In the circumstances, it is not surprising that the outperformance of Nike extends to the stock market. Traditionally the share prices of the two industry behemoths track each other closely. But this year Nike’s shares have gained a third, more than twice as much as Adidas’s, with most of the gains coming this month. That has widened the valuation gap. Nike now trades on 23 times forward earnings, a chunky 60 per cent ahead of Adidas. The latter still has room to grow in China, and it is sponsoring most of the big teams in next year’s Fifa World Cup in Brazil. Like Mr McIlroy, Adidas should not be written off yet.
在这种形势下,业绩优异的耐克在股市上跑赢也就不足为奇了。一般来说,耐克和阿迪达斯这两大行业巨头的股价走势不分上下。但耐克的股价今年累计上涨了三分之一,涨幅为阿迪达斯的两倍以上,大部分涨幅发生在本月。这拉开了双方的估值差距。耐克目前的预期市盈率为23倍,比阿迪达斯高出足足60%。阿迪达斯在中国市场上仍有增长空间,它也是明年巴西世界杯(Fifa World Cup)多数主要球队的赞助商。和麦克罗伊一样,目前阿迪达斯这只个股并非完全不值得考虑。
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