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ADIDAS AG

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Real-time Estimate Tradegate  -  03:41 2022-07-05 am EDT
169.18 EUR   +0.91%
07/04ADIDAS AG : Release of a capital market information
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06/30ADIDAS : Goldman Sachs remains its Buy rating
MD
06/28ADIDAS : Warburg Research reiterates its Buy rating
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Adidas to Invest $3.7 Million in Spinnova IPO

06/10/2021 | 03:44am EDT

By Dominic Chopping

Finnish sustainable textile material company Spinnova Oyj said Thursday that Adidas AG has agreed to invest 3 million euros ($3.7 million) in the company's contemplated initial public offering.

Spinnova, which is planning to list on the Nasdaq Helsinki First North Growth Market, said it has developed technology to make textile fibre out of wood or waste, such as leather, textile or food waste, without harmful chemicals.

It said its patented Spinnova fibre creates zero waste and side streams or microplastics, and involves minimal CO2 emissions and water use.

Spinnova has a continuing joint development collaboration with Adidas and through today's commitment Adidas intends to secure access to significant volumes of Spinnova materials in the future, it added.

The company's cornerstone investors include certain funds managed by entities owned by Aktia Bank PLC, certain funds managed by WIP Asset Management Ltd, certain funds managed by DnB Fund Management, Ilmarinen Mutual Pension Insurance Company, certain funds managed by Pareto Asset Management, certain funds managed by Sp-Fund Management Company Ltd and adidas Ventures BV.

These cornerstone investers have in total committed to subscribe for shares totaling EUR58 million in the contemplated offering at a pre-money equity value of up to EUR275 million, conditional on the company raising gross proceeds of at least EUR100 million from the offering.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

06-10-21 0343ET

Stocks mentioned in the article
ChangeLast1st jan.
ADIDAS AG 1.06% 169.52 Delayed Quote.-33.78%
DOW JONES INDUSTRIAL 1.05% 31097.26 Real-time Quote.-14.42%
NASDAQ COMPOSITE 0.90% 11127.85 Real-time Quote.-28.87%
All news about ADIDAS AG
07/04ADIDAS AG : Release of a capital market information
EQ
06/30ADIDAS : Goldman Sachs remains its Buy rating
MD
06/28ADIDAS : Warburg Research reiterates its Buy rating
MD
06/28ADIDAS : RBC gives a Buy rating
MD
06/28ADIDAS : Jefferies maintains a Buy rating
MD
06/27ADIDAS AG : Release of a capital market information
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Analyst Recommendations on ADIDAS AG
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Financials
Sales 2022 23 992 M 25 021 M 25 021 M
Net income 2022 1 781 M 1 857 M 1 857 M
Net cash 2022 415 M 433 M 433 M
P/E ratio 2022 17,5x
Yield 2022 2,17%
Capitalization 30 676 M 31 990 M 31 990 M
EV / Sales 2022 1,26x
EV / Sales 2023 1,15x
Nbr of Employees 53 870
Free-Float 92,1%
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Mean consensus OUTPERFORM
Number of Analysts 33
Last Close Price 167,66 €
Average target price 251,52 €
Spread / Average Target 50,0%
EPS Revisions
Managers and Directors
Kasper Bo R°rsted Chairman-Management Board & CEO
Harm Ohlmeyer Senior Vice President-Brand Finance
Thomas Hermann Rabe Chairman-Supervisory Board
Andreas Hubert Group Chief Information Officer
Martin Shankland Head-Global Operations
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