January 21, 2025 17:18 GMT
CONSUMER CYCLICALS: Adidas; FY24 pre-lim results
CONSUMER CYCLICALS
(A3/A-; Stable)
- FY revenues were up +12% and +11% net of FX.
- Gross margins end at 50.8% (+330bps)
- EBIT ends at €1.3b (5.6% margin)
At a time when once-household German names are struggling, Adidas has stood firm emerging from the woes that Ye, formerly Kanye West, left in his controversy. It started the year guiding to €500m and the stock is +160% from late- 2022 lows.
We hope to see it come and refi its €500m Nov line. Curve generally traded tight/dislocated on a lack of free-float.
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