Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's main brand has shown strong revenue growth, with a focus on high-performance running shoes driving this increase. The operational metrics remain stable, and revenue is expected to continue growing steadily. The subsidiary brand, Saucony, has also experienced significant growth, with a projected revenue increase of over 60% for the year [5][6][7]. Financial Summary and Valuation Metrics - Revenue projections for the company are as follows: - 2024E: 13,925 million - 2025E: 15,326 million - 2026E: 16,755 million - Year-over-year growth rates for revenue are expected to be -2.9% in 2024, followed by 10.1% in 2025 and 9.3% in 2026 [8]. - Net profit estimates are: - 2024E: 1,239 million - 2025E: 1,398 million - 2026E: 1,573 million - The projected P/E ratios are 11.0 for 2024, 9.8 for 2025, and 8.7 for 2026, indicating a favorable valuation trend [8].
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