Morningstar

Amer Sports Inc AS

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Stock XNYS Rating as of
$17.21 +0.61 (3.67%)
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As of Delayed Price Closed

Company Report

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Amer Sports Holds a Portfolio of Promise, but Execution Remains Paramount

Ivan Su

While holding a modest 1% global market share in the competitive sportswear and equipment industry, Amer Spots has carved out a strategic niche such as outdoor apparel, hiking footwear, and tennis. Following its acquisition by Anta Sports in 2019, Amer underwent a strategic shift, pivoting away from growth primarily driven by acquisitions and wholesale operations. Instead, the company is now prioritizing the expansion of its product range and a direct-to-consumer approach. This strategic realignment is evident in Amer's increased investment in three core brands: Arc’teryx, Salomon, and Wilson.

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Price vs Fair Value

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AS is trading within a range we consider fairly valued.
Price
$17.21
Fair Value
$68.00
Uncertainty
High
1-Star Price
$76.83
5-Star Price
$28.70
Economic Moat
Cfnmqb
Capital Allocation
Wsbhrxzm

Bulls Say, Bears Say

Bulls

Favorable revenue mix shifts toward Arc’teryx should lead to further margin expansion.

Bears

The sportswear and equipment market is flooding with competitors, many of which have large cash reserves and a strong supply chain for quick product development and geographic expansion, threatening Amer’s long-term market position and profitability.

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Trading Information

Previous Close Price
$16.60
Day Range
$16.79–17.25
52-Week Range
$10.11–18.23
Bid/Ask
$17.02 / $17.19
Market Cap
$8.70 Bil
Volume/Avg
1.2 Mil / 1.5 Mil

Key Statistics

Price/Earnings (Normalized)
—
Price/Sales
1.81
Dividend Yield (Trailing)
0.00%
Dividend Yield (Forward)
0.00%
Total Yield
—

Company Profile

Amer Sports manages a diverse portfolio of 10 outdoor and action sports brands that collectively generated revenue of $4.4 billion in 2023. Although primarily owned by the Chinese conglomerate Anta Sports, Amer operates with a degree of autonomy. In its rapidly expanding China business, the company is subject to closer oversight, but it manages its operations outside of China with relative independence. In 2023, the firm generates 40% of its revenue from the Americas, 33% from Europe, the Middle East, and Africa, 19% from China, and 7% from Asia-Pacific, excluding China.
Sector
Consumer Cyclical
Industry
Leisure
Stock Style Box
Small Growth
Total Number of Employees
11,400
Website
https://www.amersports.com

Competitors

Valuation

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Metric
AS
NKE
LULU
Price/Earnings (Normalized)
 —20.7720.01
Price/Book Value
 2.178.848.30
Price/Sales
 1.812.503.41
Price/Cash Flow
 33.6218.7415.71
Price/Earnings
AS
NKE
LULU

Financial Strength

Metric
AS
NKE
LULU
Quick Ratio
 0.811.511.33
Current Ratio
 1.872.402.43
Interest Coverage
 0.69——
Quick Ratio
AS
NKE
LULU

Profitability

Metric
AS
NKE
LULU
Return on Assets (Normalized)
 −1.40%16.76%26.84%
Return on Equity (Normalized)
 −7.38%44.27%44.88%
Return on Invested Capital (Normalized)
 3.47%23.34%33.51%
Return on Assets
AS
NKE
LULU

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ANPDY
—Rygzm$37.0 Bil
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CUK
TkrnmzlTrgqwv$20.4 Bil
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—Pxrl$15.3 Bil
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