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adidas AG ADR ADDYY

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Morningstar’s Analysis

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5-Star Price

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Economic Moat

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Capital Allocation

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We View Hanesbrands and Anta Sports as Attractive Investments in an Altered Activewear Market

David Swartz Equity Analyst

Analyst Note

| David Swartz |

Demand for activewear is high as the world emerges from the pandemic, and we have identified changes in consumption and production that we expect will shape the industry for years to come. Among these changes are increased casualization in fashion, the acceleration of the shift to e-commerce, and greater interest in connected fitness. While bargains are hard to find in the space, we have identified two undervalued narrow-moat producers in Hanesbrands and Anta Sports Products.

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Company Profile

Business Description

Adidas designs, develops, produces, and markets athletic and leisure apparel, footwear, accessories, and sports equipment. Under its eponymous brand, it produces apparel for competitive athletics, casual activewear, and casual fashion. Its fashion brands include Yeezy, Ivy Park, and Y-3. Adidas sells its products in more than 160 countries through more than 2,400 owned retail stores, 15,000 mono-branded franchise stores, 150,000 wholesale doors, and more than 50 e-commerce sites. The company was founded in 1949 in Germany.

Contact
Adi-Dassler-Strasse 1
Herzogenaurach, BY, 91074, Germany
T +49 9132840
Sector Consumer Cyclical
Industry Footwear & Accessories
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 58,007

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