Under Armour, Inc.


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SKU: UA Category:


Under Armour produced another decent result and reached the target price from our last report as the management remains focused on delivering high-quality products and experiences to its consumers. The company is looking to drive significant revenues through sharper segmentation, compact inventory management, and consistent customer service. Revenues from their owned and operated stores have been increased meaningfully as a result of the reducing Covid-19 related restrictions in various geographies of the world. The management expects their North American business to grow by more than 20% rate compared to 2020 as a result of its increased direct-to-consumer approach. It is also looking to offer fewer off-price, lower discounts and promotions, and tighter supply constraints, along with their exit of undifferentiated retail to improve their brand-wide profitable in 2022 and beyond. It is worth highlighting that the management recently upgraded their e-commerce site platform to improve their capabilities and functionality to focus on driving more unified shopping experiences for consumers. Overall, we are optimistic about Under Armour but we maintain a ‘Hold’ rating with a revised target price.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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