Group 1 - The stock market rally is perceived as increasingly vulnerable near all-time highs, prompting a recommendation for investors to seek growth opportunities outside the United States [1] - The article highlights the importance of looking beyond large-cap tech names, which are considered to have overripe multiples [1] - Gary Alexander, with extensive experience in technology and startups, provides insights into current industry themes and has been a contributor to Seeking Alpha since 2017 [1]

智通财经APP获悉，华尔街分析师们近期对于勃肯鞋这一足床凉鞋品类的开创者Birkenstock Holding(BIRK.US)看涨情绪愈发浓厚，主要在于该公司最新公布的业绩数据强劲，且特朗普关税政策对 于该公司基本面的负面影响比此前华尔街普遍预期好得多，甚至有分析师高呼该公司投资前景超越运动 品牌耐克与阿迪达斯，是全球最佳鞋类股票之一。 来自华尔街金融巨头瑞银集团(UBS)的股票市场分析师Jay Sole近日将该公司的目标价从76美元上调至77 美元，同时维持对该股的"买入"这一最乐观看涨评级，主要基于勃肯鞋需求增长预期强劲，并且强调特 朗普政府关税重压带来的影响非常短暂且比市场预期要乐观得多。 瑞银分析师的看涨观点出现在"勃肯鞋开创者"Birkenstock 发布其无比强劲的2025财年第三季度(FQ3)业 绩报告之前。截至周二美股收盘，Birkenstock股价收于50.130美元，意味着在瑞银分析师看来该股未来 12个月潜在上行空间高达50%，进而有望迈向新一轮超级牛市，彻底摆脱Birkenstock股价今年以来跌超 10%的萎靡态势。 最新财报数据显示，Birkenstock Holding在FQ3 ...

Company Overview - Proactive is a financial news publisher that provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The company has a team of experienced news journalists who produce independent content across various financial markets [2] Market Focus - Proactive specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - The content includes insights across sectors such as biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Technology Adoption - Proactive is committed to adopting technology to enhance its content creation and workflow processes [4] - The company utilizes automation and software tools, including generative AI, while ensuring that all published content is edited and authored by humans [5]

Analyst's Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or a ...

Financial Data and Key Metrics Changes - The company reported third quarter revenues of $635 million, reflecting a 16% growth in constant currency, within the annual guidance range of 15% to 17% [19] - Reported revenue growth was 12%, with B2B growth outpacing D2C, up 18% in constant currency [19][20] - Gross margin increased by 100 basis points to 60.5%, while adjusted EBITDA margin rose by 140 basis points to 34.4%, marking the best third quarter margin ever [8][22] - Adjusted net profit reached €116 million, a 26% increase year over year, with adjusted EPS rising to €0.62 from €0.49, a 27% increase [23] Business Line Data and Key Metrics Changes - In the Americas, revenue grew by 16% in constant currency, with both B2B and DTC channels showing double-digit growth [14] - EMEA experienced a 13% revenue increase, with B2B outpacing DTC, driven by strong sell-through at retail partners [15] - The APAC region saw a 24% increase in constant currency, with expectations for accelerated growth in the fourth quarter [16] Market Data and Key Metrics Changes - Retail revenue at the top 10 wholesale partners in the U.S. increased by 25%, while in EMEA, it was up 20% [10][11] - The company noted a shift towards in-person shopping, favoring the B2B channel over DTC, with over 90% of B2B growth coming from existing doors [9][20] Company Strategy and Development Direction - The company aims to maintain relative scarcity and manage distribution growth tightly, with plans to reach around 100 stores by the end of the fiscal year [12] - The strategy includes investing in automation, IT, and infrastructure to enhance production capacity and efficiency [32][70] - The company is focused on both B2B and DTC channels, with a commitment to high-quality distribution and full-price realization [46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting growth and profitability objectives despite currency headwinds and tariff impacts [25][27] - The company anticipates that B2B growth will continue to outpace DTC for the fourth quarter and the full year [20][42] - Management highlighted strong demand across all product categories, particularly in emerging youth markets [13] Other Important Information - The company ended the quarter with cash and cash equivalents of €262 million after a share repurchase of €176 million [23][24] - Capital allocation priorities include investing in the business, reducing debt, and opportunistic share buybacks [25] Q&A Session Summary Question: Current demand trends and visibility for fourth quarter acceleration - Management noted exceptional demand in Q3, with capacity constraints being the main issue, and aims for continuous margin improvement as the business scales [31][32] Question: Market response to price increases implemented on July 1 - Management reported no negative impact on demand post-price adjustments, with strong sell-through during the back-to-school season [36][38] Question: Impact of increased EU tariffs on revenue and margins - Management indicated that the effective tariff rate is manageable, with pricing flexibility and other levers to offset impacts [42][44] Question: EMEA growth performance and future expectations - Management acknowledged challenges in capturing full demand due to production capacity but expects a return to mid-high teens growth in EMEA [51][53] Question: Insights on closed toe product growth - Management confirmed a 400 basis point increase in closed toe revenue share, with strong performance across various styles [60][62] Question: Factory expansion plans and supply evolution - Management is on track with factory expansion plans, expecting full absorption by 2026, and is investing in capacity to meet growing demand [70][71] Question: Confidence among wholesale partners - Management noted strong demand from wholesale partners, reflecting consumer behavior and a desire for more product breadth [73][74] Question: DTC business performance and customer trends - Management highlighted strong performance in DTC, with new stores delivering higher ASP and increased transaction values [102][105]

Group 1: Earnings Performance - Birkenstock reported quarterly earnings of $0.7 per share, exceeding the Zacks Consensus Estimate of $0.67 per share, and up from $0.49 per share a year ago, representing an earnings surprise of +4.48% [1] - Over the last four quarters, the company has surpassed consensus EPS estimates four times [2] - The company posted revenues of $720.54 million for the quarter ended June 2025, missing the Zacks Consensus Estimate by 2.56%, compared to year-ago revenues of $564.76 million [2] Group 2: Stock Performance and Outlook - Birkenstock shares have declined approximately 11.4% since the beginning of the year, while the S&P 500 has gained 10% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the coming quarter is $0.41 on revenues of $606.77 million, and for the current fiscal year, it is $1.86 on revenues of $2.44 billion [7] Group 3: Industry Context - The Shoes and Retail Apparel industry, to which Birkenstock belongs, is currently in the top 40% of over 250 Zacks industries, indicating a favorable industry outlook [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact Birkenstock's stock performance [5] - Caleres Inc., another company in the same industry, is expected to report quarterly earnings of $0.51 per share, reflecting a year-over-year change of -40% [9]

Financial Performance - Revenue increased by 12% to €635 million, or 16% on a constant currency basis[11] - DTC (Direct-to-Consumer) revenue increased by 9% to €244 million, or 12% on a constant currency basis[11] - B2B (Business-to-Business) revenue increased by 15% to €390 million, or 18% on a constant currency basis[11] - Gross profit increased by 14% to €384 million, with a gross profit margin of 605%, an increase of 100 basis points[11, 18] - Adjusted EBITDA increased by 17% to €218 million, with an adjusted EBITDA margin of 344%, an increase of 140 basis points[11] - Adjusted net profit increased by 26% to €116 million[11] - Adjusted EPS (Earnings Per Share) increased by 27% to €062[11, 27] Regional Performance - Americas revenue increased by 10%, or 16% on a constant currency basis, to €312 million[14] - EMEA (Europe, Middle East, and Africa) revenue increased by 13%, or 13% on a constant currency basis, to €259 million[14] - APAC (Asia-Pacific) revenue increased by 21%, or 24% on a constant currency basis, to €63 million[14] Cost Management and Balance Sheet - Selling & Distribution Expenses were €163 million, representing 256% of revenue, a decrease of 80 basis points[20] - General & Administrative Expenses were €31 million, representing 49% of revenue, an increase of 40 basis points[20] - Net debt increased by 6% to €1096 million, with net leverage at 17x LTM (Last Twelve Months) Adjusted EBITDA[11, 32] - Inventory-to-sales ratio improved to 33% of LTM revenue[30]

Group 1 - Investors in Birkenstock Holding plc (BIRK) should monitor the stock closely due to significant movements in the options market, particularly the Oct. 17, 2025 $22.5 Call which has high implied volatility [1] - Implied volatility indicates the market's expectation of future price movement, suggesting that investors anticipate a significant change in Birkenstock Holding's stock price, possibly due to an upcoming event [2] - Birkenstock Holding currently holds a Zacks Rank 3 (Hold) in the Shoes and Retail Apparel industry, which is in the bottom 30% of the Zacks Industry Rank, with mixed analyst earnings estimates affecting the consensus estimate for the current quarter [3] Group 2 - The high implied volatility surrounding Birkenstock Holding may indicate a developing trading opportunity, as options traders often seek to sell premium on such options to capture decay, hoping the stock does not move as much as expected by expiration [4]

Core Viewpoint - Birkenstock (BIRK) is positioned well to continue its trend of beating earnings estimates, supported by a strong history of performance in the Zacks Shoes and Retail Apparel industry [1]. Earnings Performance - Birkenstock has consistently surpassed earnings estimates, achieving an average beat of 10.25% over the last two quarters [2]. - In the most recent quarter, the company reported earnings of $0.58 per share, exceeding the Zacks Consensus Estimate of $0.57 per share by 1.75% [3]. - In the previous quarter, Birkenstock's earnings were $0.19 per share against an expectation of $0.16 per share, resulting in a surprise of 18.75% [3]. Earnings Estimates and Predictions - There has been a favorable shift in earnings estimates for Birkenstock, with a positive Zacks Earnings ESP (Expected Surprise Prediction) indicating a strong likelihood of another earnings beat [6]. - Stocks with a positive Earnings ESP and a Zacks Rank of 3 (Hold) or better have a nearly 70% chance of producing a positive surprise [7]. - Birkenstock currently has an Earnings ESP of +0.43%, suggesting analysts are optimistic about the company's earnings prospects [9]. Upcoming Earnings Report - The next earnings report for Birkenstock is expected to be released on August 14, 2025 [9].

BIRKENSTOCK PRESENTATION INVESTOR INFORMATION JUNE 2024 This presentation (the "Presentation") has been prepared by Birkenstock Holding plc ("we," "us," "Birkenstock" or the "Company") and is being furnished solely for use by the recipient in making its own evaluation of the Company and its business, assets, financial condition and prospects. We have filed a registration statement on Form F-1, including a preliminary prospectus, with the Securities and Exchange Commission ("SEC") for a public offering of th ...