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Shares of On Holding AG ONON have gained 12.2% in the past month compared with the industry’s 6.7% growth. The recent stellar performance puts it ahead of competitors like American Outdoor Brands, Inc. AOUT, Acushnet Holdings Corp. GOLF and Academy Sports and Outdoors, Inc. ASO in terms of price performance in the past month.
ONON is riding on the success of its multi-channel strategy, which has effectively captured global brand momentum and translated it into strong sales growth across all channels. The company is witnessing increased demand for full-price products among wholesale partners, including key accounts and specialty retailers, both online and in physical stores. Although e-commerce experienced softer demand early in the second quarter, growth quickly rebounded in the latter half, leading to record website traffic. The global launch of ONON's first commercial app has outperformed expectations in downloads and transactions, with a high share of apparel sales comparable to its retail stores.
Technical indicators are supportive of ONON’s strong performance. The stock was recently trading at $44.36 on Monday, above its 50-day moving average of $40.82 and the 200-day moving average of $34.74. This technical strength reflects positive market perception and confidence in ONON's financial health and prospects. So, should investors pour more capital into On shares now? Let’s take a closer look.
Key Fundamentals Supporting ONON's Stock Growth
Strategic Partnerships and Brand Building: On's strategic partnerships with high-profile figures like Zendaya, FKA Twigs, Iga Swi??tek and Roger Federer have significantly boosted its brand visibility and credibility. The company’s presence at major events, such as the recent Olympic Games in Paris, has further solidified its reputation as a global premium performance sportswear brand. These partnerships help On tap into new markets and build a more diverse and engaged consumer base.
Additionally, On's innovative marketing campaigns, such as the air tennis tournament between Zendaya and Roger Federer, have successfully captured the public's imagination, resulting in millions of media impressions and a strong increase in brand awareness.
Innovation as a Driver of Long-Term Growth: On's commitment to innovation is a major factor contributing to its sustained growth. The launch of the LightSpray technology — which allows for the creation of ultralight performance shoes in a highly efficient, one-step process — is a testament to its commitment. The groundbreaking technology has garnered significant media attention and has been validated by exceptional athletic performances, such as Hellen Obiri’s victory in the Boston Marathon.
Also, strong growth across running franchises, including the Cloudmonster, Cloudsurfer and Cloudrunner, bode well. The focus on innovation not only drives short-term sales but also sets the stage for long-term success by improving sustainability and expanding product offerings.
Growing Global Presence and Market Share: On's global expansion strategy is paying off, with strong sales growth across multiple regions. The company has reported strong performance in the Americas, EMEA and APAC regions, with significant growth rates and increased market share. New retail stores in key locations, such as New York and Hong Kong, have exceeded expectations, showcasing the brand's growing global footprint.
The expansion of its direct-to-consumer (D2C) channel has also been successful, contributing to a 28.1% year-over-year increase in net sales in the second quarter of 2024. This multi-channel strategy allows On to capture and convert its brand momentum into continued sales growth, ensuring sustained profitability.
What May Pull Back ONON Stock?
Competitive Pressures: The sportswear and performance market is highly competitive, with established giants like Nike, Adidas, and Under Armour dominating the space. Although On has made strides in expanding its product range and market presence, its reliance on its unique approach and niche innovations may not be sufficient to carve out a significant market share in the long term.
Additionally, the company's ongoing expansion efforts, such as opening new flagship stores and launching new products, require substantial capital investment. With a crowded marketplace and high entry costs, ONON risks overextending itself in pursuit of rapid growth, which could impact its profitability and financial stability.
Overemphasis on Marketing and Partnerships: On has invested significantly in marketing and brand partnerships. While these efforts have raised brand visibility, they may not translate into sustainable sales growth. The company's strategy seems overly reliant on celebrity endorsements and high-profile campaigns to drive short-term brand awareness. Such tactics may inflate its marketing expenses without delivering the long-term profitability that investors seek.
ONON’s Rising Valuation & Estimates
ONON is trading at a premium to the industry. With a forward 12-month price-to-earnings of 40.66X, which is well above the industry average of 27.25X.
The Zacks Consensus Estimate for the company’s 2024 earnings per share (EPS) increased from 95 cents to 99 cents in the past 60 days. During the same period, the consensus mark for 2025 EPS moved up from $1.10 to $1.14.
Investment Verdict: Hold for Now
Given ONON's strong recent performance, innovative product pipeline and expanding market presence, the stock shows promise for continued growth. However, the competitive landscape, high marketing expenses and premium valuation suggest caution. For investors already holding ONON stock, it may be wise to maintain their position and monitor the company’s ability to translate its strategies into sustainable long-term growth. For new investors, it might be prudent to wait for a more favorable entry point.
ONON currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks Investment Research
American Outdoor Brands Inc AOUT.OQ reported quarterly adjusted earnings of 6 cents per share for the quarter ended July 31, higher than the same quarter last year, when the company reported EPS of 1 cents. The mean expectation of two analysts for the quarter was for a loss of 6 cents per share. Wall Street expected results to range from -10 cents to -3 cents per share.
Revenue fell 4.1% to $41.64 million from a year ago; analysts expected $41.08 million.
American Outdoor Brands Inc's reported EPS for the quarter was a loss of 18 cents.
The company reported a quarterly loss of $2.37 million.
American Outdoor Brands Inc shares had risen by 2.1% this quarter and gained 9.4% so far this year.
FORECAST CHANGES
The mean earnings estimate of analysts had fallen by about 425% in the last three months.
In the last 30 days, there have been no earnings estimate revisions by analysts covering the company.
RECOMMENDATIONS
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy," no "hold" and no "sell" or "strong sell."
The average consensus recommendation for the recreational products peer group is also "buy"
Wall Street's median 12-month price target for American Outdoor Brands Inc is 11.00
This summary was machine generated from LSEG data September 5 at 09:00 p.m. UTC. All figures in US dollars unless otherwise stated. (For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com)
QUARTER ENDING | ESTIMATE | ACTUAL | BEAT, MET, MISSED |
Jul. 31 2024 | -0.06 | 0.06 | Beat |
Apr. 30 2024 | -0.06 | 0.00 | Beat |
Jan. 31 2024 | 0.05 | 0.08 | Beat |
Oct. 31 2023 | 0.20 | 0.25 | Beat |
Keywords: AMERICAN OUTDOOR-RESULTS/SUMMARY
American Outdoor Brands Inc AOUT.OQAOUT.O is expected to show a fall in quarterly revenue when it reports results on September 5 for the period ending July 31 2024
The Columbia Missouri-based company is expected to report a 5.5% decrease in revenue to $41.076 million from $43.45 million a year ago, according to the mean estimate from 2 analysts, based on LSEG data.
LSEG's mean analyst estimate for American Outdoor Brands Inc is for a loss of 6 cents per share.
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy," no "hold" and no "sell" or "strong sell."
The mean earnings estimate of analysts was unchanged in the last three months.
Wall Street's median 12-month price target for American Outdoor Brands Inc is 11.00, above its last closing price of $9.22.
This summary was machine generated September 3 at 20:13 GMT. All figures in US dollars unless otherwise stated. (For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com)
Keywords: AMERICAN OUTDOOR-RESULTS/PREVIEW
MasterCraft Boat Holdings, Inc. came out with a quarterly loss of $0.04 per share versus the Zacks Consensus Estimate of a loss of $0.22. This compares to earnings of $1.37 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of 81.82%. A quarter ago, it was expected that this sport boats maker would post earnings of $0.23 per share when it actually produced earnings of $0.37, delivering a surprise of 60.87%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
MasterCraft Boat Holdings, Inc., which belongs to the Zacks Leisure and Recreation Products industry, posted revenues of $67.18 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 5.54%. This compares to year-ago revenues of $166.57 million. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
MasterCraft Boat Holdings, Inc. Shares have lost about 12.3% since the beginning of the year versus the S&P 500's gain of 17.2%.
What's Next for MasterCraft Boat Holdings, Inc.
While MasterCraft Boat Holdings, Inc. Has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for MasterCraft Boat Holdings, Inc. Unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #5 (Strong Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is $0.05 on $78 million in revenues for the coming quarter and $1.41 on $382.71 million in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Leisure and Recreation Products is currently in the bottom 7% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, American Outdoor Brands, Inc. , has yet to report results for the quarter ended July 2024. The results are expected to be released on September 5.
This company is expected to post quarterly loss of $0.03 per share in its upcoming report, which represents a year-over-year change of -400%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
American Outdoor Brands, Inc.'s revenues are expected to be $40.5 million, down 6.8% from the year-ago quarter.
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