adidas Group: Q3 will hurt more than we initially thought
BUY, Fair Value EUR93 vs. EUR95 (+13%)
adidas Group is updating today all its FY13 objectives because of two key challenges: i) logisitics issues in the setting up of its new distribution centre in Russia, which impacts the quantity of the new products flow into stores (Russia is ~90% retail) and ii) a significant adverse FX impact, which was already highlighted in our MM yesterday. Following this update and our changes in our model, we slightly nudge down our FV to EUR93 vs. EUR95 previously.
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