Under Armour: Underperformer


Under Armour is a bit like ordering Nike on Wish. As the joke goes, you aren’t quite getting what you thought you paid for. The business operates in the apparel market, yet it has struggled to gain proper traction with consumers. The leadership of the group is now in disarray, after the sudden departure of the CEO and the return of the founder to that role. Is Under Armour truly broken, or is this an interesting speculative play?

Under Armour: Underperformer2024-03-20T20:33:26+02:00

Nike: Just Don’t Do It?


Use the podcast player below to listen to our discussion on Nike and its Q2'23 result, which accompanies the detailed write-up below: (Date of report: 5 January 2023) The intersection of sport, music and fashion: Nike is definitely still that business, with all the sports endorsements and cultural influences you would hope for in an apparel brand. Of course, this doesn’t necessarily make it a good investment. Shareholders are looking for cash flows, not signed basketballs. Nike has been trying very hard to convince the market that it is a growth stock. If there’s one thing the last year has revealed, [...]

Nike: Just Don’t Do It?2023-01-04T20:16:23+02:00

Recap: Levi’s and Lululemon


Use the podcast player below to listen to our recap on Levi's and Lululemon's recent results, which accompanies the detailed write-up below: (Date of report: 22 December 2022) They both start with the letter L. They are both retailers. They both sell directly to consumers. There are other similarities too, as we will discover. In this recap show, we update our research on Lululemon and Levi’s, two iconic clothing brands that trade at vastly different valuation multiples. Facing a critical Christmas period with full shelves and consumers under pressure, it’s all to play for. We covered Lululemon back in April (read [...]

Recap: Levi’s and Lululemon2022-12-21T23:52:25+02:00
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