Upcoming Dividend • May 01
Upcoming dividend of €2.80 per share Eligible shareholders must have bought the stock before 08 May 2026. Payment date: 12 May 2026. Payout ratio is a comfortable 36% but the company is paying out more than the cash it is generating. Trailing yield: 1.9%. Lower than top quartile of Italian dividend payers (4.6%). Lower than average of industry peers (2.3%). Reported Earnings • Apr 30
First quarter 2026 earnings released: EPS: €2.70 (vs €2.44 in 1Q 2025) First quarter 2026 results: EPS: €2.70 (up from €2.44 in 1Q 2025). Revenue: €6.59b (up 7.1% from 1Q 2025). Net income: €479.0m (up 10% from 1Q 2025). Profit margin: 7.3% (up from 7.1% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Luxury industry in Italy. Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Anuncio • Mar 27
adidas AG, Annual General Meeting, May 07, 2026 adidas AG, Annual General Meeting, May 07, 2026, at 10:00 W. Europe Standard Time. Declared Dividend • Mar 06
Dividend increased to €2.80 Dividend of €2.80 is 40% higher than last year. Ex-date: 8th May 2026 Payment date: 12th May 2026 Dividend yield will be 2.0%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is covered by earnings (38% earnings payout ratio) but not covered by cash flows (181% cash payout ratio). The dividend has increased by an average of 5.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 68% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 05
Full year 2025 earnings released: EPS: €7.46 (vs €4.23 in FY 2024) Full year 2025 results: EPS: €7.46 (up from €4.23 in FY 2024). Revenue: €24.8b (up 4.8% from FY 2024). Net income: €1.33b (up 76% from FY 2024). Profit margin: 5.4% (up from 3.2% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Luxury industry in Italy. Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Anuncio • Mar 05
adidas AG announces Annual dividend, payable on May 12, 2026 adidas AG announced Annual dividend of EUR 2.8000 per share payable on May 12, 2026, ex-date on May 08, 2026 and record date on May 11, 2026. Buy Or Sell Opportunity • Mar 02
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.6% to €151. The fair value is estimated to be €191, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.6% over the last 3 years. Earnings per share has grown by 72%. For the next 3 years, revenue is forecast to grow by 6.9% per annum. Earnings are also forecast to grow by 21% per annum over the same time period. Anuncio • Jan 30
adidas AG (XTRA:ADS) announces an Equity Buyback for €1,000 million worth of its shares. adidas AG (XTRA:ADS) announces a share repurchase program. Under the program, the company will repurchase up to €1,000 million worth of its shares. The repurchased shares will be cancelled. The share buyback will be financed through the company’s anticipated strong cash flow generation in 2026. the company intends to cancel the repurchased shares. The program is valid till 2026. New Risk • Jan 23
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Italian stocks, typically moving 5.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • Jan 07
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 16% to €161. The fair value is estimated to be €202, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.6% over the last 3 years. Earnings per share has grown by 72%. For the next 3 years, revenue is forecast to grow by 7.1% per annum. Earnings are also forecast to grow by 19% per annum over the same time period. Reported Earnings • Oct 30
Third quarter 2025 earnings released: EPS: €2.56 (vs €2.44 in 3Q 2024) Third quarter 2025 results: EPS: €2.56 (up from €2.44 in 3Q 2024). Revenue: €6.63b (up 3.0% from 3Q 2024). Net income: €458.0m (up 5.0% from 3Q 2024). Profit margin: 6.9% (up from 6.8% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Luxury industry in Italy. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Anuncio • Oct 17
Perfect Game and Adidas Launch Adizero Impact Shades Cleats Perfect Game has teamed up with global sportswear leader Adidas to launch the PG x Adidas Adizero Impact Shades Cleats, a brand-new, limited-edition design created exclusively for Perfect Game athletes. The launch is the first of many collaborations and activations to come from the partnership between two of the biggest brands in the sport. The PG-exclusive colorway, available in both metal and TPU versions, officially dropped this past weekend at Perfect Game.org and at the 27th Annual WWBA World Championship in Jupiter, Fla., where the cleats sold out within hours on-site. Inspired by one of baseball's most visible accessories - sunglasses - the Adizero Impact Shades Cleat reflects the confidence, flair and individuality of today's top amateur players. A paint-splatter-inspired graphic covers the upper, creating a sense of depth and motion that captures the energy of the game. A sunglass lace jewelry shines on the u-throat, while PG branding on the heel tab and sock liner celebrates the debut of the new Adidas x Perfect Game partnership. In addition to the WWBA launch, the PG x Adidas AdizERO Impact Shades Cleats are now available at Perfect Game Storefronts in Destin, Florida, and Gulf Shores, Alabama, giving athletes and fans more opportunities to experience the new collaboration firsthand. Perfect Game and Adidas will also host cleat testing activations at select Perfect Game events throughout the fall, allowing players to test performance features and experience the innovation behind the design. The partnership underscores Perfect Game's commitment to providing its athletes with access to elite-level equipment and experiences, while continuing to grow the sport's culture through meaningful collaborations with world-class brands. Anuncio • Sep 12
Hibbett and Adidas Unveil "State Fair" Superstar Inspired by Texas Tradition Hibbett and adidas are team up to unveil the "State Fair" Superstar with a limited-edition design inspired by the flavors, vibe and spirit of the State Fair of Texas. With only 1,320 pairs produced, the "State Fair" Super Star is a collab born from the creativity of adidas and the Hibbett employees, who wanted to design something playful and uniquely Texas. The "State Fair" Superstar was designed to invoke feelings and images of the State Fair with unique details like embossing, a Dallas star, Dubrae belt buckle, corndog hit on the inside right shoe, a ferris wheel on the inside right shoe and (of course) a Texas state silhouette on the bottom sole of both shoes. The public will get a first in-person look at the gender-inclusive adult and kid sneakers, during a special community event taking place on September 20, 2025, celebrating the launch. The "State Fair" superstar celebration will take place at theHibbett store located at1441 Robert B. Cullum Blvd., Dallas 75210 from 2pm to 8pm and festivities will include giveaways, Texas-themed cowboy hats, diy bolo ties, county badges, Superstar sneaker mechanical bull-style rides, hoops, ring toss, music, promotions and more, along with "State Fair" Superstar try-ons and availability for purchase. Reported Earnings • Jul 31
Second quarter 2025 earnings released: EPS: €2.04 (vs €1.09 in 2Q 2024) Second quarter 2025 results: EPS: €2.04 (up from €1.09 in 2Q 2024). Revenue: €5.95b (up 2.2% from 2Q 2024). Net income: €363.0m (up 85% from 2Q 2024). Profit margin: 6.1% (up from 3.4% in 2Q 2024). Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Luxury industry in Italy. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Upcoming Dividend • May 09
Upcoming dividend of €2.00 per share Eligible shareholders must have bought the stock before 16 May 2025. Payment date: 20 May 2025. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 1.0%. Lower than top quartile of Italian dividend payers (5.5%). Lower than average of industry peers (2.0%). Reported Earnings • May 02
First quarter 2025 earnings released: EPS: €2.44 (vs €0.96 in 1Q 2024) First quarter 2025 results: EPS: €2.44 (up from €0.96 in 1Q 2024). Revenue: €6.15b (up 13% from 1Q 2024). Net income: €435.0m (up 154% from 1Q 2024). Profit margin: 7.1% (up from 3.1% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Luxury industry in Italy. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Anuncio • Apr 12
New Era Cap, LLC Partners with Adidas to Provide On-Field Caps for NCAA Baseball Teams New Era Cap LLC and adidas have launched a new partnership to provide official on-field caps for three of the nation's top college baseball teams, the Texas A&M Aggies, Arizona State Sun Devils and the University of Miami Hurricanes. Beginning on April 11, athletes for the three NCAA teams will take to the diamond wearing New Era's iconic 59FIFTY fitted caps, with each design featuring the teams' logo on the front of the crown as well as the New Era flag on the side. New Era has designed both home and away caps for each of the three teams, and at select moments in the season, New Era will drop fresh, unexpected cap designs that will bring added fan attention to the three squads. The collaboration launches on-field for athletes in April, with the option to wear either New Era's 59FIFTY or the Low-Profile 59FIFTY. Starting April 11, 2025, the 59FIFTY caps will be made available to fans, and later this month, a full fan collection will be available featuring 9FIFTY Snapback, 9SEVENTY Trucker and 9FORTY A-Frame caps. All fan cap styles available to fans will feature both brands' iconic marks — New Era's flag on the side, adidas' three stripes on the back. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €190, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 13x in the Luxury industry in Italy. Total loss to shareholders of 3.5% over the past three years. Declared Dividend • Apr 03
Dividend increased to €2.00 Dividend of €2.00 is 186% higher than last year. Ex-date: 16th May 2025 Payment date: 20th May 2025 Dividend yield will be 1.0%, which is lower than the industry average of 1.8%. Sustainability & Growth Dividend is well covered by both earnings (47% earnings payout ratio) and cash flows (15% cash payout ratio). The dividend has increased by an average of 2.9% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 98% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Anuncio • Apr 03
adidas AG announces Annual dividend, payable on May 20, 2025 adidas AG announced Annual dividend of EUR 2.0000 per share payable on May 20, 2025, ex-date on May 16, 2025 and record date on May 19, 2025. Anuncio • Apr 02
adidas AG, Annual General Meeting, May 15, 2025 adidas AG, Annual General Meeting, May 15, 2025, at 10:00 W. Europe Standard Time. Reported Earnings • Mar 06
Full year 2024 earnings released: EPS: €4.24 (vs €0.67 loss in FY 2023) Full year 2024 results: EPS: €4.24 (up from €0.67 loss in FY 2023). Revenue: €23.7b (up 11% from FY 2023). Net income: €756.0m (up €875.0m from FY 2023). Profit margin: 3.2% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Luxury industry in Italy. Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Anuncio • Jan 29
adidas AG to Report Fiscal Year 2024 Final Results on Apr 01, 2025 adidas AG announced that they will report fiscal year 2024 final results at 9:00 AM, Central European Standard Time on Apr 01, 2025 Reported Earnings • Oct 29
Third quarter 2024 earnings released: EPS: €2.44 (vs €1.39 in 3Q 2023) Third quarter 2024 results: EPS: €2.44 (up from €1.39 in 3Q 2023). Revenue: €6.44b (up 7.3% from 3Q 2023). Net income: €436.0m (up 75% from 3Q 2023). Profit margin: 6.8% (up from 4.2% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.5% p.a. on average during the next 3 years, compared to a 7.8% growth forecast for the Luxury industry in Italy. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Sep 10
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.7% to €210. The fair value is estimated to be €266, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 8.3% per annum. Earnings are also forecast to grow by 42% per annum over the same time period. Buy Or Sell Opportunity • Aug 05
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.1% to €214. The fair value is estimated to be €268, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 8.2% per annum. Earnings are also forecast to grow by 41% per annum over the same time period. Reported Earnings • Aug 01
Second quarter 2024 earnings released: EPS: €1.09 (vs €0.48 in 2Q 2023) Second quarter 2024 results: EPS: €1.09 (up from €0.48 in 2Q 2023). Revenue: €5.82b (up 9.0% from 2Q 2023). Net income: €196.0m (up 131% from 2Q 2023). Profit margin: 3.4% (up from 1.6% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the Luxury industry in Italy. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 81 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • May 31
Now 20% undervalued Over the last 90 days, the stock has risen 23% to €230. The fair value is estimated to be €289, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 7.9% per annum. Earnings are also forecast to grow by 41% per annum over the same time period. Upcoming Dividend • May 10
Upcoming dividend of €0.70 per share Eligible shareholders must have bought the stock before 17 May 2024. Payment date: 22 May 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 0.3%. Lower than top quartile of Italian dividend payers (5.4%). Lower than average of industry peers (1.7%). Reported Earnings • Apr 30
First quarter 2024 earnings released: EPS: €0.96 (vs €0.18 loss in 1Q 2023) First quarter 2024 results: EPS: €0.96 (up from €0.18 loss in 1Q 2023). Revenue: €5.46b (up 3.5% from 1Q 2023). Net income: €171.0m (up €204.0m from 1Q 2023). Profit margin: 3.1% (up from net loss in 1Q 2023). Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Luxury industry in Italy. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. Anuncio • Apr 18
Adidas AG Provides Earnings Guidance for the Year 2024 adidas AG provided earnings guidance for the year 2024. For the period, the company's operating profit is now expected to reach a level of around €700 million (previously: to reach a level of around €500 million). Declared Dividend • Mar 18
Dividend of €0.70 announced Dividend of €0.70 is the same as last year. Ex-date: 17th May 2024 Payment date: 21st May 2024 Dividend yield will be 0.4%, which is lower than the industry average of 1.8%. Reported Earnings • Mar 18
Full year 2023 earnings released: €0.67 loss per share (vs €1.24 profit in FY 2022) Full year 2023 results: €0.67 loss per share (down from €1.24 profit in FY 2022). Revenue: €21.4b (down 4.8% from FY 2022). Net loss: €119.0m (down 152% from profit in FY 2022). Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Luxury industry in Italy. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 58 percentage points per year, which is a significant difference in performance. New Risk • Mar 04
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.2x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.2x net interest cover). Minor Risk Profit margins are more than 30% lower than last year (0.1% net profit margin). Anuncio • Dec 16
Adidas Announces Management Changes Adidas has named a new executive board member to lead its global HR operations. Michelle Robertson's new appointment is effective January 1, 2024, but she has been leading as the interim global HR head since this summer. Robertson has been with Adidas on and off for more than a decade, most recently as the senior vice president of workplaces and HR. She also has worked in similar roles at Reebok during. Robertson's appointment comes as the company is on the search for a new head of its North America operations, which are headquartered in North Portland. Rupert Campbell, the former director in that role, announced in October he was stepping down two years after he was promoted to the job. When Campbell announced his departure, industry observers said his tenure was filled with challenges and uphill battles. Campbell took over the position at the end of 2021 when former North America President Zion Armstrong announced he would leave to return to his home in New Zealand. U.K. native Campbell most recently led Adidas' Russian-region business, and joined Adidas in 2012 as a retail director. Anuncio • Nov 17
adidas AG, Annual General Meeting, May 16, 2024 adidas AG, Annual General Meeting, May 16, 2024. Reported Earnings • Nov 09
Third quarter 2023 earnings released: EPS: €1.39 (vs €0.34 in 3Q 2022) Third quarter 2023 results: EPS: €1.39 (up from €0.34 in 3Q 2022). Revenue: €6.00b (down 6.4% from 3Q 2022). Net income: €249.0m (up 308% from 3Q 2022). Profit margin: 4.2% (up from 1.0% in 3Q 2022). Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Luxury industry in Italy. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Buying Opportunity • Sep 12
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be €219, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.0% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Aug 06
Second quarter 2023 earnings released: EPS: €0.48 (vs €1.88 in 2Q 2022) Second quarter 2023 results: EPS: €0.48 (down from €1.88 in 2Q 2022). Revenue: €5.34b (down 4.5% from 2Q 2022). Net income: €85.0m (down 75% from 2Q 2022). Profit margin: 1.6% (down from 6.2% in 2Q 2022). Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 9.6% growth forecast for the Luxury industry in Italy. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Anuncio • Jul 12
adidas Announces Resignation of Amanda Rajkumar, Global HR Representative and Executive Board Member adidas announced that after less than three years in the role, Adidas' global HR representative and only female executive board member Amanda Rajkumar has stepped down. Amanda Rajkumar joined Adidas in January 2021 after her predecessor, Karen Parkin, resigned after 23 years at the post. Anuncio • May 10
Adidas to Face Pressure from Union Investment Over Kanye West Findings On May 9, 2023, adidas AG announced that it is facing demands from Union Investment to disclose findings of a probe into its handling of misconduct allegations against Kanye West as shareholder ire over its ill-fated tie-up with its former business partner continues to mount. Union Investment and 20 investors in the Company, would call on the Company to reveal the results of its internal investigation at its annual meeting. Union Investment added that it would urge the Company to disclose the results of the investigation ‘here and now’, stressing that shareholders were entitled to know. Union Investment stated that it would also demand the Company ‘transparently clean up the scandal’. Union Investment stated that, alongside investor Deka, has already said it would not support confidence votes over the performance of the executive board and the supervisory board. Union Investment added that shareholder proxy service Glass Lewis recommended investors not to support the supervisory board. Reported Earnings • May 07
First quarter 2023 earnings released: €0.19 loss per share (vs €1.60 profit in 1Q 2022) First quarter 2023 results: €0.19 loss per share (down from €1.60 profit in 1Q 2022). Revenue: €5.27b (flat on 1Q 2022). Net loss: €33.0m (down 111% from profit in 1Q 2022). Revenue is forecast to grow 8.5% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Luxury industry in Italy. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Upcoming Dividend • May 05
Upcoming dividend of €0.70 per share at 0.4% yield Eligible shareholders must have bought the stock before 12 May 2023. Payment date: 16 May 2023. Payout ratio is a comfortable 56% but the company is not cash flow positive. Trailing yield: 0.4%. Lower than top quartile of Italian dividend payers (5.2%). Lower than average of industry peers (1.5%). Reported Earnings • Mar 10
Full year 2022 earnings released: EPS: €1.24 (vs €7.47 in FY 2021) Full year 2022 results: EPS: €1.24 (down from €7.47 in FY 2021). Revenue: €22.5b (up 6.0% from FY 2021). Net income: €228.0m (down 84% from FY 2021). Profit margin: 1.0% (down from 6.8% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the Luxury industry in Italy. Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 5% per year. Buying Opportunity • Feb 10
Now 27% undervalued Over the last 90 days, the stock is up 1.8%. The fair value is estimated to be €189, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 6.6%. For the next 3 years, revenue is forecast to grow by 4.7% per annum. Earnings is also forecast to grow by 25% per annum over the same time period. Anuncio • Nov 25
adidas AG, Annual General Meeting, May 11, 2023 adidas AG, Annual General Meeting, May 11, 2023. Anuncio • Nov 23
adidas AG to Report Q1, 2023 Results on May 05, 2023 adidas AG announced that they will report Q1, 2023 results on May 05, 2023 Anuncio • Nov 19
adidas AG to Report Fiscal Year 2022 Results on Mar 08, 2023 adidas AG announced that they will report fiscal year 2022 results on Mar 08, 2023 Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: €0.06 (vs €2.35 in 3Q 2021) Third quarter 2022 results: EPS: €0.06 (down from €2.35 in 3Q 2021). Revenue: €6.41b (up 11% from 3Q 2021). Net income: €61.0m (down 87% from 3Q 2021). Profit margin: 1.0% (down from 7.9% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 8.8% growth forecast for the Luxury industry in Italy. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 20% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Nov 08
Investor sentiment improved over the past week After last week's 16% share price gain to €115, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 20x in the Luxury industry in Italy. Total loss to shareholders of 56% over the past three years. Valuation Update With 7 Day Price Move • Oct 25
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €99.94, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 20x in the Luxury industry in Italy. Total loss to shareholders of 63% over the past three years. Buying Opportunity • Oct 12
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 28%. The fair value is estimated to be €141, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 9.0%. For the next 3 years, revenue is forecast to grow by 7.3% per annum. Earnings is also forecast to grow by 18% per annum over the same time period. Buying Opportunity • Sep 22
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 22%. The fair value is estimated to be €168, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 9.0%. For the next 3 years, revenue is forecast to grow by 7.5% per annum. Earnings is also forecast to grow by 17% per annum over the same time period. Reported Earnings • Aug 05
Second quarter 2022 earnings released: EPS: €1.88 (vs €1.93 in 2Q 2021) Second quarter 2022 results: EPS: €1.88 (down from €1.93 in 2Q 2021). Revenue: €5.60b (up 10% from 2Q 2021). Net income: €346.0m (down 8.2% from 2Q 2021). Profit margin: 6.2% (down from 7.4% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 13%, compared to a 13% growth forecast for the industry in Italy. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 13% per year. Buying Opportunity • Jun 07
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be €233, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 2.5% over the last 3 years. Earnings per share has declined by 14%. For the next 3 years, revenue is forecast to grow by 7.9% per annum. Earnings is also forecast to grow by 15% per annum over the same time period. Reported Earnings • May 06
Full year 2021 earnings released: EPS: €7.47 (vs €2.31 in FY 2020) Full year 2021 results: EPS: €7.47 (up from €2.31 in FY 2020). Revenue: €21.2b (up 15% from FY 2020). Net income: €1.45b (up 222% from FY 2020). Profit margin: 6.8% (up from 2.4% in FY 2020). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 13%, compared to a 16% growth forecast for the industry in Italy. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Upcoming Dividend • May 06
Upcoming dividend of €3.30 per share Eligible shareholders must have bought the stock before 13 May 2022. Payment date: 17 May 2022. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of Italian dividend payers (4.8%). Higher than average of industry peers (1.5%). Buying Opportunity • May 05
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 22%. The fair value is estimated to be €236, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 17%. For the next 3 years, revenue is forecast to grow by 8.1% per annum. Earnings is also forecast to grow by 14% per annum over the same time period. Buying Opportunity • Mar 22
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be €268, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 17% per annum over the last 3 years. Reported Earnings • Mar 10
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: €10.90 (up from €2.15 in FY 2020). Revenue: €21.2b (up 7.0% from FY 2020). Net income: €1.45b (up 246% from FY 2020). Profit margin: 6.8% (up from 2.1% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 12%, compared to a 16% growth forecast for the industry in Italy. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment deteriorated over the past week After last week's 15% share price decline to €179, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 20x in the Luxury industry in Italy. Total loss to shareholders of 14% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €274 per share. Buying Opportunity • Feb 24
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 17%. The fair value is estimated to be €264, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 21% per annum over the last 3 years. Reported Earnings • Nov 11
Third quarter 2021 earnings released: EPS €2.35 (vs €2.81 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €5.75b (down 3.6% from 3Q 2020). Net income: €456.0m (down 17% from 3Q 2020). Profit margin: 7.9% (down from 9.2% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Reported Earnings • Aug 06
Second quarter 2021 earnings released: EPS €1.93 (vs €1.45 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €5.08b (up 42% from 2Q 2020). Net income: €377.0m (up €661.0m from 2Q 2020). Profit margin: 7.4% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Reported Earnings • May 09
First quarter 2021 earnings released: EPS €2.59 (vs €0.13 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: €5.27b (up 11% from 1Q 2020). Net income: €506.0m (up €481.0m from 1Q 2020). Profit margin: 9.6% (up from 0.5% in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Upcoming Dividend • May 06
Upcoming dividend of €3.00 per share Eligible shareholders must have bought the stock before 13 May 2021. Payment date: 18 May 2021. Trailing yield: 1.2%. Lower than top quartile of Italian dividend payers (3.9%). Higher than average of industry peers (1.0%). Analyst Estimate Surprise Post Earnings • Mar 14
Revenue beats expectations Revenue exceeded analyst estimates by 0.4%. Over the next year, revenue is forecast to grow 9.4%, compared to a 23% growth forecast for the Luxury industry in Italy. Is New 90 Day High Low • Mar 12
New 90-day high: €300 The company is up 6.0% from its price of €283 on 11 December 2020. The Italian market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €242 per share. 
