adidas AG ADR
ADDYY: PINX (USA)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
$15.00 | Gxxdwtn | Hydscqks |
Adidas: Preliminary Results Reflect Yeezy Sales and Improved Profitability; Shares Fairly Valued
Narrow-moat Adidas released preliminary third-quarter results that imply higher profitability than we had forecast. After incorporating the announcement into our model, we have revised our fair value estimates to EUR 172/$90 from EUR 170/$93. The reduction in our fair value estimate on Adidas’ ADRs is attributable to the roughly 4% deprecation of the euro versus the U.S. dollar since our last update. The firm will release full results on Nov. 8.