Dec. 2 at 2:43 PM
$AS Amer Sports: Strong portfolio of premium sports brands with growing profitability and 35.03% upside potential.
Entry Price - 37.03
Target price - 50.00
Position size - 1%
Risk - High
Horizon - 12 months
Growth potential - 35.03%
What's the idea?
1. Activewear demand is stabilizing due to high wardrobe penetration. Additionally, as competition intensifies, the combined market share of the top 15 brands dropped from 46% in 2015 to 37% in 2024, reflecting the rise of challenger brands.
2. In Q3 2025, Amer Sports grew revenue 29.7% YoY to
$1.76 billion, driven by the Outdoor Performance segment (+36% YoY) and robust demand in Asia. Inventory rose 28% YoY, reaching
$1.71 billion, pushing turnover down to 1.78x.
3. Management updated guidance for 2025: revenue growth of 23%–24%, gross margin of ~58%, operating margin of 12.5%–12.7%, and EPS of
$0.88–
$0.92.
