adidas: Nike’s Q3 results top estimates; bullish FY14 guidance

BUY, Fair Value EUR82 (+5%)

News published on March Friday 22, 2013
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Nike published Q3 13 (December-February) EPS of USD0.73, above consensus ests. (USD0.67) and the order backlog rose 7% FX-neutral, also above consensus of +4.7%. FY14 guidance was rather bullish at the top-line level. The stock rose over 8% after hours. In terms of read-across, Nike’s order backlog and guidance is still supportive of the fact that consensus estimates for adidas sales in 2013 (+6%) seem reasonable (and possibly conservative).

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