adidas AG: Upgraded To Buy As Management Continues To Deliver And Execute

ilbusca Overview My recommendation for adidas (OTCQX:ADDYY) is a buy rating, as I have gained a lot of confidence in the current management's ability to execute and deliver. Although regional performance on a headline basis seems poor, my view is that they are actually showing very strong signs of improvement that should start to be more apparent in the coming quarters. With growth recovering and a clear path to EBITDA margin expansion, valuation should continue to see support at 18.5x forward EBITDA. Note ...