Company Overview - Amer Sports is an international sports equipment group that started with tobacco business and expanded into sports through acquisitions, with two IPOs and one tender offer in its history [3] - The company has gone through four stages: tobacco business (1950-1987), focusing on sports (1988-2004), strengthening global influence (2005-2018), and strategic transformation (2019-present) [3][4] - In 2019, a consortium led by Anta Sports acquired all shares of Amer Sports for €4.6 billion, leading to a restructuring and simplification of the business [4] Brand Portfolio - Amer Sports has a well-established brand matrix covering various high-end outdoor scenarios, with three core brands accounting for about 90% of revenue [6] - The three core brands are Arc'teryx, Salomon, and Wilson, with Q1-Q3 2023 revenues of 950M, and 4.37 billion in 2023, up 23% YoY [22] - Adjusted EBITDA grew 34.9% to 209 million in 2023 from 149.5 billion in 2022, with a projected CAGR of 6% from 2023 to 2028 [32] - Asia is the largest market for sports equipment, with a size of 116.6 billion by 2028 [39] - China has the largest and fastest-growing sports equipment market, with a size of 395.7 billion in 2023, growing 6.3% YoY, with a projected CAGR of 7% from 2024 to 2028 [30] - Increasing per capita spending on sports apparel, rising health awareness post-pandemic, and the trend of athleisure are driving market growth [53] - The global sports market CR10 increased from 39% in 2014 to 45% in 2023, indicating a concentrated and competitive landscape [44] Valuation - Using EV/EBITDA valuation method, the target market cap is $10.1 billion, implying a 26% upside from the current valuation [84] - Comparable companies have an average EV/EBITDA of 16x for 2024, while Amer Sports is currently at 13x [84]
深耕户外运动市场，多品牌发力乘势而上