Financials Nike CINNOBER BOAT

Equities

0QZ6

US6541061031

Footwear

Real-time Estimate Cboe BZX Other stock markets 04:35:01 17/05/2024 pm IST			5-day change	1st Jan Change
92.86 ^USD	0.00%		0.00%	0.00%

07:00am	The Dow's climb to a record 40,000 points	RE
15/05	Nike Insider Sold Shares Worth $15,682,727, According to a Recent SEC Filing	MT

Valuation

Fiscal Period: May	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,21,245	1,53,295	2,15,602	1,87,042	1,61,783	1,38,514	-	-
Enterprise Value (EV) ¹	1,20,061	1,54,610	2,11,541	1,83,475	1,60,041	1,36,253	1,36,159	1,35,755
P/E ratio	31 x	61.6 x	38.3 x	31.7 x	32.6 x	25.5 x	23.1 x	20.5 x
Yield	1.11%	0.97%	0.78%	1%	1.26%	1.55%	1.66%	1.8%
Capitalization / Revenue	3.1 x	4.1 x	4.84 x	4 x	3.16 x	2.68 x	2.63 x	2.48 x
EV / Revenue	3.07 x	4.13 x	4.75 x	3.93 x	3.12 x	2.64 x	2.59 x	2.43 x
EV / EBITDA	21.9 x	36.5 x	27.5 x	24.8 x	23.6 x	18.7 x	17.2 x	15.4 x
EV / FCF	25.1 x	111 x	35.5 x	41.4 x	32.8 x	24.1 x	25.1 x	25.2 x
FCF Yield	3.98%	0.9%	2.82%	2.41%	3.04%	4.14%	3.98%	3.97%
Price to Book	13.8 x	19.5 x	16.9 x	12.3 x	11.5 x	10.3 x	10.3 x	9.59 x
Nbr of stocks (in thousands)	15,71,750	15,55,035	15,79,967	15,73,767	15,36,989	15,09,359	-	-
Reference price ²	77.14	98.58	136.5	118.8	105.3	91.77	91.77	91.77
Announcement Date	27/06/19	25/06/20	24/06/21	27/06/22	29/06/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: May	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	39,117	37,403	44,538	46,710	51,217	51,676	52,625	55,924
EBITDA ¹	5,477	4,234	7,681	7,392	6,774	7,295	7,915	8,825
EBIT ¹	4,772	3,115	6,937	6,675	5,915	6,481	7,052	7,899
Operating Margin	12.2%	8.33%	15.58%	14.29%	11.55%	12.54%	13.4%	14.12%
Earnings before Tax (EBT) ¹	4,801	2,887	6,661	6,651	6,201	6,630	7,245	8,091
Net income ¹	4,029	2,539	5,727	6,046	5,070	5,524	5,967	6,627
Net margin	10.3%	6.79%	12.86%	12.94%	9.9%	10.69%	11.34%	11.85%
EPS ²	2.490	1.600	3.560	3.750	3.230	3.600	3.976	4.479
Free Cash Flow ¹	4,784	1,399	5,962	4,430	4,872	5,643	5,417	5,385
FCF margin	12.23%	3.74%	13.39%	9.48%	9.51%	10.92%	10.29%	9.63%
FCF Conversion (EBITDA)	87.35%	33.04%	77.62%	59.93%	71.92%	77.35%	68.43%	61.02%
FCF Conversion (Net income)	118.74%	55.1%	104.1%	73.27%	96.09%	102.16%	90.78%	81.25%
Dividend per Share ²	0.8600	0.9550	1.070	1.190	1.325	1.427	1.528	1.649
Announcement Date	27/06/19	25/06/20	24/06/21	27/06/22	29/06/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: May	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	11,357	10,871	12,234	12,687	13,315	12,390	12,825	12,939	13,388	12,429	12,886	12,640	13,263	12,892	13,543
EBITDA ¹	1,638	1,812	1,647	1,864	1,760	1,586	1,457	1,790	2,023	1,543	1,776	1,756	2,073	2,058	1,983
EBIT ¹	1,454	1,629	1,468	1,695	1,587	1,412	1,221	1,604	1,825	1,336	1,555	1,530	1,832	1,823	1,761
Operating Margin	12.8%	14.98%	12%	13.36%	11.92%	11.4%	9.52%	12.4%	13.63%	10.75%	12.07%	12.1%	13.82%	14.14%	13%
Earnings before Tax (EBT) ¹	1,501	1,670	1,374	1,828	1,650	1,477	1,246	1,648	1,922	1,404	1,616	1,560	1,875	1,841	1,785
Net income ¹	1,337	1,396	1,439	1,468	1,331	1,240	1,031	1,450	1,578	1,172	1,300	1,304	1,547	1,535	1,463
Net margin	11.77%	12.84%	11.76%	11.57%	10%	10.01%	8.04%	11.21%	11.79%	9.43%	10.08%	10.32%	11.67%	11.91%	10.8%
EPS ²	0.8300	0.8700	0.9000	0.9300	0.8500	0.7900	0.6600	0.9400	1.030	0.7700	0.8458	0.8544	1.037	1.033	0.9874
Dividend per Share ²	0.3050	0.3050	0.3050	0.3050	0.3400	0.3400	0.3400	0.3400	0.3700	0.3700	0.3659	0.3772	0.3872	0.4012	0.4012
Announcement Date	20/12/21	21/03/22	27/06/22	29/09/22	20/12/22	21/03/23	29/06/23	28/09/23	21/12/23	21/03/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: May	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	1,315	-	-	-	-	-	-
Net Cash position ¹	1,184	-	4,061	3,567	1,742	2,260	2,355	2,759
Leverage (Debt/EBITDA)	-	0.3106 x	-	-	-	-	-	-
Free Cash Flow ¹	4,784	1,399	5,962	4,430	4,872	5,643	5,417	5,385
ROE (net income / shareholders' equity)	42.7%	29.7%	55%	43.1%	34.6%	40.1%	42.6%	46.7%
ROA (Net income/ Total Assets)	17.4%	9.22%	16.6%	15.5%	13%	14.9%	16.3%	18.2%
Assets ¹	23,126	27,530	34,541	39,006	38,926	36,969	36,672	36,383
Book Value Per Share ²	5.590	5.060	8.090	9.680	9.140	8.890	8.870	9.570
Cash Flow per Share ²	3.650	1.560	4.140	3.220	3.720	4.630	4.590	5.080
Capex ¹	1,119	1,086	695	758	969	1,161	1,273	1,346
Capex / Sales	2.86%	2.9%	1.56%	1.62%	1.89%	2.25%	2.42%	2.41%
Announcement Date	27/06/19	25/06/20	24/06/21	27/06/22	29/06/23	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Nike

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

91.77 USD

Average target price

111.3 USD

Spread / Average Target

+21.23%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Sports & Outdoor Footwear

	1st Jan change	Capi.
ON HOLDING AG	+35.85%	11.68B
ASICS CORPORATION	+84.43%	9.63B
FENG TAY ENTERPRISES CO., LTD.	-10.00%	4.84B
KINGNET NETWORK CO., LTD.	+2.86%	3.37B
XTEP INTERNATIONAL HOLDINGS LIMITED	+34.24%	1.9B
361 DEGREES INTERNATIONAL LIMITED	+36.02%	1.22B
VULCABRAS S.A.	-21.25%	847M
FULGENT SUN INTERNATIONAL (HOLDING) CO., LTD.	-3.37%	763M
HWASEUNG ENTERPRISE CO., LTD.	+17.79%	450M

Sports & Outdoor Footwear