Adidas Group (1K) | Buy | Operating in a structural growth sector

研报英文原文证据摘录

Adidas Group (1K) | Buy | Operating in a structural growth sector

#TPchange #InDepth

Release date: 09 July 2026

Company research

BuyAdidas Group

Germany | Textile & apparel Beta Profile: MCap: EUR30.9bn

Target Price: EUR231.00 (268.00) Change in TP: -13.8 % Bloomberg: ADS GR Reuters: ADSGn.DE

Current Price: EUR179.15 Change in Sales: -4.3% 26E/-5.3% 27E Free float 85%

Up/downside: 28.9% Change in Adj EBIT: -12.0% 26E/-9.6% 27E Avg. daily volume (EURm) 219.5

YTD abs performance 6.0% Market data: 08 July 2026 Change in Adj. EPS: -13.5% 26E/-8.4% 27E

52-week high/low (EUR) 212.30/130.85

Operating in a structural growth sector Price performance

Why this report?

With this report, we are touching on five topics: 1) We are looking at the

sporting goods sector as a whole, discussing a new Euromonitor study and

depicting the sales development of the top 11 global brands between 2010

and 2025; 2) We are summarising the key sector trends based on the quarterly

releases of the key players; 3) We include a Q2 preview; 4) We are updating

our forecasts and reduce 2026/27/28 sales and EBIT on average by 3% and

7.5%, respectively; 5) Based on the new forecasts and an updated valuation,

we are cutting our target price from EUR268 to EUR231. We reiterate our Buy

rating and keep adidas as our top pick in the Textile & Apparel category. Our

investment case continues to rest on three pillars: 1) sustainable sales and

margin expansion; 2) solid cash generation, which will be used for cash

returns to shareholders; and 3) Nike, Under Armour, and Puma are still in FY to 31/12 (EUR) 12/26E 12/27E 12/28E

repositioning mode, which keeps the window open longer for adidas to Sales 26,300 28,272 30,393

EBITDA adj. 3,644 4,100 4,415

strengthen its market positioning. EBIT adj. 2,453 2,850 3,109