(News Bulletin 247) – UBS confirms its neutral advice on value and lowers its price target to E133 (vs. E150) after the announcement of 2022 results and 2023 forecasts.
“We believe investors should be prepared for a slower EBIT margin recovery as part of adidas’ turnaround,” UBS said.
adidas expects currency-neutral sales to decline to single digits in 2023. The company’s underlying operating profit is expected to be around break-even.
adidas expects one-off costs of up to €200 million in 2023. The company is expected to post an operating loss of €700 million in 2023.
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