adidas Group: Conference call feedback: the best is yet to come!

BUY, Fair Value EUR95 (+13%)

News published on August Friday 9, 2013
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During the conference call, ADS’s management provided some explanations on the soft trends witnessed in the US and in Emerging Europe (mainly Russia) and were confident about the recovery expected in H2 (easier comps, healthy innovation pipeline from Q3). Western Europe is the only region in which the management remains quite cautious for H2. Despite currency swings (we now factor in a negative FX impactof 3.6% vs. 2.9% previously on the FY13 sales growth forecast), we still expect an acceleration in sales and margins growth in H2. Note that in December 2013, ADS will also host an Investors Day in Herzogenaurach to update investors on its “Route 2015” targets.

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