Company Valuation: adidas

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 48,512 24,627 32,882 42,280 30,184 25,949 - -
Change - -49.23% 33.52% 28.58% -28.61% -14.03% - -
Enterprise Value (EV) 1 47,179 27,302 34,430 45,412 34,121 29,874 29,700 29,468
Change - -42.13% 26.11% 31.9% -24.86% -12.45% -0.58% -0.78%
P/E 23.2x 38.2x -438x 55.3x 22.5x 15.5x 12.8x 10.8x
PBR 6.54x 4.56x 7.18x 7.72x 5.23x 4.19x 3.61x 3.29x
PEG - -0.6x 4x -0x 0.3x 0.6x 0.6x 0.6x
Capitalization / Revenue 2.28x 1.09x 1.53x 1.79x 1.22x 0.96x 0.9x 0.83x
EV / Revenue 2.22x 1.21x 1.61x 1.92x 1.38x 1.11x 1.03x 0.95x
EV / EBITDA 15x 13.4x 23.3x 17.8x 10.6x 8.26x 7.23x 6.56x
EV / EBIT 23.8x 40.8x 128x 34x 16.6x 11.9x 10.2x 9.02x
EV / FCF 18.7x -22.1x 16.2x 19.2x 87.9x 13.7x 12.2x 10.7x
FCF Yield 5.35% -4.53% 6.17% 5.22% 1.14% 7.31% 8.19% 9.31%
Dividend per Share 2 3.3 0.7 0.7 2 2.8 3.626 4.396 5.061
Rate of return 1.3% 0.55% 0.38% 0.84% 1.66% 2.43% 2.95% 3.39%
EPS 2 10.9 3.34 -0.42 4.28 7.51 9.6 11.69 13.8
Distribution rate 30.3% 21% -167% 46.7% 37.3% 37.8% 37.6% 36.7%
Net sales 1 21,234 22,511 21,427 23,683 24,811 26,935 28,930 31,116
EBITDA 1 3,135 2,044 1,480 2,545 3,210 3,617 4,108 4,493
EBIT 1 1,986 669 268 1,337 2,056 2,506 2,898 3,268
Net income 1 2,116 612 -75 764 1,340 1,625 1,981 2,273
Net Debt 1 -1,333 2,675 1,548 3,132 3,937 3,925 3,751 3,519
Reference price 2 253.20 127.46 184.16 236.80 169.05 149.15 149.15 149.15
Nbr of stocks (in thousands) 1,91,595 1,93,215 1,78,549 1,78,549 1,78,549 1,73,979 - -
Announcement Date 09/03/22 08/03/23 31/01/24 04/03/25 03/03/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
22.31x1.29x15.07x4.22% 5.7TCr
15.82x1.1x8.26x2.43% 3.02TCr
23.61x2.86x13.14x0.95% 1.94TCr
18.74x1.8x9.03x-.--% 935.47Cr
13.79x0.83x7.78x4.98% 215.05Cr
5.6x0.33x1.96x7.82% 122.88Cr
7.03x0.34x2.24x7.56% 119.55Cr
6.59x1.18x5.42x11.84% 80Cr
Average 14.19x 1.22x 7.86x 4.97% 1.52TCr
Weighted average by Cap. 20.05x 1.50x 12.15x 3.06%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield