06-21-2019: Under Amour, Inc. (UA): Lots of Reservations About This Stock

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Recommendation

Under Amour, Inc.

In order to review stocks properly using our system, we need stock data going back at least five years, or through 2014. Under Armour Corporation presents a confusing problem in this regard because there are three classes of stock in existence for that corporation, only two of which are publicly-traded. They are Classes A, B, and C.

We are here reviewing Class C stock, traded under the ticker symbol "UA". That ticker symbol was formerly used for Class A stock up until 03/23/2016. After that date, "UA" stood for Class C stock, formerly traded under the symbol "UA.C".

Class A stock has limited voting rights, and hence is considered somewhat more valuable than Class C. The main distinction between UA and UAA shares comes down to voting rights. UA stock, formerly trading under the UA.C symbol, stands for Class C shares, with no voting rights. UAA stock, formerly trading under the symbol UA, stands for Class A shares, which confer one vote per share to the owner.

Another small difference between UA stock and UAA stock results from this discrepancy in voting power. Because Class A shares actually allow shareholders to vote on governance issues, UAA stock will typically trade at a premium to UA stock, which doesn't have voting rights.

At the end of the day though, even public shareholders of UAA stock will have no real power in determining the direction of the company. That's because founder and CEO Kevin Plank owns tens of millions of Class B shares, which aren't traded publicly and confer a disproportionate number of votes per share to him.

The Under Armour stock split of 2016, and subsequent ticker change. In April 2016, Under Armour shareholders received one share of Class C stock as a special dividend for every Under Armour share they owned, allowing Under Armour to cut its stock price in half, just as it would have in a 2-for-1 split, without giving shareholders any additional voting power.

Ticker-wise, shareholders all got one share of UA.C for each share of UA they owned, and the UA stock price fell by roughly 50 percent due to the effective doubling of the number of Under Armour shares on the market.

For tax purposes, the cost basis was re-allocated roughly evenly between the two shares, meaning shareholders couldn't sell UA for a 50 percent loss and take a tax write-off (nice thinking, though).

Of course, as mentioned, those UA shares the Class A share class turned to UAA shares in December.

At last check, there were over 183 million UAA shares outstanding, giving the public 183 million votes. While that sounds like a lot, Kevin Plank owns over 34 million Class B shares, conferring more than 340 million votes.

Despite this, Class A shares have, ever since Class C shares were first issued in the Under Armour stock split, traded at a major premium to their nonvoting cousins. It hasn't been unusual for that markup to reach 20 percent. This seems like a very high premium to pay for a vote that has little to no value.

The rationale. Before you go ringing your broker or calling your congressman, it should be said that Kevin Plank is no corporate tyrant. He is hardly alone in his decision to consolidate voting power; Alphabet (GOOG, GOOGL), Facebook (FB) and even Berkshire Hathaway (BRK/A, BRK/B) all have similar dual-share structures. "The intended purpose of the dual-class shares is to separate the control from the ownership of the company," says K C Ma, professor of finance at Stetson University. "The dual-class share structure is an obvious defense for takeover bids, hostile or not, from inside or not."

That's great news if you're Plank or if you believe in his vision. But if you'd rather have some checks and balances in place, this isn't so great for corporate governance. Granted, Plank has proven an excellent steward of shareholder value over the years, but there's never a guarantee that will continue.

Why the UA to UAA ticker change? It's understandable why Plank would want to issue two share classes. One good question, however, is why the company decided to change its ticker symbol after the Class C shares were already issued.

After all, both Class A and Class C shares had already been trading publicly for months, under their old symbols UA and UA.C., respectively. But when they changed to UAA and UA, the company gave no stated reason for the change.

Some might say the ticker symbol change was purely cosmetic UA looks better than the clumsy UA.C.

A cynic, however, might say the ticker change was done to encourage more people to buy the UA non-voting shares. While Class A UA stock previously experienced far higher trading volume than the Class C UA.C did, as soon as the most recent change was made, Class A UAA trading volume was dwarfed by Class C UA trading volume. Much of that likely has to do with the fact that the ticker UA has been associated with Under Armour for years now, so its liquidity benefits from investor familiarity.

Still, that cynical view makes little sense in light of Plank's power to vote 65 percent of shares, so cosmetics could be the motivating factor. It's unclear, really, but as long as investors know the difference, the ticker itself doesn't much matter.

A company spokeswoman says the change was made because "the Class C stock is the main stock that we will use going forward and, therefore, we wanted to align our traditional ticker with the Class C shares."

Now, with that in mind, what did we at Zenith did to get stock data going back before 2016 was that we took UAA stock data from inception in 2009 (which corresponds to the current "UA" stock), up until 03/23/2016, the date the new class of shares was issued, Then we adjusted it to match UA price 03/23/2016 and subsequently tacked on current "UA" stock data from that point on.

The corporation's website is in our opinion, a mess. It is used to make internet sales, but descriptions of products and services is muddled in a bevy of "inspirational slogans" and meaningless phrases about corporate restructing, strategy, opportunity, etc., written by people who in our opinion were not very good at public relations, and incredibly poor at website design.

On the retail end, the company "store locator" will take you to stores not managed at all by Under Armour but simply carrying some of its products, stores like Big 5 Sporting Goods, REI, Finish Line, All Pro Sports, Frontline Uniforms, etc.

Based upon our summary above, one can see we have a rather poor overall impression of this corporation, and we are joined by not a few other researchers. In fact, this corporation has the worst rating by the vast majority of researchers we have ever seen for any stock. We do like, however, its free application software, "MyFitnessPal.Com".

The textile/apparel industry group has been weak for dress clothes but sporting goods apparel segment has been stronger than other apparel stocks.

Some other considerations include institutions are strong net sellers, management and salaries may lack corporate governance, projections by several analysts are a bit pessimistic, the stock may have been overlooked by historic p/e measures versus the present, recent sentiment from traders is very strong, and the stock may be classified as a trading range, channeling, or rolling stock currently in its upper trading range..



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Under current market conditions, a Zenith Index Score of 1.20 or above is required for a positive rating on this factor. 1.21 -1.30 is considered acceptable, 1.30-1.40 is considered strong and
> 1.40 is considered exceptionally strong. Accounting statements in this section often contain mistakes, especially in earlier years' totals, but data is deemed sufficient for us to give a rating. More accurate financial statements follow in the next section.

Under Armour, Inc. (UA)                                   Exchange: NYSE
1020 Hull Street
Baltimore, MD 21230              Sector: Consumer Cyclical
United States                    Industry: Apparel Manufacturing

Under Armour, Inc., together with its subsidiaries, develops, markets,
and distributes branded performance apparel, footwear, and accessories
for men, women, and youth primarily in North America, Europe, the Middle
East, Africa, the Asia-Pacific, and Latin America. The company offers
its apparel in compression, fitted, and loose types to be worn in hot
and cold. It also provides various footwear products, including running,
basketball, cleated, slides and performance training, sportstyle, and
outdoor footwear. In addition, the company offers accessories, which
include gloves, bags, and headwear; and digital fitness subscriptions,
as well as digital advertising through MapMyFitness, MyFitnessPal, and
Endomondo platforms. It primarily offers its products under the
HEATGEAR, COLDGEAR, UA Logo, UNDER ARMOUR, UA, ARMOUR, PROTECT THIS
HOUSE, I WILL, ARMOURBOX, ARMOUR BRA, and ARMOUR FLEECE, as well as
MapMwpya and UNDER ARMOUR CONNECTED FITNESS brands. The company sells its
products through wholesale channels, including national and regional
sporting goods chains, independent and specialty retailers, departmentstore chains,
institutional athletic departments, and leagues and teams,
as well as independent distributors; and directly to consumers through a
network of brand and factory house stores, and Website. Under Armour,
Inc. was founded in 1996 and is headquartered in Baltimore, Maryland.

Last Trade:  23.49                           52-Week Range:  23.91 -  15.05
Employees: 7,000                             Avg.Volume:   2,172,987 Shares

Corporate Governance:
Pillar scores are Audit: 1; Board: 10; Shareholder Rights: 10; Compensation: 6.
         (A lower number means less governance risk.)

EPS:  0.01    Dividend Amount: $ 0.00          Yield:  0.00%
             Ex-Dividend Date: N/A             Payout Ratio:   0.00

Key Statistics:

    Trailing P/E:   1.00              Forward P/E (est.):  45.87
                                           Target Price:  15.00

Qrtly Stock Price Growth (yoy):   8.95%               Beta:   0.00
Qrtly S&P Index   Growth (yoy):   1.60%        Short Ratio:   4.29%
    Qrtly Revenue Growth (yoy):   4.25%         Shares Out:  228550000
   Qrtly Earnings Growth (yoy):   0.00%

          Book Value:   4.55                    Debt/Equity:  63.04%
    Price/Book Value:   5.25        Operating Profit Margin:   3.80%
         Price/Sales:   2.18                  Profit Margin:   0.12%
         Market Cap:  11,362,000,000       Return on Equity:   0.32%
    Enterprise Value:  11,760,000,000      Return on Assets:   2.84%

    Operating Cash Flow:    516,420,000
         Free Cash Flow:    405,400,000



Annual Income Statement:                          (All numbers in thousands)
  Period Ending                             12/31/2018  12/31/2017  12/31/2016

  Total Revenue                              5,193,185   4,989,244   4,833,338
  Cost of Revenue                            2,831,913   2,732,753   2,584,724
  Gross Profit                               2,361,272   2,256,491   2,248,614

Operating Expenses:
  Research & Development                             0           0           0
  Selling, General & Administrative          2,176,239   2,091,322   1,818,143
  Non-Recurring Expenses                             0           0           0
  Other Operating Expenses                           0           0           0
  Total Operating Expenses                   5,014,252   4,832,275   4,415,867

Operating Income or Loss                       178,933     156,969     417,471

Income from Continuing Operations:
  Total Other Income/Expenses Net             -245,787    -167,278     -29,189
  Earnings Before Interest & Taxes             178,933     156,969     417,471
  Interest Expense                             -33,568     -34,538     -26,434
  Income Before Taxes                          -66,854     -10,309     388,282
  Income Tax Expense                           -20,552      37,951     131,303
  Minority Interest                                  0           0           0

Net Income from Continuing Op.s                -46,302     -48,260     256,979

Non-recurring Events:
  Discontinued Operations                            0           0           0
  Extraordinary Items                                0           0           0
  Effect of Accounting Changes                       0           0           0
  Other Items                                        0           0           0
  Net Income                                   -46,302     -48,260     256,979
  Preferred Stock & Other Adjustments                0           0           0

Net Income Avail to Common Shares              -46,302     -48,260     197,979



Annual Cash Flow Statement:                   (All numbers in thousands)
  Period Ending                         12/31/2018    12/31/2017    12/31/2016

  Net Income                               -46,302       -48,260       256,979

Operating Activities:
  Depreciation                             181,768       173,747       144,770
  Adjustments to Net Income               -203,333       249,222       132,323
  Changes in Accounts Recv'bls             186,834       -79,106      -249,853
  Changes in Liabilities                    26,413       145,695       202,446
  Changes in Investories                   109,919      -222,391      -148,055
  Changes in other Oper'g Acts             331,880        57,717        44,725

Total Cash Flow f Operations               628,230       237,460       366,623

Investing Activities:
  Capital Exenditures                     -170,385      -281,339      -386,746
  Investments                              -39,207       -39,207         6,482
  Other Cash Flows fr Investing             -4,597        -1,648          -875

Total Cash Flows from Investing           -202,904      -282,987      -381,139

Financing Activities:
  Dividends Paid                                 0             0        -2,927
  Sale of Purchase of Stock                      0             0             0
  Net Borrowings                          -190,000        98,000       156,851
  Other Cash Flows fr Financing                295           295          -875

Total Cash Flows from Financing           -189,868       106,759       146,114

  Effect of Exchange Rate Chg               12,467         4,178        -8,725

Change in Cash & Cash Equiv.               247,925        65,410       122,873



Annual Balance Sheets:                              (All Numbers in Thousands)
  Period Ending                          12/31/2018    12/31/2017    12/31/2016
Current Assets:
  Cash & Cash Equivalents                   557,403       312,483       250,470
  Short Term Investments                          0             0             0
  Net Receivables                           665,646       609,670       622,685
  Inventory                               1,019,496     1,158,548       917,491
  Other Current Assets                      142,057         5,652        15,200
  Total Current Assets                    2,384,602     2,086,353     1,805,846

  Long-Term Investments                       1,600         1,100        11,700
  Property, Plant & Equipt                  826,868       885,774       804,211
  Goodwill                                  546,494       555,674       563,591
  Intangible Assets                          41,793        46,995        64,310
  Accumulated Amortization                        0             0             0
  Other Assets                              234,639       179,145       235,366
  Deferred LT Asset Charges                 112,420        82,801       136,862

Total Assets                              4,245,022     4,006,367     3,644,331

Current Liabilities:
  Accounts Payable                          560,884       561,108       409,679
  Current Portion LT Debt                    25,000        27,000        27,000
  Other Current Liabilities                 389,678        50,426        40,387
  Total Current Liabilities               1,315,977     1,060,375        685,816

  Long Term Debt                            703,834       765,046       790,808
  Other Liabilities                         208,340       162,304       136,807
  Deferred LT Liab. Charges                       0             0        24,200
  Minority Interest                               0             0             0
  Negative Goodwill                               0             0             0

Total Liabilities                         2,228,151     1,987,725     1,613,431

Stockholder Equity:
  Misc. Options, Warrants                         0             0             0
  Redeemable Preferred Stock                      0             0             0
  Preferred Stock                                 0             0             0
  Common Stock                                  148           146           145
  Retained Earnings                       1,139,082     1,184,441     1,259,414
  Treasury Stock                            -38,987       -38,211       -52,143
  Capital Surplus                           916,628       872,266       823,484
  Other Stockhohlder Equity                 -38,987       -38,211       -52,143
  Total Stockholder Equity                2,016,871     2,018,642     2,030,900

Net Tangible Assets                       1,428,584     1,415,973     1,402,999


Under Armour, Inc. (UA)                     [Indices near +3.0, near zero,
                                            or < zero bear special attention.]
P/E Ratio Tests:
P/E Ratio < 28?            3.0000          P/E Ratio > 5?             0.0000
P/E Ratio Vs Growth Rate:  0.0000          Forward P/E Ratio < 28?    0.6104
Price/Sales Ratio < 2.3?   1.0550          Inventory/Sales < 5%?      0.2547
Sales < $1 Billion?        0.1926          Operating Margin < 7.5%?   1.9737

Balance Sheet Tests:
Debt/Equity < 0.40?        0.6345          Long-Term Debt Service:    2.8655
LTD Being Reduced?         3.0000          Short-Term Debt Service:  -3.0000
Current Ratio > 2?         0.9060          Working Capital >= 1.5?    0.8388
Leverage Ratio < 20%?      0.6776          Debt/Assets < 1?           3.0000
Quick Ratio > 1?           3.0000          Inventory Turnover > 1?    0.2033
Share Equity Increase:     1.9931          Market Cap.< 1.5 Billion?  0.1320
                                           Intangibles < 3% Assets?   0.2165
Income Tests:
Profit Margin < 7.5%?      0.0160          EPS Annual Growth > 10%?   0.1042
Dividend Yield > 2.0%?     0.0000          EPS 3-yr Growth > 15?     -0.6414
Enterprise Value/Revenue   2.1879          EPS Growth Consistent?     0.0000
Enterprise Value/EBITDA:   3.0000          Collection < 45 days?      0.9619
EPS Qrtly Growth > 10%?    0.0000          Gross Pft/Cur. LTD > 1?    3.0000
                                           Borrowing Int. Rate < 6%? -1.2580
Stock Performance Tests:
Volatility > 25%?          1.4822          % Held by Insiders < 5%?   0.3213
Beta > 1.25?               0.0000          % Held by Institut. < 50?  0.7365
50 Da MA > 200 Da MA?      0.1788          % Held by Institut. > 30?  2.2630
52-Wk Change vs. S&P 500:  2.1059          Short Ratio > 5?           0.8580
Price/Book Value < 3?      0.5811          Short % of Float > 20?     0.0000
Return on Assets > 17%?    0.1671          Average Volume > 100,000?  3.0000

Cash Flow Tests:
Oper. C.F. > Lever'd C.F:  1.2739          Positive Free Cash Flow?   3.0000
Positive Oper. Cash Flow?  3.0000          Price to C.F.Ratio < 14?:  1.2581
                                           Cash Flow / Assets > 10%?  2.4052

UA     Under Armour, Inc.                  Overall Zenith Index:      1.0541


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Financial Statements

UNDER ARMOUR INC C  (UA)                    INCOME STATEMENT

Fiscal year ends in December. USD in thousan         2014-12         2015-12         2016-12         2017-12         2018-12             TTM           

Revenue                                            3,084,370       3,963,313       4,825,335       4,976,553       5,193,185       5,212,537
Cost of revenue                                    1,572,164       2,057,766       2,584,724       2,737,830       2,852,714       2,850,732
Gross profit                                       1,512,206       1,905,547       2,240,611       2,238,723       2,340,471       2,361,805


Operating expenses
Sales, General and administrative                  1,158,251       1,497,000       1,823,140       2,086,831       2,182,339       2,177,233
Restructuring, merger and acquisition                      0               0               0          52,671         183,149         145,669
Other operating expenses                                   0               0               0         -52,671        -183,149        -145,669
Total operating expenses                           1,158,251       1,497,000       1,823,140       2,086,831       2,182,339       2,177,233

Operating income                                     353,955         408,547         417,471         151,892         158,132         184,572
Other income (expense)                               -11,745         -21,862         -29,189        -162,201        -225,920        -187,669
Income before taxes                                  342,210         386,685         388,282         -10,309         -67,788          -3,097
Provision for income taxes                           134,168         154,112         131,303          37,951         -20,552          -8,328
Other income                                               0               0               0               0             934           1,188
Net income from continuing operations                208,042         232,573         256,979         -48,260         -46,302           6,419
Net income                                           208,042         232,573         256,979         -48,260         -46,302           6,419
Preferred dividend                                         0               0          59,000               0               0               0
Net income available to common shareholders          208,042         232,573         197,979         -48,260         -46,302           6,419

Earnings per share
Basic                                                   0.49            0.54            0.45           -0.11           -0.10            0.02 
Diluted                                                 0.47            0.53            0.45           -0.11           -0.10            0.02 

Weighted average shares outstanding
Basic                                                426,454         430,996         436,330         440,729         445,815         447,489
Diluted                                              438,760         441,736         444,848         440,729         445,815         448,360

____________________________________________________________________________________________________________________________________________


UNDER ARMOUR INC C  (UA)                    BALANCE SHEET

Fiscal year ends in December. USD in thousan         2014-12         2015-12         2016-12         2017-12         2018-12             

Assets

Current assets

Cash

Total cash                                           593,175         129,852         250,470         312,483         557,403

Receivables                                          279,835         433,638         622,685         609,670         652,546
Inventories                                          536,714         783,031         917,491       1,158,548       1,019,496
Deferred income taxes                                 52,498               0               0               0               0
Prepaid expenses                                      87,177         152,242         174,507         256,978         364,183
Total current assets                               1,549,399       1,498,763       1,965,153       2,337,679       2,593,628

Non-current assets

Property, plant and equipment
Gross property, plant and equipment                  522,376         831,764       1,201,267       1,412,758       1,482,463
Accumulated Depreciation                            -216,812        -293,233        -397,056        -526,984        -655,595
Net property, plant and equipment                    305,564         538,531         804,211         885,774         826,868

Goodwill                                             123,256         585,181         563,591         555,674         546,494
Intangible assets                                     26,230          75,686          64,310          46,995          41,793
Deferred income taxes                                 33,570          92,157         136,862          82,801         112,420
Other long-term assets                                57,064          78,582         110,204          97,444         123,819
Total non-current assets                             545,684       1,370,137       1,679,178       1,668,688       1,651,394

Total assets                                       2,095,083       2,868,900       3,644,331       4,006,367       4,245,022 

Liabilities and stockholders' equity

Liabilities

Current liabilities
Short-term debt                                       28,951          42,000          27,000         152,000          25,000
Accounts payable                                     210,432         200,460         409,679         561,108         560,884
Accrued liabilities                                  147,681         192,935         208,750         296,841         340,415
Other current liabilities                             34,563          43,415          40,387          50,426         389,678
Total current liabilities                            421,627         478,810         685,816       1,060,375       1,315,977

Non-current liabilities
Long-term debt                                       255,250         627,000         790,388         765,046         703,834
Other long-term liabilities                           67,906          94,868         137,227         162,304         208,340
Total non-current liabilities                        323,156         721,868         927,615         927,350         912,174

Total liabilities                                    744,783       1,200,678       1,613,431       1,987,725       2,228,151 

Stockholders' equity

Common stock                                              71              72             145             146             148
Additional paid-in capital                           508,350         636,630         823,484         872,266         916,628
Retained earnings                                    856,687       1,076,533       1,259,414       1,184,441       1,139,082
Accumulated other comprehensive income               -14,808         -45,013         -52,143         -38,211         -38,987
Total stockholders' equity                         1,350,300       1,668,222       2,030,900       2,018,642       2,016,871
Total liabilities and stockholders' equity         2,095,083       2,868,900       3,644,331       4,006,367       4,245,022

____________________________________________________________________________________________________________________________________________


UNDER ARMOUR INC C  (UA)                    Statement of CASH FLOW

Fiscal year ends in December. USD in thousan         2014-12         2015-12         2016-12         2017-12         2018-12             TTM           

Cash Flows From Operating Activities
Net income                                           208,042         232,573         256,979         -48,260         -46,302           6,419
Depreciation & amortization                           72,093         100,940         144,770         173,747         181,768         182,134
Investment/asset impairment charges                        0               0               0          71,378           9,893           7,645
Deferred income taxes                                -17,584          -4,426         -43,004          55,910         -38,544         -29,413
Stock based compensation                              50,812          60,376          46,149          39,932          41,783          46,139
Change in working capital                           -137,680        -507,866        -184,802        -140,646         696,097         274,265
Accounts receivable                                 -101,057        -191,876        -249,853         -79,106         186,834          46,089
Inventory                                            -84,658        -278,524        -148,055        -222,391         109,919         250,102
Prepaid expenses                                     -33,345         -76,476         -25,284         -55,503        -107,855          30,260
Accounts payable                                      49,137         -22,583         202,446         145,695          26,413         -85,121
Accrued liabilities                                   28,856          64,126          52,656         109,823         134,594          39,022
Other working capital                                  3,387          -2,533         -16,712         -39,164         346,192          -6,087
Other non-cash items                                  43,350          74,299          84,395          82,002        -216,465          29,228
Net cash provided by operating activities            219,033         -44,104         304,487         234,063         628,230         516,417

Cash Flows From Investing Activities
Investments in property, plant, and equipmen        -140,528        -298,928        -386,746        -281,339        -170,385        -150,366
Property, plant, and equipment reductions                  0               0               0               0          11,285               0
Acquisitions, net                                    -10,924        -539,460               0               0         -39,207               0
Purchases of investments                                   0        -103,144         -24,230               0               0               0
Sales/Maturities of investments                            0          96,610          30,712               0               0               0
Other investing activities                              -860          -2,553            -875          -1,648          -4,597         -32,519
Net cash used for investing activities              -152,312        -847,475        -381,139        -282,987        -202,904        -182,885

Cash Flows From Financing Activities
Debt issued                                          250,000         650,000       1,327,601         763,000         505,000         365,000
Debt repayment                                      -118,722        -265,202      -1,170,750        -665,000        -695,000        -694,500
Excess tax benefit from stock based compe                  0               0               0              75               0               0
Dividend paid                                              0               0          -2,927               0               0               0
Other financing activities                            51,028          55,280          52,071           8,684             132          -5,802
Net cash provided by (used for) financing            182,306         440,078         205,995         106,759        -189,868        -335,302

Effect of exchange rate changes                       -3,341         -11,822          -8,725           4,178          12,467           9,741
Net change in cash                                   245,686        -463,323         120,618          62,013         247,925           7,971
Cash at beginning of period                          347,489         593,175         129,852         250,470         318,135         290,185
Cash at end of period                                593,175         129,852         250,470         312,483         566,060         298,156

Free Cash Flow
Operating cash flow                                  219,033         -44,104         304,487         234,063         628,230         516,417
Capital expenditure                                 -140,528        -298,928        -386,746        -281,339        -170,385        -150,366
Free cash flow                                        78,505        -343,032         -82,259         -47,276         457,845         366,051
____________________________________________________________________________________________________________________________________________





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Average to Current P/E Ratios
              (UA)     Under Armour Inc. Cl C

                               2014    2015    2016    2017    2018

          Annual Earnings:     0.95    0.53    0.45   -0.11   -0.10
Average Price During Year:    29.20   42.31   36.87   17.87   17.17

                P/E Ratio:    30.74   79.83   81.94  162.50  171.67

 Average 5-Year P/E Ratio  = 105.34
             Current Price =  23.85

Previous 5 Quarter Earnings:  -0.07   -0.21    0.17    0.01    0.05

          Current Annualized (Last Four Quarters) Earnings =   0.23
                                                           ________
                                 Average PE / Current PE =     1.02
                                                           --------

                                      ...a number above 1.00 is good
                                                1.00 or below is bad


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Financial Ratios

. . . . . . . . . . . . Lowest to Highest, Compared to Industry



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Intrinsic Value (DCF)

Intrinsic Value by Discounted Cash Flow Method:

Intrinsic Value



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Fair Value Estimator

Fair Value Estimate:

Fair Value



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Projected Earnings

Earnings Estimates



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Research Reports

Click Here for Research Reports



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Analysts' Opinions

Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 2



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Insider Activity

Insiders Chart Insider Trades
Insider Trades
Executive Compensation Executive Compensation



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Institutional Activity

Institutional Orders to Buy or Sell:

institutions 1
Ownership:

institutions 2


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Sentiment

sentiment

Zenith uses the "sentiment" score above or below 50 to award a positive or negative point in the Decision Matrix.

sentiment sentiment sentiment



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Short Interest Ratio

As the short interest rises as a percentage of average daily share volume (Days to Cover), this is considered a measure of negative sentiment. Similarly, a decrease in that percentage is considered positive sentiment.

short interest short interest


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Standard & Poor's

S&P Stock Report (Requires Adobe Acrobat Reader)



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Management's Discussion of Results of Operations Excerpts

Click Here for Management's Discussion Excerpts



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Channeling Potential

 
The summary below includes a value for `Degree,' which refers on a
scale of 1 to 10 the range of a channel in the period under consi-
deration compared to the total range of price movement. It also looks
for the last closing price to be within the channel, otherwise zeroed.
The `Index' is the `Degree' weighted for volatility.  Generally, the
the higher the index, the more suitable is the stock for trading as
a `rolling stock' between channel high and low points.

Results for UNDER ARMOUR INC.:
Symbol? UA
Total Months Available:  39
       Months in Cycle?   4

Months Covered by Periods:  12

Period 1           Period 2          Period 3
   H1      L1        H2      L2        H3      L3
  22.68   17.04     23.28   15.05     23.39   18.16

RANGE   =  23.39  TO   15.05            Close =  23.49
CHANNEL =  22.68  TO   18.16           Degree =   5
Volatility =  19.24%                    Index =   9
Channel Chart



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MACD Histogram Divergence

The theory is that connecting the two most recent peaks or valleys of the MACD histogram will signal the direction of the next major move.



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Intraday Chart

2 Days:



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Val Idea

3out of 8 favorable, (negative opinion.)

Val Idea


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Stock Consultant

Stock Consultant Stock Consultant


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Point & Figure Chart

P & F Chart


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Wall Street Analyzer



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Marketspace Chart

Marketspace Chart



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Time Series Forecast

Time Series 1 Time Series 2


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Neural Network Prediction

"Neurostock" can only track long trades. Therefore its performance, as tracked by itself on stocks which are consistently falling, may not appear as good as it could if each "sell" signal were a "short sale."

Neural Chart
Heading
Neural Trades Neural Prediction



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Ultimate Trading Systems

2 out of 3 of the ultimate systems favor an upmove.


System Below:
Short term outlook: Positive: Bright Green, Negative: Bright Red
Long term outlook: Postive: Dark Green, Negative: Dark Red.




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Recommendation

Decision Weighting Factors
FactorsWeighted Points
News + 1
Comparison - 1
Industry - 1
Bond Issue 0
Zenith Index - 1
Non-GAAP vs. GAAP Earnings + 1
Cash Flow + 1
Average to Current P/E + 1
Ratios - 1
Intrinsic Value DCF + 1
Fair Value Estimator - 1
Projected Earnings + 1
Research Reports - 1
Analysts - 1
Executive Perquisites - 1
Insider Activity - 1
Institutional Activity - 1
Management Reporting + 1
Short Interest - 1
Sentiment + 1
Standard & Poor's - 1
MACD Histogram Divergence + 1
Val Idea - 1
Stock Consultant - 1
Point & Figure + 1
Wall Street Analyzer - 1
Marketspace Chart + 1
Time Series Chart - 1
Neural Network + 1
Stock Options + 1
Ultimate Trading Systems + 1
Total - 2
Place 1,260 shares of Under Armour, Inc. (UA) on the Active List.