Company Valuation: adidas AG

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 24,827 - -
Change - -49.23% 33.52% 28.58% -28.61% -17.75% - -
Enterprise Value (EV) 1 47,179 27,302 34,430 45,412 34,121 28,820 28,653 28,419
Change - -42.13% 26.11% 31.9% -24.86% -15.53% -0.58% -0.82%
P/E 23.2x 38.2x -438x 55.3x 22.5x 15.3x 12.4x 10.5x
PBR 6.54x 4.56x 7.18x 7.72x 5.23x 4.11x 3.57x 3.3x
PEG - -0.6x 4x -0x 0.3x 0.6x 0.5x 0.6x
Capitalization / Revenue 2.28x 1.09x 1.53x 1.79x 1.22x 0.92x 0.86x 0.8x
EV / Revenue 2.22x 1.21x 1.61x 1.92x 1.38x 1.07x 0.99x 0.91x
EV / EBITDA 15x 13.4x 23.3x 17.8x 10.6x 8.23x 7.06x 6.37x
EV / EBIT 23.8x 40.8x 128x 34x 16.6x 12x 9.86x 8.72x
EV / FCF 18.7x -22.1x 16.2x 19.2x 87.9x 13.5x 11.9x 10.4x
FCF Yield 5.35% -4.53% 6.17% 5.22% 1.14% 7.42% 8.39% 9.58%
Dividend per Share 2 3.3 0.7 0.7 2 2.8 3.558 4.336 5.002
Rate of return 1.3% 0.55% 0.38% 0.84% 1.66% 2.46% 3% 3.46%
EPS 2 10.9 3.34 -0.42 4.28 7.51 9.42 11.69 13.78
Distribution rate 30.3% 21% -167% 46.7% 37.3% 37.8% 37.1% 36.3%
Net sales 1 21,234 22,511 21,427 23,683 24,811 26,946 28,920 31,125
EBITDA 1 3,135 2,044 1,480 2,545 3,210 3,500 4,056 4,459
EBIT 1 1,986 669 268 1,337 2,056 2,407 2,905 3,260
Net income 1 2,116 612 -75 764 1,340 1,624 1,981 2,269
Net Debt 1 -1,333 2,675 1,548 3,132 3,937 3,994 3,827 3,592
Reference price 2 253.20 127.46 184.16 236.80 169.05 144.45 144.45 144.45
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
21.42x1.21x14.54x4.66% 5.35TCr
15.34x1.08x8.15x2.46% 2.86TCr
22.44x2.71x12.38x1.09% 1.82TCr
20.27x2.01x10.08x-.--% 1.01TCr
16.01x0.85x7.97x5.14% 217.48Cr
5.66x0.34x2x7.73% 124.37Cr
7.16x0.35x2.29x7.46% 121.09Cr
6.95x1.21x5.7x11.5% 82Cr
Average 14.41x 1.22x 7.89x 5% 1.45TCr
Weighted average by Cap. 19.46x 1.46x 11.78x 3.27%

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