ACM Managed Dollar Income Fund is a non-diversified, closed-end management investment company. This closed-end investment fund is designed for investors who seek high current income and capital appreciation. In order to achieve this objective, Co. invests primarily in high-yielding, U.S. and non-U.S. fixed income securities, denominated in U.S. dollars, that it expects to benefit from improving economic and credit fundamentals. Co. may utilize leverage through the investment techniques of reverse repurchase agreements and dollar rolls. As of Sept 30 2007, Co. had total assets of $192,614,325 and investment portfolio totalled $178,906,534.
  • TickerA1EWWW
  • ISINDE000A1EWWW0
  • SectorPersonal Goods
  • CountryGermany

Analysts

A double requalification allows ADIDAS AG to improve to Slightly Positive

ADIDAS AG (DE), a company active in the Footwear industry, has received a double requalification by the independent financial analyst theScreener. Its fundamental valuation is now 3 out of 4 stars while its market behaviour can be considered as defensive. theScreener believes that the gain of a star(s) and an improvement in the market risk perception allows upgrading the general evaluation to Slightly Positive. As of the analysis date December 7, 2018, the closing price was EUR 194.45 and its potential was estimated at EUR 228.31.

R.J. Hottovy

Morningstar | Adidas Posts Tepid 3Q Results in Europe Offset by China and North America Growth; Shares Overvalued

Adidas is the number-two player in the global athletic market with a deep branded portfolio and a long history of product innovation, operating for almost 70 years. The company sells its Adidas and Reebok brands globally, including in Europe (28% of sales), North America (20%), China (18%), and many emerging markets (13%), indicating that the brands resonate widely with different consumer cohorts. We foresee Adidas benefiting most significantly from China’s middle class, which is expected to double by the mid-2020s (according to Brookings) and has shown an affinity for soccer (half of the worl...

R.J. Hottovy

Adidas Posts Tepid 3Q Results in Europe Offset by China and North America Growth; Shares Overvalued

Narrow-moat Adidas reported third-quarter results that place the firm on track to meet our full-year assumptions that call for currency-neutral sales growth of 8% and operating margins of 10.4%. While revenue growth slowed more than management expected (up 8%) because of weakness in Western Europe (down 1%, 28% of fiscal 2017 sales), the firm’s gross margin outperformed, growing 140 basis points to 51.8% (outpacing our 50.7% full-year estimate). The primary driver for gross margin were sales thr...

Ng Adrian

Adidas AG

Ng Adrian

Adidas AG

R.J. Hottovy

Morningstar | Adidas Posts Tepid 3Q Results in Europe Offset by China and North America Growth; Shares Overvalued

Adidas is the number-two player in the global athletic market with a deep branded portfolio and a long history of product innovation, operating for almost 70 years. The company sells its Adidas and Reebok brands globally, including in Europe (28% of sales), North America (20%), China (18%), and many emerging markets (13%), indicating that the brands resonate widely with different consumer cohorts. We foresee Adidas benefiting most significantly from China’s middle class, which is expected to double by the mid-2020s (according to Brookings) and has shown an affinity for soccer (half of the worl...

R.J. Hottovy

Adidas Posts Tepid 3Q Results in Europe Offset by China and North America Growth; Shares Overvalued

Narrow-moat Adidas reported third-quarter results that place the firm on track to meet our full-year assumptions that call for currency-neutral sales growth of 8% and operating margins of 10.4%. While revenue growth slowed more than management expected (up 8%) because of weakness in Western Europe (down 1%, 28% of fiscal 2017 sales), the firm’s gross margin outperformed, growing 140 basis points to 51.8% (outpacing our 50.7% full-year estimate). The primary driver for gross margin were sales thr...

R.J. Hottovy

Morningstar | Narrow-Moat Adidas on Track for Fiscal 2018 Targets Despite Weakness in Europe; Shares Overvalued

Narrow-moat Adidas reported third-quarter results that place the firm on track to meet our full-year assumptions that call for currency-neutral sales growth of 8% and operating margins of 10.4%. While revenue growth slowed more than management expected (up 8%) because of weakness in Western Europe (down 1%, 28% of fiscal 2017 sales), the firm’s gross margin outperformed, growing 140 basis points to 51.8% (outpacing our 50.7% full-year estimate). The primary driver for gross margin were sales through brand accretive channels such as e-commerce (up 76%) and direct-to-consumer (up double-digits)....

R.J. Hottovy

Narrow-Moat Adidas on Track for Fiscal 2018 Targets Despite Weakness in Europe; Shares Overvalued

Narrow-moat Adidas reported third-quarter results that place the firm on track to meet our full-year assumptions that call for currency-neutral sales growth of 8% and operating margins of 10.4%. While revenue growth slowed more than management expected (up 8%) because of weakness in Western Europe (down 1%, 28% of fiscal 2017 sales), the firm’s gross margin outperformed, growing 140 basis points to 51.8% (outpacing our 50.7% full-year estimate). The primary driver for gross margin were sales thr...

Christian Bruns, CFA ...
  • Mark Josefson

ADIDAS - Strong profit development wins the day

1 director bought

A director at Adidas Ag bought 526 shares at 16,754p and the significance rating of the trade was 60/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board m...

A double requalification allows ADIDAS AG to improve to Slightly Positive

ADIDAS AG (DE), a company active in the Footwear industry, has received a double requalification by the independent financial analyst theScreener. Its fundamental valuation is now 3 out of 4 stars while its market behaviour can be considered as defensive. theScreener believes that the gain of a star(s) and an improvement in the market risk perception allows upgrading the general evaluation to Slightly Positive. As of the analysis date December 7, 2018, the closing price was EUR 194.45 and its potential was estimated at EUR 228.31.

Ng Adrian

Adidas AG

Ng Adrian

Adidas AG

Ng Adrian

Adidas AG

Ng Adrian

Adidas AG

Expert Corporate Governance Service (ECGS)

Proxy Report - 09/05/2018

Item 5: We recommend to oppose the new remuneration system for the Management Board which is applicable since financial year 2018 due to our concerns over the new LTIP 2018/2020 and the possible granting of a special bonus to Management Board members. Items 9a, 9b and 9c: KPMG, Berlin, is proposed as auditor for the current financial year, for a possible audit review of interim financial reports (first half year report and quarterly reports) for financial year 2018 as well as for a possible audit review of interim financial reports for financial year 2019 up until the AGM 2019. We have no con...

Jérôme VINERIER

Short term view - ADIDAS AG : The trend is bullish.

The trend is bullish. Prices are still making progress but the trend is slowing down. The next resistance is at €212.55. The break of €180.90 would endanger the trend.

Jérôme VINERIER

Analyse court terme - ADIDAS AG : La tendance est haussière.

La tendance est haussière. Les cours progressent encore, mais la tendance s'affaiblit. La prochaine résistance est à 212,55 €. La rupture de 180,90 € mettrait la tendance en danger.

Jérôme VINERIER

Analyse court terme - ADIDAS AG : La tendance est haussière.

La tendance est haussière. Les cours progressent encore, mais la tendance s'affaiblit. La prochaine résistance est à 212,55 €. La rupture de 180,90 € mettrait la tendance en danger.

Jérôme VINERIER

Short term view - ADIDAS AG : The trend is bullish.

The trend is bullish. Prices are still making progress but the trend is slowing down. The next resistance is at €212.55. The break of €180.90 would endanger the trend.

Valérie GASTALDY

Medium term view - ADIDAS AG : The background trend is clearly bullish.

The background trend is clearly bullish. The correction is gaining traction. It is too early to qualify this action as a bearish reversal. The trend would be invalidated below the support at €160.57.

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