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Under Armour Inc A UAA

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Morningstar’s Analysis

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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Under Armour Continues to Benefit From High Sportswear Demand but Supply Issues Loom; Shares Pricey

David Swartz Equity Analyst

Analyst Note

| David Swartz |

As demand for activewear remains red hot, no-moat Under Armour beat our expectations in 2021’s third quarter. This news was mildly tempered by a warning from the company that the supply chain problems that have plagued the apparel industry and elevated input costs would materially affect its results in 2022’s first half. Regardless, we expect to lift our 2021 full-year forecast and raise our per share fair value estimate of $14.60 by a high single-digit percentage, although we continue to view Under Armour’s shares, up a low teen percentage on the report, as overvalued.

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Company Profile

Business Description

Under Armour develops, markets, and distributes athletic apparel, footwear, and accessories in North America and other territories. Consumers of its apparel include professional and amateur athletes, sponsored college and professional teams, and people with active lifestyles. The company sells merchandise through wholesale and direct-to-consumer channels, including e-commerce and more than 400 total factory house and brand house stores. Under Armour also operates a digital fitness app called MapMyFitness. The Baltimore-based company was founded in 1996.

Contact
1020 Hull Street
Baltimore, MD, 21230
T +1 410 454-6428
Sector Consumer Cyclical
Industry Apparel Manufacturing
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2020
Stock Type Cyclical
Employees 16,600

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