ADIDAS AG |
Real-time Estimate
Other stock markets
|
5-day change | 1st Jan Change | ||
| 227.2 EUR | -0.37% |
|
-2.02% | +23.48% |
| May. 21 | Big city malls the future for Klepierre in battle with online | RE |
| May. 16 | Adidas shareholders re-elect chairman Thomas Rabe | RE |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 56,851 | 58,100 | 48,512 | 24,627 | 32,882 | 40,709 | - | - |
| Enterprise Value (EV) 1 | 58,565 | 59,294 | 47,179 | 27,302 | 34,430 | 44,565 | 44,026 | 43,143 |
| P/E ratio | 29 x | 135 x | 23.2 x | 38.2 x | -438 x | 75.1 x | 33.3 x | 22.7 x |
| Yield | 1.33% | 1.01% | 1.3% | 0.55% | 0.38% | 0.51% | 1.18% | 1.79% |
| Capitalization / Revenue | 2.4 x | 2.93 x | 2.28 x | 1.09 x | 1.53 x | 1.82 x | 1.64 x | 1.5 x |
| EV / Revenue | 2.48 x | 2.99 x | 2.22 x | 1.21 x | 1.61 x | 1.99 x | 1.77 x | 1.59 x |
| EV / EBITDA | 15.1 x | 28 x | 15 x | 13.4 x | 23.3 x | 23.4 x | 14.5 x | 10.9 x |
| EV / FCF | 26.4 x | 53.6 x | 18.7 x | -22.1 x | 16.2 x | 39.2 x | 28.8 x | 19.5 x |
| FCF Yield | 3.79% | 1.87% | 5.35% | -4.53% | 6.17% | 2.55% | 3.47% | 5.12% |
| Price to Book | 8.36 x | 9 x | 6.54 x | 4.56 x | 7.18 x | 7.89 x | 6.55 x | 5.33 x |
| Nbr of stocks (in thousands) | 196,175 | 195,033 | 191,595 | 193,215 | 178,549 | 178,549 | - | - |
| Reference price 2 | 289.8 | 297.9 | 253.2 | 127.5 | 184.2 | 228.0 | 228.0 | 228.0 |
| Announcement Date | 3/11/20 | 3/10/21 | 3/9/22 | 3/8/23 | 1/31/24 | - | - | - |
1EUR in Million2EUR
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 23,640 | 19,844 | 21,234 | 22,511 | 21,427 | 22,429 | 24,887 | 27,193 |
| EBITDA 1 | 3,874 | 2,121 | 3,135 | 2,044 | 1,480 | 1,901 | 3,044 | 3,949 |
| EBIT 1 | 2,660 | 751 | 1,986 | 669 | 268 | 800.1 | 1,838 | 2,655 |
| Operating Margin | 11.25% | 3.78% | 9.35% | 2.97% | 1.25% | 3.57% | 7.39% | 9.77% |
| Earnings before Tax (EBT) 1 | 2,558 | 575 | 1,852 | 388 | 65 | 849.9 | 1,707 | 2,423 |
| Net income 1 | 1,976 | 432 | 2,116 | 612 | -75 | 543.9 | 1,233 | 1,809 |
| Net margin | 8.36% | 2.18% | 9.97% | 2.72% | -0.35% | 2.42% | 4.95% | 6.65% |
| EPS 2 | 10.00 | 2.210 | 10.90 | 3.340 | -0.4200 | 3.037 | 6.850 | 10.06 |
| Free Cash Flow 1 | 2,221 | 1,107 | 2,525 | -1,238 | 2,126 | 1,137 | 1,530 | 2,208 |
| FCF margin | 9.4% | 5.58% | 11.89% | -5.5% | 9.92% | 5.07% | 6.15% | 8.12% |
| FCF Conversion (EBITDA) | 57.33% | 52.19% | 80.54% | - | 143.65% | 59.82% | 50.25% | 55.91% |
| FCF Conversion (Net income) | 112.4% | 256.25% | 119.33% | - | - | 209.08% | 124.06% | 122.02% |
| Dividend per Share 2 | 3.850 | 3.000 | 3.300 | 0.7000 | 0.7000 | 1.166 | 2.687 | 4.089 |
| Announcement Date | 3/11/20 | 3/10/21 | 3/9/22 | 3/8/23 | 1/31/24 | - | - | - |
1EUR in Million2EUR
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2019 S2 | 2020 S1 | 2020 S2 | 2021 S1 | 2021 Q4 | 2021 S2 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 S1 | 2023 Q3 | 2023 Q4 | 2023 S2 | 2024 Q1 | 2024 Q2 | 2024 S1 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 12,248 | 8,332 | 11,512 | 10,345 | 5,137 | 10,889 | 5,302 | 5,596 | 6,408 | 5,205 | 5,274 | 5,343 | 10,617 | 5,999 | 4,811 | 10,810 | 5,458 | 5,531 | 6,494 | 6,359 | 5,386 | 6,112 | 6,227 |
| EBITDA 1 | - | - | - | - | 455 | - | 804 | 609 | 942 | -379 | 341 | 474 | - | 732 | -67 | - | - | 469.7 | - | 843.9 | 221 | 722.5 | 695 |
| EBIT 1 | 1,142 | -268 | - | 1,248 | 67 | 738 | 437 | 392 | 564 | -724 | 60 | 176 | 236 | 409 | -377 | 32 | 336 | 226.4 | - | 570.1 | -100.2 | 467.2 | 445.2 |
| Operating Margin | 9.32% | -3.22% | - | 12.06% | 1.3% | 6.78% | 8.24% | 7.01% | 8.8% | -13.91% | 1.14% | 3.29% | 2.22% | 6.82% | -7.84% | 0.3% | 6.16% | 4.09% | - | 8.97% | -1.86% | 7.64% | 7.15% |
| Earnings before Tax (EBT) 1 | - | - | - | - | - | - | 411 | - | 411 | - | 32 | 123 | - | 326 | -415 | - | 245 | 290.5 | - | 538.1 | -402.2 | - | - |
| Net income | 813 | - | - | 955 | 201 | 1,161 | 482 | 294 | 347 | -512 | -39 | 84 | 45 | 259 | -379 | -120 | 170 | - | - | - | - | - | - |
| Net margin | 6.64% | - | - | 9.23% | 3.91% | 10.66% | 9.09% | 5.25% | 5.42% | -9.84% | -0.74% | 1.57% | 0.42% | 4.32% | -7.88% | -1.11% | 3.11% | - | - | - | - | - | - |
| EPS 2 | - | - | - | - | 1.070 | - | 2.550 | - | - | - | -0.2200 | 0.4700 | 0.2500 | 1.450 | -2.120 | - | 0.9500 | 0.4750 | - | 1.995 | -0.4350 | - | - |
| Dividend per Share 2 | - | - | - | - | 3.300 | - | - | - | - | 0.7000 | - | 0.7000 | - | - | 0.7000 | - | - | 0.5788 | - | 0.2288 | 0.2288 | 0.5048 | 1.240 |
| Announcement Date | 3/11/20 | 8/6/20 | 3/10/21 | 8/5/21 | 3/9/22 | 3/9/22 | 5/6/22 | 8/4/22 | 11/9/22 | 3/8/23 | 5/5/23 | 7/24/23 | 7/24/23 | 11/8/23 | 1/31/24 | 1/31/24 | 4/17/24 | - | - | - | - | - | - |
1EUR in Million2EUR
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 1,714 | 1,194 | - | 2,675 | 1,548 | 3,856 | 3,317 | 2,433 |
| Net Cash position 1 | - | - | 1,333 | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 0.4424 x | 0.5629 x | - | 1.309 x | 1.046 x | 2.028 x | 1.09 x | 0.6162 x |
| Free Cash Flow 1 | 2,221 | 1,107 | 2,525 | -1,238 | 2,126 | 1,137 | 1,530 | 2,208 |
| ROE (net income / shareholders' equity) | 30% | 6.52% | 30.3% | 9.78% | -1.57% | 12.4% | 23% | 28.6% |
| ROA (Net income/ Total Assets) | 10.9% | 2.07% | 9.8% | 2.88% | -0.39% | 2.96% | 6.83% | 8.99% |
| Assets 1 | 18,146 | 20,870 | 21,595 | 21,217 | 19,157 | 18,372 | 18,055 | 20,139 |
| Book Value Per Share 2 | 34.70 | 33.10 | 38.70 | 28.00 | 25.70 | 28.90 | 34.80 | 42.80 |
| Cash Flow per Share 2 | 14.30 | 7.610 | 16.40 | -2.960 | 14.70 | 13.50 | 14.30 | 18.30 |
| Capex 1 | 598 | 379 | 667 | 695 | 504 | 626 | 690 | 723 |
| Capex / Sales | 2.53% | 1.91% | 3.14% | 3.09% | 2.35% | 2.79% | 2.77% | 2.66% |
| Announcement Date | 3/11/20 | 3/10/21 | 3/9/22 | 3/8/23 | 1/31/24 | - | - | - |
1EUR in Million2EUR
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
C+
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
29
Last Close Price
228
EUR
Average target price
222.4
EUR
Spread / Average Target
-2.46%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +24.08% | 44.2B | |
| +38.34% | 11.89B | |
| +84.97% | 9.32B | |
| -11.14% | 4.75B | |
| +0.90% | 3.29B | |
| +30.84% | 1.87B | |
| +33.43% | 1.21B | |
| -22.29% | 839M | |
| -5.24% | 745M | |
| +13.90% | 430M |
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