Amer Sports(AS)

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亚玛芬体育:亚太市场领涨,全球布局成果显著
第一上海证券· 2024-11-22 06:05
Investment Rating - The report assigns a positive investment rating to Amer Sports (AS), highlighting its strong financial performance and market expansion [2] Core Viewpoints - Amer Sports achieved significant financial results in Q3 2024, with EPS of $0.14, exceeding market expectations by $0.04, and revenue of $1.35 billion, surpassing expectations by $52.888 million [2] - Sales grew by 17% in Q3, driven by the flagship brand Arc'teryx, with an adjusted operating margin of 14.4%, well above the market expectation of 12.3% [2] - The company's performance in the Chinese market was particularly strong, with a 56% growth, and a 47% increase in the Asia-Pacific region (excluding China) [2] - Amer Sports raised its full-year revenue growth forecast to 16%-17%, with the Technical Apparel segment expected to grow by 34%, Outdoor Performance by 8%, and Ball & Racquet by 4% [5] - The company expects low to mid-double-digit annual revenue growth and a 30-70 basis point expansion in adjusted operating margin for 2025 [5] Financial Overview - Technical Apparel segment revenue increased by 34% to $520 million, driven by Arc'teryx, with an adjusted operating margin expanding by 370 basis points to 20% [2] - Outdoor Performance segment revenue grew by 8% to $534 million, primarily due to double-digit growth in Salomon footwear and apparel, though the adjusted operating margin decreased by 40 basis points to 17.5% [2] - Ball & Racquet segment revenue increased by 11% to $300 million, with an adjusted operating margin rising by 600 basis points to 6.9% [2] - Direct-to-consumer (DTC) sales grew by 41% year-over-year, while wholesale revenue increased by 8% to $870 million [2] Market Performance - In the EMEA region, revenue grew by 4% to $430 million, while the US market saw a 7% increase to $490 million [2] - Arc'teryx opened 9 new brand stores globally, bringing the total to 134 stores worldwide [2] - Salomon's footwear and apparel continued to show double-digit growth, with strong performance in Greater China and the Asia-Pacific region [2] Business Outlook - Amer Sports expects full-year adjusted EPS to be between $0.43 and $0.45, with an effective tax rate of approximately 37% and net financial costs estimated at $180-$190 million [5] - The company forecasts operating revenue of $5.122 billion for 2024, with a 17.3% year-over-year increase, and net profit of $153 million, a 173.1% increase from the previous year [7] - For 2025, operating revenue is projected to reach $5.825 billion, with a 13.7% increase, and net profit is expected to grow by 104% to $312 million [7]
New Strong Buy Stocks for November 20th
ZACKS· 2024-11-20 12:21
Here are five stocks added to the Zacks Rank #1 (Strong Buy) List today:Astronics Corporation (ATRO) : This aerospace and defense company has seen the Zacks Consensus Estimate for its next year earnings increasing 1.7% over the last 60 days.Amer Sports, Inc. (AS) : This sportswear company has seen the Zacks Consensus Estimate for its current year earnings increasing 2.3% over the last 60 days.Brookfield Asset Management Ltd. (BAM) : This real estate investment company has seen the Zacks Consensus Estimate f ...
Amer Sports(AS) - 2024 Q3 - Quarterly Report
2024-11-19 22:16
| Domicile: | Cayman Islands | | --- | --- | | Address: | Cricket Square, Hutchins Drive | | | P.O. Box 2681 | | | Grand Cayman KY1-1111 | | | Cayman Islands | | Entity registration number: | 358866 | l UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENT OF INCOME AND LOSS AND OTHER COMPREHENSIVE INCOME AND LOSS | | | | Three months ended September 30, | | | | Nine months ended September 30, | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | In millions (except for earnings/(loss) per share | | | ...
Amer Sports(AS) - 2024 Q3 - Earnings Call Transcript
2024-11-19 17:10
Financial Data and Key Metrics Changes - Amer Sports Group achieved 17% sales growth in Q3 2024, with an adjusted operating margin of 14.4%, significantly above expectations [11][41] - Adjusted net income was $71 million in Q3, compared to an adjusted net loss of $13 million in the prior year [45] - Adjusted gross margin increased by 410 basis points to 55.5% in Q3, driven by positive mix shifts and lower discounting [41][44] Business Line Data and Key Metrics Changes - Technical apparel revenue increased by 34% to $520 million, led by Arc'teryx, with DTC growth of 40% [46] - Outdoor performance segment revenues increased by 8% to $534 million, driven by double-digit growth in Salomon footwear and apparel [49] - Ball and racquet revenue increased by 11% to $300 million, with strong trends in racquet sports and performance tennis [52] Market Data and Key Metrics Changes - Greater China saw a remarkable 56% growth, significantly outperforming the market [16][40] - Asia Pacific also experienced strong growth at 47%, while the Americas and EMEA saw improvements to 7% and 4% respectively [40] - Salomon footwear showed strong traction in Greater China and APAC, with a new category of outdoor sneakers resonating well with young consumers [28] Company Strategy and Development Direction - The company is focused on expanding its premium outdoor and sports brands, particularly through innovative products and retail expansion [12][13] - Arc'teryx is positioned as a breakout growth story with a disruptive D2C model and plans for significant retail expansion [13][19] - Salomon aims to increase its market share in the sneaker market, leveraging its unique technical performance position [14][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of the sports and outdoor market, particularly in China, where consumer engagement is high [16][64] - The company anticipates continued strong performance in Q4, driven by robust demand and successful product launches [80] - Management is optimistic about achieving long-term revenue growth in the low double-digit to mid-teens range, supported by ongoing gross margin expansion [60][114] Other Important Information - The company plans to open a net of 30 new Arc'teryx stores in 2024, the highest in a single year [42] - Leadership changes were announced, with Guillaume Meyzenq appointed as President and CEO of Salomon [32][101] - The company is focused on managing debt and improving its tax rate, with expectations for a more normalized rate in the coming years [106] Q&A Session Summary Question: Discussion on the Chinese consumer and opportunities in the region - Management noted that the Chinese consumer is seeking newness, with the sports segment booming and outdoor activities becoming a lifestyle choice [64] Question: Arc'teryx growth drivers and capital allocation priorities - Management highlighted the successful opening of the Broadway store and strong momentum in footwear and women's categories [70][72] Question: Performance versus plan in Q3 across regions at Arc'teryx - Management reported exceeding expectations in all regions and channels, with strong momentum particularly in APAC and China [78] Question: Footwear opportunity and growth in North America - Management emphasized the importance of expanding the footwear business through both DTC and wholesale channels, with a goal of increasing footwear revenue to 20% [90][92] Question: Leadership vision for Salomon and potential for soft goods growth - Management expressed confidence in Guillaume's leadership and outlined strategic priorities for Salomon, including footwear focus and digital platform development [101][102] Question: Tax rate expectations and SG&A investments - Management indicated ongoing efforts to reduce the effective tax rate and maintain flat SG&A leverage relative to sales [106][112]
亚玛芬体育:Amer Sports首次覆盖报告:全球顶尖体育用品集团,二次上市加速发展
国泰君安· 2024-11-13 08:09
Investment Rating - The report assigns an "Overweight" rating to Amer Sports (AS.N) [1][3] Core Views - Amer Sports, under Anta Group's leadership, is accelerating its development through a secondary listing, with Arc'teryx and the Chinese market as key growth drivers [2] - The company has made effective adjustments in channels, products, and management post-Anta acquisition, leveraging the resurgence of the outdoor industry [3] - Revenue CAGR from 2020-2023 was 21%, with net profit turning positive in 2024 [3] - The technical apparel segment, led by Arc'teryx, is the primary growth driver, with a 32.4% CAGR from 2020-2023 [3] - The DTC channel has grown significantly, increasing by 14 percentage points from 2020-2023, with 326 company-owned stores globally by the end of 2023 [3] Financial Summary - Revenue is projected to grow from $4.368 billion in 2023 to $6.453 billion in 2026, with a CAGR of 15.1% [4] - Net income is expected to increase from -$209 million in 2023 to $454 million in 2026 [4] - The PE ratio is forecasted to decline from 51 in 2024 to 22 in 2026, indicating improving profitability [4] Market Performance - The stock price ranged between $10.11 and $18.23 over the past 52 weeks, with a current price of $16.51 [5] - The company has a market capitalization of $8.111 billion with 489 million shares outstanding [5] Business Segments Technical Apparel - Revenue share increased from 28% in 2020 to 36% in 2023, driven by Arc'teryx's strong performance [3][24] - Arc'teryx accounts for 50% of revenue in Greater China, highlighting its importance in the region [3] Outdoor Sports - The segment contributed 38% of total revenue in 2023, with Salomon as the leading brand [3][30] - Salomon's revenue grew by 15.2% CAGR from 2020-2023, reaching $1.668 billion [30] Ball Sports - The segment accounted for 25% of revenue in 2023, with Wilson as the dominant brand [3][46] - Wilson's revenue grew by 18.3% CAGR from 2020-2023, reaching $1.108 billion [46] Geographic Performance - Revenue from Greater China grew by 61% in 2023, contributing 19% of total revenue [3][26] - EMEA and Americas remain core markets, contributing 33% and 40% of revenue respectively in 2023 [3][26] DTC Channel Growth - DTC channel revenue share increased from 21.7% in 2020 to 35.7% in 2023 [3][28] - The company plans to expand its DTC presence, particularly in Greater China, with a focus on Arc'teryx and Salomon [28] Management and Ownership - Anta Group holds a 56% stake in Amer Sports, maintaining its position as the largest shareholder [21] - The management team has extensive experience in the sports industry, with key executives from Adidas, Foot Locker, and Anta Group [20][21]
Amer Sports Up 72% in 3 Months: Is it Too Late to Buy the Stock?
ZACKS· 2024-10-15 15:20
Amer Sports, Inc. (AS) has posted a remarkable 72.4% rally in the past three months, significantly outpacing the industry's 8.9% growth. Image Source: Zacks Investment Research As of Monday, the stock closed at $19.33, just below its 52-week high of $19.73 but well above its 52-week low of $10.11. The company also outperformed other industry players like American Outdoor Brands, Inc. (AOUT) , Academy Sports and Outdoors, Inc. (ASO) and Clarus Corporation (CLAR) , down 2.2%, 5.9% and 30%, respectively, in th ...
Amer Sports Provides Business Update
Prnewswire· 2024-10-09 10:45
Core Insights - Amer Sports' CEO James Zheng and management team engaged with investors and analysts in Shanghai, discussing long-term growth in Greater China and sales performance during Golden Week [1][2] - The company reported over 60% year-over-year revenue growth in Greater China for the Golden Week period, driven by strong sales at brands like Salomon, Wilson, and Arc'teryx [2] - Amer Sports sees significant growth opportunities in the outdoor segment in China, which remains resilient despite economic challenges [2] Company Overview - Amer Sports is a global group of iconic sports and outdoor brands, including Arc'teryx, Salomon, Wilson, Peak Performance, and Atomic, known for premium market positioning and craftsmanship [3][4] - The company employs over 11,400 people globally and aims to be the leader in premium sports and outdoor brands, with operations in over 40 countries and products sold in more than 100 countries [4] - In 2023, Amer Sports generated $4.4 billion in revenue, with shares listed on the New York Stock Exchange [4]
亚玛芬体育:深度报告:以奢以侈,运动不止
国海证券· 2024-09-20 14:40
Investment Rating - Buy (Maintained) [1] Core Views - Amer Sports is a multi-brand sports group with the technical apparel segment leading revenue growth The company has maintained rapid revenue growth since 2020, with 2023 revenue reaching $4 368 billion and a CAGR of 21 3% from 2020 to 2023 The technical apparel segment grew at a CAGR of 32% and is expected to surpass the outdoor performance segment as the main revenue source [4] - The Chinese sports/outdoor market has significant growth potential, with room for penetration in lower-tier cities The global sportswear market reached $395 5 billion in 2023, with a 6 3% YoY growth, and is expected to maintain a growth rate above 6% from 2024 to 2028 The Greater China region is expected to lead in sportswear and footwear market growth with CAGRs of 9 0% and 8 8%, respectively, from 2022 to 2027 [4] - Arc'teryx has a relatively low penetration rate in the luxury consumer segment in China, with penetration rates of 14 2%-20 9% among luxury consumers, indicating significant future market potential [4] - Arc'teryx has developed a "sport-luxury" concept, while Salomon and Wilson have relatively late direct-to-consumer (DTC) expansion in China, targeting high-end commercial areas [4] Market Performance - Amer Sports' stock price has shown significant volatility over the past year, with a 12-month relative performance of 12 16%, underperforming the S&P 500's 28 57% [2] - As of September 19, 2024, Amer Sports' stock price was $15 03, with a 52-week range of $10 11-$18 23 The company has a market cap of $7 357 billion and an average daily trading volume of $21 35 million [3] Revenue and Profitability - Amer Sports' revenue has grown steadily, with a CAGR of 21 3% from 2020 to 2023 The technical apparel segment led the growth with a CAGR of 32%, while the outdoor performance and ball sports segments grew at 15% and 18%, respectively [25] - Despite high debt and interest expenses leading to consecutive years of net losses, the company's gross profit margin has improved, reaching 49 7% in 2023, placing it at the forefront of the industry [34] - The company's DTC channel revenue has grown rapidly, with offline DTC revenue increasing by 66% in 2023, driving overall revenue growth [75] Brand Performance - Arc'teryx and Salomon have shown strong performance, with Arc'teryx's revenue reaching $1 444 billion in 2023, a 52% YoY increase Salomon's revenue grew by 31% YoY in 2023, reaching $1 312 billion [31] - The ball sports segment's revenue growth has slowed, with a CAGR of 18% from 2020 to 2023, compared to the technical apparel segment's 32% growth [25] China Market Strategy - Arc'teryx has implemented a "sport-luxury" strategy in China, closing underperforming stores and focusing on larger, better-located stores to enhance customer experience The brand has also expanded its product matrix to include women's and footwear lines, with women's products accounting for 20% of revenue in 2023 and expected to exceed 40% in the future [75][91] - Salomon and Wilson have relatively late DTC expansion in China, with Salomon opening its first major DTC stores in 2022 and Wilson opening its first Shanghai store in 2023 Both brands are targeting high-end commercial areas [4][86] Product Innovation - Arc'teryx has continuously improved its product technology, with innovations such as the Alpha SV jacket, which has seen a 33% reduction in weight from 2002 to 2016 The brand has also developed the Veilance line, a high-end business segment with prices 2-3 times higher than its mainline products [88][91] - Salomon has introduced multiple innovative technologies, such as Sensifit and Contagrip, which have helped establish its position in the running shoe industry Wilson's innovative products accounted for 15% of its revenue in 2023 [88]
Amer Sports: Solid Demand Momentum
Seeking Alpha· 2024-09-02 16:34
Tara Moore/DigitalVision via Getty Images Investment summary My recommendation for Amer Sports (NYSE:AS) is a buy rating. The solid demand momentum seen in 2Q24 was very encouraging, and I think this momentum can persist for the near term, enabling AS to meet consensus EPS estimates for FY24 and FY25. This should drive a positive multiple re-rating as the market starts to comp AS against peers with lower EPS growth but trades at a higher multiple. Business Overview AS has multiple sports & outdoor brands in ...
亚玛芬体育:大中华区及始祖鸟表现亮眼,上调全年收入指引
天风证券· 2024-08-22 06:41
Investment Rating - The report upgrades the company's rating to "Buy" based on its strong performance and revised earnings forecasts [3][4] Core Views - The company's FY24Q2 revenue reached $990 million, up 18% YoY (constant currency), with adjusted net income of $25 million, a 129% YoY increase [1] - Functional apparel (Arc'teryx etc) grew 38% YoY to $400 million, driven by a 26% increase in Omni-comp channels [1] - Outdoor segment revenue increased 13% YoY to $300 million, with Salomon's soft goods and footwear performing well [1] - Ball & racquet sports segment grew 2% YoY to $280 million, with Wilson brand showing recovery and strong product pipeline for H2 [1] - The company raised its full-year revenue guidance to 15-17% growth (from mid-teens), with OPM expected to reach 10.5-11% [3] Regional Performance - Greater China revenue surged 54% YoY to $290 million in 24Q2 [2] - Asia Pacific (ex-Greater China) grew 45% YoY to $100 million [2] - Americas and EMEA regions both grew 1% YoY to $370 million and $230 million respectively [2] Channel Performance - DTC channel revenue increased 40% YoY to $450 million in 24Q2 [2] - Wholesale channel grew 2% YoY to $550 million [2] Financial Metrics - Adjusted gross margin improved 2 percentage points YoY to 55.8% in 24Q2 [2] - Adjusted OPM increased 0.5 percentage points YoY to 2.9% [2] - Functional apparel OPM improved 1.1 percentage points YoY to 14.2% [2] - Outdoor segment OPM increased 3.8 percentage points YoY to -2.1% [2] - Ball & racquet sports OPM decreased 1.6 percentage points YoY to 1.1% [2] Store Expansion - Functional apparel direct-operated stores increased by 29 to 203 as of June 30, 2024 [2] - Outdoor segment stores grew by 49 to 162 [2] - Ball & racquet sports stores increased by 14 to 26 [2] Future Outlook - Functional apparel expected to grow over 30% in FY24 (up from previous 25% guidance) with OPM slightly above 20% [3] - Outdoor segment projected to grow mid-to-high single digits with high single-digit OPM [3] - Ball & racquet sports expected to grow low-to-mid single digits with low-to-mid single-digit OPM [3] - Q3 2024 guidance: revenue growth of 12-13%, OPM of 11-12%, and gross margin of 54% [3] Earnings Forecast - Revised FY24-26 revenue estimates: $5.1 billion, $5.8 billion, $6.7 billion (up from $5.03 billion, $5.66 billion, $6.38 billion) [3] - Projected net income for FY24-26: $170 million, $320 million, $440 million [3] - Estimated EPS for FY24-26: $0.35, $0.66, $0.90 [3]