Stock price when the opinion was issued
We like AS and think they have some good brands under their umbrella. Arcteryx is driving the growth but they also own Wilson which is a lower growth but staple type of sprts name. There could be some 'fad risk' if the arctryx brand slows down, and discretionary names are not in favour currently either, so an investor can likely be patient on a name like this. Overall, though, trading at 32X forward earnings and with 22% top line growth expected this year with mid-teends for the next few years after, we think AS look fine here. We don't think we would make the comparison to ATZ at this stage. The Arcteryx brand has potential, we just aren't sure it is 'there quite yet.
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They just had a blow-out number in retail numbers in China. They have a diverse revenue stream from various sports.