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Adidas : Posts 4Q Net Loss, Upgrades Long-Term Profitability Target

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03/14/2018 | 08:10am CEST

By Anthony Shevlin

Adidas AG (ADS.XE) on Wednesday posted a net loss in the fourth quarter due to a one-off negative tax effect, but upgraded its long-term profitability target.

The German sporting-goods company said the net loss for the period was 41 million euros ($50.7 million), compared with a loss of EUR10 million the year prior. Sales for the quarter were up 12% at EUR5.06 billion, driven by a 21% increase in North America, the company said.

Adidas said it will propose a dividend of EUR2.60 a share, compared with a dividend EUR2.00 a share a year prior.

For 2018, the company said it expects currency adjusted revenue growth of 10%. It expects two-digit sales growth in North America and Asia-Pacific, as well as mid one-digit sales growth in western Europe and Latin America, it said.

Adidas also said it expects 2018 gross margin of up to 50.7% and 2018 operative margin of between 10.3% and 10.5%. The company expects 2018 profit from continuing operations of between EUR1.62 billion and EUR1.68 billion.

For the long term, Adidas said it still expects yearly currency adjusted revenue growth of between 10% and 12% between 2015 and 2020. The company also said it expects operating margin of up to 11.5% by 2020, compared with a previous target of 11%.

The company also said late Tuesday that it will initiate a multi-year share buyback program of up to EUR3 billion in total until May 11, 2021. It said the program will start on March 22.

Write to Anthony Shevlin at [email protected]

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Financials (€)
Sales 2018 22 313 M
EBIT 2018 2 356 M
Net income 2018 1 663 M
Finance 2018 539 M
Yield 2018 1,59%
P/E ratio 2018 23,59
P/E ratio 2019 20,18
EV / Sales 2018 1,84x
EV / Sales 2019 1,70x
Capitalization 41 668 M
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Mean consensus OUTPERFORM
Number of Analysts 38
Average target price 221 €
Spread / Average Target 14%
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Managers
NameTitle
Kasper Bo Rørsted Chief Executive Officer
Igor Landau Chairman-Supervisory Board
Harm Ohlmeyer Chief Financial Officer
Willi Schwerdtle Deputy Chairman-Supervisory Board
Wolfgang Jäger Member-Supervisory Board
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