| e9ukzruzxi | Date: Joi, 2014-01-16, 11:37 PM | Message # 1 |
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General
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| An evaluation With International Peers
A few hate most importantly when reading research reports the place two stocks are compared against 1 another as soon as they clearly have different business models and/or are clearly targeting different customers. While Lululemon (LULU) happens to be a semiappropriate benchmark to Under Armour (UA) years ago being successful apparel IPO, it's clear that your two companies have gone their separate directions united continues for the path being a specialty apparel retailer as you move the other has broadened to general sports apparel and footwear. Red Bull and Snapple may both make beverages, but are targeting different customers and still have different business models (I know Snapple is known as a subsidiary, but bear using the analogy).
Before you leave I despise most is automatically comparing an upandcomer considering the leader in the industry without regard to any or all the second players anywhere between. Under Armour has developed their bottom and top lines incredibly well since inception, however revenues continue to be 1/14 of Nike (NKE). To keep into perspective, the 9.7% revenue growth portion of Nike during the past year was greater than your entire annual revenue of Under Armour despite its 38.4% growth. Sports apparel and footwear has two clear global leaders in Nike and Adidas (DE:ADS), but there are a lot of other smaller, but significant players that Under Armour has swept up to but will should clear whether or not really wants to withstand the leaders.
This initial chart supplies snapshot of this revenues of every company for the past Several years in USD and takes into account the result of fx rates. In 2011, Under Armour exceeded the revenues of Li Ning <a href=http://museumhertogsgemaal.nl/img/ugg.html>http://museumhertogsgemaal.nl/img/ugg.html</a> like they had difficulties growing beyond China with a volume of management issues.
Another notable clients are New Balance, which have an estimated $2B revenue in the year 2011, but is private, thus has limited available data.
This second chart shows the revenue growth rates of company within the local currency. Under Armour would be the fastest growing company within its peer group because of a significant margin. You need to realize that Nike and Adidas grew 9.7% and 11.3% respectively during 2011, hence the industry by and large holds growing. The ones might question growth on the importance of earnings ought to understand that Under Armour initial or 2nd in operating margin in comparison with its <a href=http://carwashusa.nl/Dbase/nbshoes.html>ニューバランス 576</a> peers listed <a href=http://museumhertogsgemaal.nl/img/newbalance.html>http://museumhertogsgemaal.nl/img/newbalance.html</a> in charge of the last couple of years, while profit margin has ranged from 2nd to 3rd inside group.
With 94% of revenue still from The us, Under Armour has yet to seriously tap the international market and carry out these competitors at a global scale. And may very wary limit his or her retail offerings, but that will be the tip for international expansion as they simply end up with five specialty stores opened in america alone, but possess created their first in Shanghai, China. They already have certainly taken initiatives to lift European appeal with the sponsorship of the Welsh rugby team and Tottenham Hotspur Soccer club, however it remains seen if those investments will convert into permanent footholds for their respective sports/markets.
To come, the issue intended for Armour being business is whenever they will be unable to right out the US, settle comfortably as a general middleofthepack global brand, or eventually join the leaders of this marketplace.
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