Stock ADS ADIDAS AG
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Financials adidas AG

Equities

ADS

DE000A1EWWW0

Footwear

Market Closed - Xetra
Other stock markets
 11:35:26 2024-04-26 am EDT 		5-day change 1st Jan Change
230.9 EUR +1.99% Intraday chart for adidas AG +2.80% +25.38%
Apr. 26 ADIDAS : Buy rating from JP Morgan ZD
Apr. 24 Stifel Upgrades adidas to Buy from Hold, Boosts PT MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 56,851 58,100 48,512 24,627 32,882 41,227 - -
Enterprise Value (EV) 1 58,565 59,294 47,179 27,302 34,430 45,137 44,538 43,666
P/E ratio 29 x 135 x 23.2 x 38.2 x -438 x 73.8 x 33.6 x 23 x
Yield 1.33% 1.01% 1.3% 0.55% 0.38% 0.5% 1.17% 1.76%
Capitalization / Revenue 2.4 x 2.93 x 2.28 x 1.09 x 1.53 x 1.82 x 1.67 x 1.52 x
EV / Revenue 2.48 x 2.99 x 2.22 x 1.21 x 1.61 x 1.99 x 1.8 x 1.62 x
EV / EBITDA 15.1 x 28 x 15 x 13.4 x 23.3 x 20.4 x 14.7 x 11.2 x
EV / FCF 26.4 x 53.6 x 18.7 x -22.1 x 16.2 x 39.1 x 26.4 x 19.6 x
FCF Yield 3.79% 1.87% 5.35% -4.53% 6.17% 2.56% 3.79% 5.11%
Price to Book 8.36 x 9 x 6.54 x 4.56 x 7.18 x 8.12 x 6.65 x 5.4 x
Nbr of stocks (in thousands) 196,175 195,033 191,595 193,215 178,549 178,549 - -
Reference price 2 289.8 297.9 253.2 127.5 184.2 230.9 230.9 230.9
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 22,632 24,759 27,036
EBITDA 1 3,874 2,121 3,135 2,044 1,480 2,214 3,025 3,914
EBIT 1 2,660 751 1,986 669 268 997.4 1,803 2,616
Operating Margin 11.25% 3.78% 9.35% 2.97% 1.25% 4.41% 7.28% 9.68%
Earnings before Tax (EBT) 1 2,558 575 1,852 388 65 806.1 1,697 2,434
Net income 1 1,976 432 2,116 612 -75 561.4 1,236 1,810
Net margin 8.36% 2.18% 9.97% 2.72% -0.35% 2.48% 4.99% 6.69%
EPS 2 10.00 2.210 10.90 3.340 -0.4200 3.129 6.865 10.05
Free Cash Flow 1 2,221 1,107 2,525 -1,238 2,126 1,154 1,687 2,230
FCF margin 9.4% 5.58% 11.89% -5.5% 9.92% 5.1% 6.81% 8.25%
FCF Conversion (EBITDA) 57.33% 52.19% 80.54% - 143.65% 52.11% 55.77% 56.97%
FCF Conversion (Net income) 112.4% 256.25% 119.33% - - 205.49% 136.46% 123.21%
Dividend per Share 2 3.850 3.000 3.300 0.7000 0.7000 1.163 2.705 4.069
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 Q3 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 Q3 2024 Q4 2025 Q1
Net sales 1 12,248 8,332 11,512 10,345 5,752 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 5,460 6,347 5,344 6,052
EBITDA 1 - - - - 930 455 - 804 609 942 -379 341 474 - 732 -67 - 523.3 547.5 917 78.4 598
EBIT 1 1,142 -268 - 1,248 672 67 738 437 392 564 -724 60 176 236 409 -377 32 336 245.1 604.7 -139.8 384.2
Operating Margin 9.32% -3.22% - 12.06% 11.68% 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% 4.49% 9.53% -2.62% 6.35%
Earnings before Tax (EBT) 1 - - - - 629 - - 411 - 411 - 32 123 - 326 -415 - 316.4 178 519 -55 -
Net income 1 813 - - 955 960 201 1,161 482 294 347 -512 -39 84 45 259 -379 -120 243.2 125 385 -51 -
Net margin 6.64% - - 9.23% 16.69% 3.91% 10.66% 9.09% 5.25% 5.42% -9.84% -0.74% 1.57% 0.42% 4.32% -7.88% -1.11% 4.47% 2.29% 6.07% -0.95% -
EPS 2 - - - - 4.940 1.070 - 2.550 - - - -0.2200 0.4700 0.2500 1.450 -2.120 - 1.265 0.4500 2.170 -0.3967 -
Dividend per Share 2 - - - - - 3.300 - - - - 0.7000 - 0.7000 - - 0.7000 - 0.2068 0.4137 0.4137 0.4137 0.4846
Announcement Date 3/11/20 8/6/20 3/10/21 8/5/21 11/10/21 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 3,910 3,311 2,439
Net Cash position 1 - - 1,333 - - - - -
Leverage (Debt/EBITDA) 0.4424 x 0.5629 x - 1.309 x 1.046 x 1.766 x 1.095 x 0.623 x
Free Cash Flow 1 2,221 1,107 2,525 -1,238 2,126 1,154 1,687 2,230
ROE (net income / shareholders' equity) 30% 6.52% 30.3% 9.78% -1.57% 12.5% 22.8% 28.2%
ROA (Net income/ Total Assets) 10.9% 2.07% 9.8% 2.88% -0.39% 3.38% 6.8% 8.95%
Assets 1 18,146 20,870 21,595 21,217 19,157 16,608 18,179 20,218
Book Value Per Share 2 34.70 33.10 38.70 28.00 25.70 28.40 34.70 42.80
Cash Flow per Share 2 14.30 7.610 16.40 -2.960 14.70 10.40 13.10 17.10
Capex 1 598 379 667 695 504 631 672 702
Capex / Sales 2.53% 1.91% 3.14% 3.09% 2.35% 2.79% 2.71% 2.59%
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

Ratings for adidas AG

Trading Rating
Investor Rating
ESG Refinitiv
C+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
29
Last Close Price
230.9 EUR
Average target price
214.5 EUR
Spread / Average Target
-7.10%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Sports & Outdoor Footwear
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