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Adidas: Dimmed result due to currency effects

March 5, 2014

Adidas (Buy*) presented a mixed result, which was dimmed mainly by negative currency effects. However, the company intends to propose a dividend in line with expectations (EUR 1.50 vs. consensus 1.52). In 2014, Adidas expects the strong euro to continue to weigh on results. However, from an operational perspective, this year is likely to be successful, in particular, the Soccer World Cup should have a positive influence. Given an intact operational outlook and favorable valuation of the stock, we confirm our rating.

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