Martins, FranciscoGasperotti, Elena2025-02-242025-02-242024-07-012024-01-05http://hdl.handle.net/10362/179660The following Equity Research examines adidas AG, Europe's largest sportswear company, with the aim of providing investors a comprehensive recommendation based on current valuation. The analysis commences with a thorough company overview and a detailed examination of the global sportswear industry, emphasizing adidas' competitive landscape. Identifying key business drivers, including macroeconomic factors, industry growth drivers, and corporate strategy, is integral. Utilizing a Discounted Cash Flow (DCF) valuation model, adidas' equity value is forecasted by geographical segment. The investment thesis centers on the company's potential growth through capitalizing on athleisure, sustainability, and e-commerce trends. The DCF model suggests a fair value of €202 per share, leading to a BUY recommendation given the current share price of €173.engAdidas agSportswear industryDcfMultiples analysismaster thesis203865693