Amer Sports (AS), which owns sports brands such as Salomon and Wilson Sports, was added as a new short idea at Hedgeye ahead of an upcoming initial public offering.
The IPO is pricing at $16-$18 a share, though Hedgeye believes Amer Sports (AS) is worth closer to $5, Hedgeye analyst Brian McGough wrote in a note on Tuesday.
“Amer, which owns brands like Arc’teryx, Salomon, and Wilson Sports, is reportedly aiming to raise $1bn at a $10bn valuation, with the proceeds going to its egregious ~$6bn in debt,” McGough wrote. “Yes, its brands/products—specifically Salomon shoes—are having their moment in the sun. But Amer is clearly trying to capitalize on this with the IPO and are hoping to get an ONON multiple on this growth. We are not fully convinced.”
Hedgeye’s McGough compares Amer Sports (AS) to the recent IPO of Birkenstock (BIRK) and its valuation, writng that Amer Sports at $10 billion “appears steep given the inherent risks behind the rapid growth.”
Birkenstock (BIRK) shares are largely unchanged since its IPO in October, where the shares fell 13% on its first day of trading on Oct. 10. Birksenstock shares fell 7.7% on Thursday after reporting Q4 results.
Amer Sports a new short idea at Hedgeye ahead of its IPO
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