Financials adidas AG

Equities

DE000A1EWWW0

Footwear

Market Closed - Xetra Other stock markets 16:35:09 13/09/2024 BST			5-day change	1st Jan Change
218.50 ^EUR	0.00%		-1.00%	+18.65%

09-10	Key events at Nike under CEO John Donahoe	RE
09-10	Reliance Retail ties up with Israeli innerwear maker Delta Galil for India expansion	RE

Projected Income Statement: adidas AG

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	23,640	19,844	21,234	22,511	21,427	23,078	25,252	27,711
Change	-	-16.06%	7%	6.01%	-4.82%	7.71%	9.42%	9.74%
EBITDA ¹	3,874	2,121	3,135	2,044	1,480	2,352	3,243	4,124
Change	-	-45.25%	47.81%	-34.8%	-27.59%	58.92%	37.89%	27.17%
EBIT ¹	2,660	751	1,986	669	268	1,141	1,987	2,774
Change	-	-71.77%	164.45%	-66.31%	-59.94%	325.7%	74.17%	39.61%
Interest Paid ¹	-102	-175	-134	-137	-203	-220.8	-157.4	-148
Earnings before Tax (EBT) ¹	2,558	575	1,852	388	65	918.5	1,805	2,541
Change	-	-77.52%	222.09%	-79.05%	-83.25%	1,313.06%	96.47%	40.8%
Net income ¹	1,976	432	2,116	612	-75	622.1	1,302	1,865
Change	-	-78.14%	389.81%	-71.08%	-	-	109.35%	43.24%
Announcement Date	11/03/20	10/03/21	09/03/22	08/03/23	31/01/24	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2019 Q3	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2
Net sales ¹	6,410	5,838	4,753	3,579	5,964	5,547	5,268	5,077	5,752	5,137	5,302	5,596	6,408	5,205	5,274	5,343	5,999	4,811	5,458	5,822	6,431	5,376	6,105	6,394	6,872	5,931	6,888	7,127
Change	-	-8.92%	-18.59%	-24.7%	66.64%	-6.99%	-5.03%	-3.63%	13.3%	-10.69%	3.21%	5.55%	14.51%	-18.77%	1.33%	1.31%	12.28%	-19.8%	13.45%	6.67%	10.45%	-16.41%	13.58%	4.73%	7.47%	-13.68%	16.13%	3.47%
EBITDA ¹	1,177	575	399	57	1,144	521	982	822	930	455	804	609	942	-379	341	474	732	-67	609	625	896.1	123.9	802	799	1,144	333	-	-
Change	-	-51.15%	-30.61%	-85.71%	1,907.02%	-54.46%	88.48%	-16.29%	13.14%	-51.08%	76.7%	-24.25%	54.68%	-	-	39%	54.43%	-	-	2.63%	43.38%	-86.17%	547.18%	-0.37%	43.18%	-70.89%	-100%	-
EBIT ¹	897	245	65	-333	794	225	704	543	672	67	437	392	564	-724	60	176	409	-377	336	346	577.4	-90.44	503.2	505.7	681.7	278.7	723.3	723.3
Change	-	-72.69%	-73.47%	-	-	-71.66%	212.89%	-22.87%	23.76%	-90.03%	552.24%	-10.3%	43.88%	-	-	193.33%	132.39%	-	-	2.98%	66.87%	-	-	0.5%	34.8%	-59.11%	159.51%	0%
Charge d'intérêts ¹	-32	-18	-38	-31	-38	-66	-35	-33	-43	-22	-26	-91	-	-11	-41	-52	-84	-38	-91	-43	-20.6	-8.7	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	865	227	27	-364	755	157	669	510	629	-	411	-	411	-	32	123	326	-415	245	304	447	-110	-	-	-	-	-	-
Change	-	-73.76%	-88.11%	-	-	-79.21%	326.11%	-23.77%	23.33%	-100%	-	-100%	-	-100%	-	284.38%	165.04%	-	-	24.08%	47.04%	-	100%	-	-	-	-	-
Net income ¹	646	167	31	-295	546	150	558	397	960	201	482	294	347	-512	-39	84	259	-379	170	190	330	-93	-	-	-	-	-	-
Change	-	-74.15%	-81.44%	-	-	-72.53%	272%	-28.85%	141.81%	-79.06%	139.8%	-39%	18.03%	-	-92.38%	-	208.33%	-	-	11.76%	73.68%	-	100%	-	-	-	-	-
Announcement Date	06/11/19	11/03/20	27/04/20	06/08/20	10/11/20	10/03/21	07/05/21	05/08/21	10/11/21	09/03/22	06/05/22	04/08/22	09/11/22	08/03/23	05/05/23	24/07/23	08/11/23	31/01/24	17/04/24	16/07/24	-	-	-	-	-	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2020 S1	2020 S2	2021 S1	2021 S2	2023 S1	2023 S2	2024 S1
Net sales ¹	8,332	11,512	10,345	10,889	10,617	10,810	11,280
Change	-	38.17%	-10.14%	5.26%	-2.5%	1.82%	4.35%
EBITDA	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-
EBIT ¹	-268	-	1,248	738	236	32	682
Change	-	-100%	-	-40.87%	-68.02%	-86.44%	2,031.25%
Charge d'intérêts	-70	-	-69	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-
Net income	-	-	955	1,161	45	-120	-
Change	-	-	-	21.57%	-96.12%	-	-100%
Announcement Date	06/08/20	10/03/21	05/08/21	09/03/22	24/07/23	31/01/24	16/07/24

¹EUR in Million

Estimates

Forecast Balance Sheet: adidas AG

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,714	1,194	-1,333	2,675	1,548	3,830	3,094	2,199
Change	-	-30.34%	-211.64%	100.68%	-42.13%	147.42%	-19.22%	-28.93%
Announcement Date	11/03/20	10/03/21	09/03/22	08/03/23	31/01/24	-	-	-

¹EUR in Million

Estimates

Cash Flow Forecast: adidas AG

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	598	379	667	695	504	586.5	673.4	702.1
Change	-	-36.62%	75.99%	4.2%	-27.48%	16.38%	14.8%	4.27%
Free Cash Flow (FCF) ¹	2,221	1,107	2,525	-1,238	2,126	1,245	1,692	2,232
Change	-	-50.16%	128.09%	-149.03%	-271.73%	-41.45%	35.93%	31.92%
Announcement Date	11/03/20	10/03/21	09/03/22	08/03/23	31/01/24	-	-	-

¹EUR in Million

Estimates

Forecast Financial Ratios: adidas AG

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	16.39%	10.69%	14.76%	9.08%	6.91%	10.19%	12.84%	14.88%
EBIT Margin (%)	11.25%	3.78%	9.35%	2.97%	1.25%	4.94%	7.87%	10.01%
EBT Margin (%)	10.82%	2.9%	8.72%	1.72%	0.3%	3.98%	7.15%	9.17%
Net margin (%)	8.36%	2.18%	9.97%	2.72%	-0.35%	2.7%	5.16%	6.73%
FCF margin (%)	9.4%	5.58%	11.89%	-5.5%	9.92%	5.39%	6.7%	8.05%
FCF / Net Income (%)	112.4%	256.25%	119.33%	-202.29%	-2,834.67%	200.09%	129.92%	119.65%
Profitability
ROA	10.89%	2.07%	9.8%	2.88%	-0.39%	3.3%	6.93%	9.18%
ROE	30%	6.52%	30.29%	9.78%	-1.57%	13.54%	24.72%	29.48%
Financial Health
Leverage (Debt/EBITDA)	0.44x	0.56x	-	1.31x	1.05x	1.63x	0.95x	0.53x
Debt / Free cash flow	0.77x	1.08x	-	-2.16x	0.73x	3.08x	1.83x	0.99x
Capital Intensity
CAPEX / Current Assets (%)	2.53%	1.91%	3.14%	3.09%	2.35%	2.54%	2.67%	2.53%
CAPEX / EBITDA (%)	15.44%	17.87%	21.28%	34%	34.05%	24.94%	20.76%	17.02%
CAPEX / FCF (%)	26.92%	34.24%	26.42%	-56.14%	23.71%	47.12%	39.8%	31.46%
Items per share
Cash flow per share ¹	14.27	7.614	16.44	-2.963	14.73	12.47	15.05	19.43
Change	-	-46.62%	115.89%	-118.02%	-597.12%	-15.36%	20.71%	29.1%
Dividend per Share ¹	3.85	3	3.3	0.7	0.7	1.257	2.798	4.278
Change	-	-22.08%	10%	-78.79%	0%	79.55%	122.61%	52.92%
Book Value Per Share ¹	34.68	33.09	38.72	27.96	25.65	28.99	35.04	43.28
Change	-	-4.59%	17.03%	-27.81%	-8.24%	13.03%	20.86%	23.5%
EPS ¹	10	2.21	10.9	3.34	-0.42	3.455	7.283	10.47
Change	-	-77.9%	393.21%	-69.36%	-112.57%	-922.72%	110.76%	43.75%
Nbr of stocks (in thousands)	196,175	195,033	191,595	193,215	178,549	178,549	178,549	178,549
Announcement Date	11/03/20	10/03/21	09/03/22	08/03/23	31/01/24	-	-	-