We launch coverage of Amer Sports with a $19 fair value estimate and narrow moat rating. With Amer trading at around $13, we view its shares as undervalued, and we believe the market has yet to fully appreciate its growth story over the next five years.
Favorable revenue mix shifts toward Arc’teryx should lead to further margin expansion.
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.
|
Metric
|
AS
|
NKE
|
MONC
|
|---|---|---|---|
Price/Earnings (Normalized) | — | 20.24 | 23.67 |
Price/Book Value | 1.43 | 7.64 | 4.73 |
Price/Sales | 1.22 | 2.18 | 5.11 |
Price/Cash Flow | 22.17 | 16.92 | 16.13 |
|
Metric
|
AS
|
NKE
|
MONC
|
|---|---|---|---|
Quick Ratio | 0.97 | 1.67 | 1.43 |
Current Ratio | 1.96 | 2.74 | 1.89 |
Interest Coverage | 0.62 | — | 27.57 |
|
Metric
|
AS
|
NKE
|
MONC
|
|---|---|---|---|
Return on Assets (Normalized) | −2.53% | 15.59% | 13.80% |
Return on Equity (Normalized) | −22.02% | 41.17% | 21.72% |
Return on Invested Capital (Normalized) | 2.62% | 21.67% | 17.12% |
|
1-Day Chart
|
Name
|
Price
|
Morningstar Rating for Stocks
|
Capital Allocation
|
Economic Moat
|
Market Cap
|
|---|---|---|---|---|---|---|
| Oriental Land Co Ltd
OLCLF
| — | Xlbsz | $45.7 Bil | |||
| Oriental Land Co Ltd ADR
OLCLY
| — | Zxbq | $45.7 Bil | |||
| ANTA Sports Products Ltd
ANPDF
| — | Mzhqlyl | $25.9 Bil | |||
| ANTA Sports Products Ltd ADR
ANPDY
| — | Vzbkrl | $25.9 Bil | |||
| Carnival PLC
CUKPF
| — | Tgqbtht | $20.6 Bil | |||
| Carnival PLC ADR
CUK
| Sktywsr | Lsmrbb | $20.6 Bil | |||
| Shimano Inc
SHMDF
| — | Rxlh | $13.6 Bil | |||
| Hasbro Inc
HAS
| Qwqfftsnd | Ptnfg | $7.9 Bil | |||
| Mattel Inc
MAT
| Crttpblz | Tyvld | $5.6 Bil |
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