON's operating margins can expand as direct sales channels become more significant.
- ONON's long-term growth prospects underpin its valuation, which I deem as trading fairly.
On Holding AG ( ONON ) has reported another stellar quarter, reporting record sales and net income. On a constant currency basis, sales increased 29.2% (or 20.2% in reported currency) and margins expanded thanks to a greater contribution from the Direct to Consumer ((DTC)) segment. Gross profit margin expanded from 58.3% to 59.7%, Adjusted EBITDA margin expanded from 14.5% to 15.2%, while net margin expanded from 10.6% to 18.0%....
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On Holding: Remains A Buy, Post Very Strong 1Q24 Earnings