Intrinsic value of Under Armour Cl C - UA

Previous Close

$19.79

  Intrinsic Value

$7.18

stock screener

  Rating & Target

str. sell

-64%

Previous close

$19.79

 
Intrinsic value

$7.18

 
Up/down potential

-64%

 
Rating

str. sell

We calculate the intrinsic value of UA stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 8.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  3.10
  3.29
  3.46
  3.61
  3.75
  3.88
  3.99
  4.09
  4.18
  4.26
  4.34
  4.40
  4.46
  4.52
  4.57
  4.61
  4.65
  4.68
  4.71
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
Revenue, $m
  5,131
  5,300
  5,484
  5,682
  5,895
  6,124
  6,368
  6,629
  6,906
  7,200
  7,512
  7,843
  8,193
  8,564
  8,954
  9,367
  9,803
  10,262
  10,745
  11,255
  11,792
  12,357
  12,952
  13,577
  14,236
  14,928
  15,656
  16,422
  17,226
  18,072
Variable operating expenses, $m
  4,683
  4,835
  5,000
  5,179
  5,371
  5,577
  5,797
  6,032
  6,282
  6,547
  6,768
  7,066
  7,381
  7,715
  8,067
  8,439
  8,831
  9,245
  9,680
  10,140
  10,623
  11,132
  11,668
  12,232
  12,825
  13,448
  14,104
  14,794
  15,519
  16,281
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  4,683
  4,835
  5,000
  5,179
  5,371
  5,577
  5,797
  6,032
  6,282
  6,547
  6,768
  7,066
  7,381
  7,715
  8,067
  8,439
  8,831
  9,245
  9,680
  10,140
  10,623
  11,132
  11,668
  12,232
  12,825
  13,448
  14,104
  14,794
  15,519
  16,281
Operating income, $m
  448
  465
  483
  503
  524
  547
  571
  597
  624
  653
  745
  777
  812
  849
  888
  928
  972
  1,017
  1,065
  1,116
  1,169
  1,225
  1,284
  1,346
  1,411
  1,480
  1,552
  1,628
  1,707
  1,791
EBITDA, $m
  659
  681
  704
  730
  757
  786
  818
  851
  887
  925
  965
  1,007
  1,052
  1,100
  1,150
  1,203
  1,259
  1,318
  1,380
  1,445
  1,514
  1,587
  1,663
  1,744
  1,828
  1,917
  2,010
  2,109
  2,212
  2,321
Interest expense (income), $m
  21
  50
  53
  57
  60
  65
  69
  74
  80
  85
  91
  97
  104
  111
  119
  127
  135
  144
  154
  163
  174
  185
  196
  209
  222
  235
  249
  264
  280
  296
  314
Earnings before tax, $m
  399
  412
  427
  442
  459
  477
  497
  517
  539
  562
  647
  673
  701
  730
  761
  793
  827
  863
  902
  942
  984
  1,028
  1,075
  1,124
  1,176
  1,230
  1,288
  1,348
  1,411
  1,478
Tax expense, $m
  108
  111
  115
  119
  124
  129
  134
  140
  146
  152
  175
  182
  189
  197
  205
  214
  223
  233
  243
  254
  266
  278
  290
  304
  318
  332
  348
  364
  381
  399
Net income, $m
  291
  301
  311
  323
  335
  348
  363
  378
  393
  410
  472
  491
  512
  533
  555
  579
  604
  630
  658
  687
  718
  751
  785
  821
  858
  898
  940
  984
  1,030
  1,079

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  4,131
  4,267
  4,415
  4,575
  4,746
  4,930
  5,127
  5,337
  5,560
  5,797
  6,049
  6,315
  6,597
  6,895
  7,210
  7,542
  7,893
  8,262
  8,652
  9,062
  9,494
  9,949
  10,428
  10,932
  11,462
  12,019
  12,606
  13,222
  13,870
  14,551
Adjusted assets (=assets-cash), $m
  4,131
  4,267
  4,415
  4,575
  4,746
  4,930
  5,127
  5,337
  5,560
  5,797
  6,049
  6,315
  6,597
  6,895
  7,210
  7,542
  7,893
  8,262
  8,652
  9,062
  9,494
  9,949
  10,428
  10,932
  11,462
  12,019
  12,606
  13,222
  13,870
  14,551
Revenue / Adjusted assets
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
Average production assets, $m
  1,503
  1,553
  1,607
  1,665
  1,727
  1,794
  1,866
  1,942
  2,023
  2,110
  2,201
  2,298
  2,401
  2,509
  2,624
  2,745
  2,872
  3,007
  3,148
  3,298
  3,455
  3,621
  3,795
  3,978
  4,171
  4,374
  4,587
  4,812
  5,047
  5,295
Working capital, $m
  616
  636
  658
  682
  707
  735
  764
  795
  829
  864
  901
  941
  983
  1,028
  1,075
  1,124
  1,176
  1,231
  1,289
  1,351
  1,415
  1,483
  1,554
  1,629
  1,708
  1,791
  1,879
  1,971
  2,067
  2,169
Total debt, $m
  979
  1,046
  1,120
  1,199
  1,284
  1,375
  1,473
  1,577
  1,688
  1,805
  1,930
  2,062
  2,202
  2,350
  2,506
  2,671
  2,844
  3,028
  3,221
  3,424
  3,639
  3,864
  4,102
  4,352
  4,615
  4,891
  5,182
  5,488
  5,809
  6,147
Total liabilities, $m
  2,049
  2,117
  2,190
  2,269
  2,354
  2,446
  2,543
  2,647
  2,758
  2,875
  3,000
  3,132
  3,272
  3,420
  3,576
  3,741
  3,915
  4,098
  4,291
  4,495
  4,709
  4,935
  5,172
  5,422
  5,685
  5,962
  6,252
  6,558
  6,879
  7,217
Total equity, $m
  2,082
  2,151
  2,225
  2,306
  2,392
  2,485
  2,584
  2,690
  2,802
  2,922
  3,049
  3,183
  3,325
  3,475
  3,634
  3,801
  3,978
  4,164
  4,360
  4,567
  4,785
  5,014
  5,256
  5,510
  5,777
  6,058
  6,353
  6,664
  6,990
  7,334
Total liabilities and equity, $m
  4,131
  4,268
  4,415
  4,575
  4,746
  4,931
  5,127
  5,337
  5,560
  5,797
  6,049
  6,315
  6,597
  6,895
  7,210
  7,542
  7,893
  8,262
  8,651
  9,062
  9,494
  9,949
  10,428
  10,932
  11,462
  12,020
  12,605
  13,222
  13,869
  14,551
Debt-to-equity ratio
  0.470
  0.490
  0.500
  0.520
  0.540
  0.550
  0.570
  0.590
  0.600
  0.620
  0.630
  0.650
  0.660
  0.680
  0.690
  0.700
  0.720
  0.730
  0.740
  0.750
  0.760
  0.770
  0.780
  0.790
  0.800
  0.810
  0.820
  0.820
  0.830
  0.840
Adjusted equity ratio
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  291
  301
  311
  323
  335
  348
  363
  378
  393
  410
  472
  491
  512
  533
  555
  579
  604
  630
  658
  687
  718
  751
  785
  821
  858
  898
  940
  984
  1,030
  1,079
Depreciation, amort., depletion, $m
  211
  216
  221
  227
  233
  240
  247
  255
  263
  271
  220
  230
  240
  251
  262
  274
  287
  301
  315
  330
  346
  362
  379
  398
  417
  437
  459
  481
  505
  530
Funds from operations, $m
  502
  516
  532
  550
  568
  588
  609
  632
  656
  682
  693
  721
  752
  784
  818
  853
  891
  931
  973
  1,017
  1,064
  1,113
  1,164
  1,219
  1,276
  1,336
  1,399
  1,465
  1,535
  1,608
Change in working capital, $m
  19
  20
  22
  24
  26
  27
  29
  31
  33
  35
  37
  40
  42
  44
  47
  50
  52
  55
  58
  61
  64
  68
  71
  75
  79
  83
  87
  92
  97
  102
Cash from operations, $m
  483
  496
  510
  526
  543
  561
  580
  601
  623
  646
  655
  682
  710
  739
  771
  804
  839
  876
  915
  956
  999
  1,045
  1,093
  1,143
  1,197
  1,253
  1,311
  1,373
  1,438
  1,507
Maintenance CAPEX, $m
  -146
  -150
  -155
  -161
  -166
  -173
  -179
  -187
  -194
  -202
  -211
  -220
  -230
  -240
  -251
  -262
  -274
  -287
  -301
  -315
  -330
  -346
  -362
  -379
  -398
  -417
  -437
  -459
  -481
  -505
New CAPEX, $m
  -43
  -49
  -54
  -58
  -62
  -67
  -72
  -76
  -81
  -86
  -92
  -97
  -103
  -108
  -115
  -121
  -128
  -135
  -142
  -149
  -157
  -166
  -174
  -183
  -193
  -203
  -213
  -224
  -236
  -248
Cash from investing activities, $m
  -189
  -199
  -209
  -219
  -228
  -240
  -251
  -263
  -275
  -288
  -303
  -317
  -333
  -348
  -366
  -383
  -402
  -422
  -443
  -464
  -487
  -512
  -536
  -562
  -591
  -620
  -650
  -683
  -717
  -753
Free cash flow, $m
  294
  296
  301
  307
  314
  321
  329
  338
  347
  358
  353
  364
  377
  391
  405
  421
  437
  454
  472
  492
  512
  534
  557
  581
  606
  633
  661
  690
  721
  754
Issuance/(repayment) of debt, $m
  62
  67
  73
  79
  85
  91
  98
  104
  111
  118
  125
  132
  140
  148
  156
  165
  174
  183
  193
  204
  214
  226
  238
  250
  263
  277
  291
  306
  321
  338
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  62
  67
  73
  79
  85
  91
  98
  104
  111
  118
  125
  132
  140
  148
  156
  165
  174
  183
  193
  204
  214
  226
  238
  250
  263
  277
  291
  306
  321
  338
Total cash flow (excl. dividends), $m
  356
  364
  375
  386
  399
  412
  427
  442
  458
  475
  477
  497
  517
  539
  561
  585
  611
  638
  666
  695
  727
  759
  794
  830
  869
  909
  951
  996
  1,043
  1,092
Retained Cash Flow (-), $m
  -63
  -69
  -74
  -80
  -87
  -93
  -99
  -106
  -112
  -119
  -127
  -134
  -142
  -150
  -159
  -167
  -177
  -186
  -196
  -207
  -218
  -229
  -241
  -254
  -267
  -281
  -295
  -311
  -327
  -343
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  40
  41
  42
  44
  45
  47
  49
  51
  53
  55
  58
  60
  63
  66
  69
  72
  75
  78
  82
  86
  90
  94
  99
  104
  109
  114
  119
  125
  131
  138
Cash available for distribution, $m
  293
  295
  300
  306
  312
  320
  327
  336
  346
  356
  351
  362
  375
  388
  403
  418
  434
  451
  469
  489
  509
  530
  553
  577
  602
  628
  656
  685
  716
  749
Discount rate, %
  5.40
  5.67
  5.95
  6.25
  6.56
  6.89
  7.24
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.18
  10.69
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.04
  15.80
  16.59
  17.42
  18.29
  19.20
  20.16
  21.17
  22.23
PV of cash for distribution, $m
  278
  264
  252
  240
  227
  214
  201
  187
  173
  159
  139
  126
  113
  100
  88
  76
  65
  55
  46
  38
  31
  24
  19
  14
  11
  8
  6
  4
  3
  2
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Under Armour, Inc. is engaged in the development, marketing and distribution of branded performance apparel, footwear and accessories for men, women and youth. The Company's segments include North America, consisting of the United States and Canada; Europe, the Middle East and Africa (EMEA); Asia-Pacific; Latin America, and Connected Fitness. Its products are sold across the world and worn by athletes at all levels, from youth to professional, on playing fields around the globe, as well as by consumers with active lifestyles. The Company sells its branded apparel, footwear and accessories in North America through its wholesale and direct to consumer channels. As of December 31, 2016, the Company had approximately 151 factory house stores in North America primarily located in outlet centers throughout the United States. In addition, the Company distributes its products in North America through third-party logistics providers with primary locations in Canada, New Jersey and Florida.

FINANCIAL RATIOS  of  Under Armour Cl C (UA)

Valuation Ratios
P/E Ratio 33.8
Price to Sales 1.8
Price to Book 4.3
Price to Tangible Book
Price to Cash Flow 28.5
Price to Free Cash Flow -103.3
Growth Rates
Sales Growth Rate 21.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 28.9%
Cap. Spend. - 3 Yr. Gr. Rate 34.5%
Financial Strength
Quick Ratio 9
Current Ratio 0
LT Debt to Equity 38.9%
Total Debt to Equity 40.2%
Interest Coverage 19
Management Effectiveness
Return On Assets 8.3%
Ret/ On Assets - 3 Yr. Avg. 9.8%
Return On Total Capital 9.9%
Ret/ On T. Cap. - 3 Yr. Avg. 12.1%
Return On Equity 13.9%
Return On Equity - 3 Yr. Avg. 15.5%
Asset Turnover 1.5
Profitability Ratios
Gross Margin 46.4%
Gross Margin - 3 Yr. Avg. 47.9%
EBITDA Margin 11.5%
EBITDA Margin - 3 Yr. Avg. 12.5%
Operating Margin 8.6%
Oper. Margin - 3 Yr. Avg. 10.1%
Pre-Tax Margin 8%
Pre-Tax Margin - 3 Yr. Avg. 9.6%
Net Profit Margin 5.3%
Net Profit Margin - 3 Yr. Avg. 6%
Effective Tax Rate 33.8%
Eff/ Tax Rate - 3 Yr. Avg. 37.6%
Payout Ratio 1.2%

UA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the UA stock intrinsic value calculation we used $4977 million for the last fiscal year's total revenue generated by Under Armour Cl C. The default revenue input number comes from 2017 income statement of Under Armour Cl C. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our UA stock valuation model: a) initial revenue growth rate of 3.1% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 5.4%, whose default value for UA is calculated based on our internal credit rating of Under Armour Cl C, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Under Armour Cl C.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of UA stock the variable cost ratio is equal to 91.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for UA stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Under Armour Cl C.

Corporate tax rate of 27% is the nominal tax rate for Under Armour Cl C. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the UA stock is equal to 0.8%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for UA are equal to 29.3%.

Life of production assets of 10 years is the average useful life of capital assets used in Under Armour Cl C operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for UA is equal to 12%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $2019 million for Under Armour Cl C - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 441 million for Under Armour Cl C is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Under Armour Cl C at the current share price and the inputted number of shares is $8.7 billion.

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COMPANY NEWS

▶ Your first trade for Tuesday, August 14   [Aug-14-18 11:26AM  CNBC]
▶ Under Armour, Kevin Plank silent amid University of Maryland football scandal   [Aug-13-18 02:46PM  American City Business Journals]
▶ How Nike (NKE) Makes Money   [08:46AM  Investopedia]
▶ Under Armour remains committed to opening flagship Fifth Avenue New York store   [Aug-07-18 02:25PM  American City Business Journals]
▶ Where Is Under Armour Winning? Elsewhere   [07:55AM  Motley Fool]
▶ Former PIMCO co-CEO joins Under Armour board   [10:15AM  American City Business Journals]
▶ Mohamed El-Erian Joins Under Armour's Board   [10:08AM  TheStreet.com]
▶ Under Armour pushes back opening of Sparrows Point distribution center   [Aug-03-18 03:03PM  American City Business Journals]
▶ Top Under Armour marketing executive reportedly going to Nike   [Jul-31-18 09:51AM  American City Business Journals]
▶ Under Armour: The Comeback No One's Talking About   [Jul-28-18 02:26PM  Benzinga]
▶ Under Armour Inc. Is Down 10%: Here's Why   [Jul-27-18 04:51PM  Motley Fool]
▶ Company News For Jul 27, 2018   [09:48AM  Zacks]
▶ Lululemon Stock Has Gotten Ahead of Itself   [02:41PM  InvestorPlace]
▶ Nike, Under Armour Take a Victory Lap   [10:53AM  Barrons.com]
▶ Top 5 Shareholders of Under Armour (UA)   [09:52AM  Investopedia]
▶ Under Armour Looks Ready to Sprint Ahead   [08:21AM  TheStreet.com]
▶ Under Armour shares skyrocket as comeback continues in second quarter   [08:15AM  American City Business Journals]
▶ Under Armour: 2Q Earnings Snapshot   [07:39AM  Associated Press]
▶ Better Buy: Nike Inc. vs. Under Armour   [Jul-25-18 06:33PM  Motley Fool]
▶ Under Armour Q2 Earnings Preview   [04:11PM  Benzinga]
▶ Under Armour Trends Fuel Bulls and Bears   [Jul-19-18 10:21AM  Barrons.com]
▶ Under Armour Earnings: A Runaway Success?   [Jul-17-18 11:48AM  Barrons.com]
▶ How the NFL protests led to Papa John Schnatter's downfall   [Jul-13-18 04:38PM  Yahoo Finance]
▶ What happens when a former Nike and Yeezy creator starts a creative agency   [Jul-12-18 01:05PM  American City Business Journals]
▶ 4 Best-Dressed CEOs In America   [Jul-09-18 12:33PM  Benzinga]
▶ Is Nike Finally Back on Track in North America?   [Jul-05-18 05:50PM  Motley Fool]
▶ The 3 Best Retail Stocks of 2018 (So Far)   [Jul-04-18 08:40AM  Motley Fool]
▶ Under Armour shuffles international executive team   [Jul-02-18 05:46PM  American City Business Journals]
▶ Is Under Armour Inc. a Buy?   [08:25AM  Motley Fool]
▶ Bulls bet on Under Armour ahead of earnings   [Jun-27-18 01:07PM  CNBC Videos]
▶ [$$] Puma Gives Basketball Another Shot   [Jun-21-18 08:58PM  The Wall Street Journal]
▶ [$$] Puma Gives Basketball Another Shot   [05:57PM  The Wall Street Journal]
▶ Jay-Z will lead Puma's return to the NBA   [06:15PM  Yahoo Finance]
▶ Better Buy: Under Armour, Inc. vs. Fitbit   [Jun-17-18 01:00PM  Motley Fool]
▶ How Under Armour is supporting Pride Month   [02:23PM  American City Business Journals]
▶ Why Under Armour Stock Gained 18% in May   [Jun-11-18 08:53AM  Motley Fool]
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