Nike Pitchbook

Overview

3 Executive Overview7 Business Model Canvas12 Valuation Analysis19 Sector Dynamics29 Growth Projection41 Executive Summary50 Resources

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Executive Overview

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Executive Overview

NIKE Inc [NYSE: NKE]Headquarters: Beaverton, OR

Founders: Bill Bowerman & Phil Knight Date Founded: January 25, 1964 CEO: Mark Parker

NIKE is a multinational American firm that is the largest seller of consumer sports apparel, equipment and luxury goods across the globe.

4https://en.wikipedia.org/wiki/NIKE,_Inc.

Timeline

Blue Ribbon Sports Founded 1964

1976 NIKE hired John Brown & Partners to make their 1st ad. By 1980 they controlled

50% of the market and IPO later that year

Iconic Swoosh is created & renamed BRS to NIKE after the Greek Goddess

of Victory

1988 – “Just Do It” slogan hits creates

mainstream popularity for NIKE

1984 - Michael Jordan signs with

NIKE over Adidas, and a global

dynasty begins

NIKE revitalizes

Converse & Hurley to take

60% of the market share

Mark Parker becomes NIKE’s

CEO

NIKE acquires the sole production

rights to all NBA, NFL, USMST, apparel - 2015

NIKE explodes into emerging markets due to

increasing demand

The Early Years of Growth

Becoming an Iconic Brand

The Future of a Dynasty

5https://en.wikipedia.org/wiki/NIKE,_Inc.

NIKE’s Global Image

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According to Forbes, NIKE is the most beloved company by millennials and currently controls upwards of 95% of the basketball shoe market

NIKE’s brand is the most valuable among any athletics firm in the world, with their name alone providing $26 billion in additional value in comparison to the average sports brand. (Forbes)

Snapshot of NIKE’s Business Model Canvas

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Key MetricsFor the 2015 fiscal year NIKE outperformed analyst predictions for a 4th consecutive year:

• Revenues grew 10.95% to $30.6 billion.

• Gross margin expanded 120 basis points.

• Diluted earnings per share grew 25% to $3.70, despite increasingly strong currency headwinds.

• Return on Invested Capital increased to 28.1%.

• NIKE’s revenue has risen 8.5-10% annually for the last 5 years

• By 2020 NIKE’s growth in emerging markets and their control of the Millennial/Gen Z market share; Mark Parker anticipates double digit growth in revenue, EBITDA & FCF

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ProductsNIKE is the primary producer globally of apparel, equipment, licensed merchandise and accessories for:

§ Running§ Soccer§ Basketball§ Football§ Baseball§ Golf§ Tennis§ Lacrosse§ Surfing

9http://www.NIKE.com/us/en_us/

NIKE has spent billions in acquiring the advertising rights for the world’s top leagues, teams and players, a strategy which has made this iconic brand into a marketing dynasty.• NFL & NBA [2017] sole jersey

and apparel manufacture

• NIKE has the sole licensing rights to over 130 of the top collegiate athletic programs in America

• NIKE produces many of the world’s most elite international & club kits, which gross billions of dollars annually

NIKE’s Major Subsidiaries:• Air Jordan’s• NIKE+• Converse Inc• Hurley International

Past Acquisitions:• Bauer Hockey [1994-2008]• Umbro [2008-2012]• Cole Haan [1988-2013]• Starter [2004-2007]

Supply Side DynamicsLean manufacturing – By the end of fiscal year 2013, between 70% and 76% of its apparel and 85% of its footwear products were manufactured on lean lines. This delivered additional savings of $0.15 per unit through better labor productivity and lower waste

Material consolidation – Reducing the number of vendors through which NIKE sources materials and also reducing the materials used in manufacturing products

NIKE distributes its products through three major channels:• Wholesale Marketplace• Direct-to-Consumer (NIKE.com) • Sales to global brand divisions

10http://marketrealist.com/2014/12/traditionally-innovative-the-history-of-NIKE/

Business Model Core

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Customer Segments: Any active individuals who are seeking for comfortable performance enhancing athletic appeal and gear

Competitive Advantage: NIKE’s competitive advantage has been built over the years due to its innovation and pioneering manufacturing practices.

Unique Value Proposition: NIKE has become an iconic sports appeal brand, not simply because of the consistent quality of its products and its intricate distribution system, but based on its ability to speak to its customers; collectively and one at a time with a voice that helps them value what NIKE products bring to their lives.

http://marketrealist.com/2014/12/traditionally-innovative-the-history-of-NIKE/ http://globotext.com/the-NIKE-values-proposition/

Valuation Analysis

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Discounted Cash Flow Analysis

13Bloomberg LLP Terminal Data

Revenue: 10%+ annual growth will drive a powerful top line for NIKE

COGS & SGA Expenses: Experts within the consumer discretionary sector project a drop in these types of cost. NIKE in particular has gone to great lengths to minimize corporate & manufacturing cost

EBITDA & EBIT: NIKE’s core financials continuous outperform the industry standards and serve as the foundation for strong growth

Taxes: NIKE is continuing to spend cash on paying off long-term debt and preforming stock buybacks both of which will provide substantial tax relief

Net Income: NIKE’s bottom line continues to fuel the positive vibes from investors, as if the 13 consecutive quarterly increases of their ESP weren’t enough

PV of FCF: A lighter than average WACC will allow for NIKE’s annual cash flow to double again in five years

Revenue & EPS Growth Correlation

According to Bloomberg terminal data many Wall Street analyst believe that NIKE will obtain 10%+ growth in revenue over the next 5 years.

NIKE has increased shareholder dividends for 13 consecutive years, this is forecasted to continue into perpetuity, as long as the firm experiences a growth in revenue.

Analysts and Investors agree that NIKE has a phenomenal growth curve and a very strong EPS driven by its core financials though the implementation of its exclusive corporate structure & business model


Exit Multiples & Perpetuity Growth

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NIKE’s exit multiple should hold close to 4.22 in a 5Y Hold & Exit Strategy

NIKE’s EV based on its exit multiple [4.22] and current WACC [9.80%] is equal to $22.69 billion

Based on current growth analysis preformed on NIKE’s FCF the firm should experience growth at 10.59% annually for the next 5 years

The present value of NIKE’s CF is equal to $7.205 billion

Core Financials & WACC

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• NIKE’s corporate governance relies heavily upon raising capital through equity rather than debt offerings

• NIKE has a very strong AA- rating according to Morningstar's recent evaluation of S&P’s analysis on the firms debt coverage ratio

• NIKE has a very low cost of debt due to its consciences borrowing practices, extensive free cash flow and diligence when repaying long term debt in an accelerated fashion

All Time Equity Valuation

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NIKE has been on a continuous upward trajectory since its IPO in 1980.

It has become a fundamental driver of growth within the Dow Jones Industrial Average, as it consistently outperforms other conventional blue chip stocks

NIKE’s fundamental equity value continues to skyrocket as it has been relatively unfazed by any of the financial turmoil that has transpired in the last decade due to the core principals of its business model

Bloomberg LLP Terminal Data

Long Run Equity Potential

18TD Ameritrade Platform

In the past 5 years NIKE’s stock price has exploded from $48.40 in Q4 2010 to $135.30 in Q4 2015.

The magnitude and consistency of NIKE’s growth in the past 5 years has been unprecedented, especially among other blue chip firms. Most analyst and investors believe that NIKE could actually match this performance in the coming 5 years even with less favorable macroeconomic tailwinds.

“If Prokhorov were just looking to use sports to get even richer, he could have saved himself a lot of trouble and just bought shares of NIKE. The Oregon apparel company's stock has nearly tripled in the five years since Prokhorov bought the team [Brooklyn Nets]” (Bloomberg)

Sector Dynamics

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Global Sports Apparel Market

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NIKE’s dominance over its competitors has become apparent in the past two decades, but even more so in recent years.

• The top chart shows the leading seller of sporting goods in each country at the start of 2014

• The lower chart displays NIKE’s revenues derived from each market, and that markets share of total global sales

In comparing the revenue totals to its competitors on the 2014 chart, we would begin to see a powerful change as NIKE has taken over the Chinese, German & SE Asian market in the last two years alone.

With Puma receding we will see NIKE begin to capture a controlling share of the EMEA nations by 2020, giving them the strongest revenue stream on 5 of the 7 continents

NIKE vs SPX & S5COND


• NIKE has proven the true potential of its explosive growth, coming out of the 2009 Great Recession

• NIKE has torched its own sector [S5COND] with its astonishing 228.30% growth in total returns in the past 5 years

• NIKE has also outpaced the S&P 500 [SPX] by 132.58% over the same period, by racking up 26.82% in annual returns and nearly 40% growth alone in 2015

Consumer Behavior & Demographics

• Despite the emphatic support of NIKE by the Millennials and Generation Z, they would not be the firm they have become if it was not for the fanatic support from Generation X

• Due to NIKE’s presence on social media and among active individuals, they will continue to remain the world’s most beloved brand among the three youngest generations

• NIKE has also gained considerable ground in recent years among Baby Boomers, many of which are looking to maintain an active heathy lifestyle after retirement

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Equity vs Top Sector Competitors

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NIKE provides a phenomenal upside potential and a non-existent downside when compared to the equity offerings of its top competitors [Adidas & Under Armour)

Adidas share price has rebounded after the recession, but their market share in North America has been severely damaged, causing them to rely on a deflating European economy for its revenue growth

Under Armour share prices have surged but with minimal backing from actual growth or expansion to new markets the increase is most likely a façade


NIKE’s Competitors

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Strengths

Weaknesses

Adidas has a strong share in the European athletic market [2nd to NIKE]

Adidas is the world’s 2nd

largest producer of soccer apparel and gear

NIKE not only wipe them out in the North American market, they also pushed them out in their own German market

Adidas is going through expensive corporate governance restructuring, after a harsh collapse of their basketball market both in the US & China

Lulu holds a strong market share in women’s clothing, and is the only true competitor with NIKE for this segment

Recently restructured with a new executive governance

Lulu has a very narrow line of products which has left it exposed to

Tumbling share prices, have forced the firm to take on a heavier debt burden

After a failed acquisition of UA, they have now become a target for NIKE to grow its women’s apparel line

Reebok currently holds a controlling share in the hockey apparel market after NIKE’s sale of Bauer in 2008

Still holds some deals predominate NFL athletes even after losing the contracting deal with NIKE

Losing their NFL apparel license to NIKE, along with the firms depleating share of the North American market

Reebok’s failure to retain the NFL apparel rights proved to be detrimental to their brands image as well as its bottom line

UA share of mid-size colligate programs that it sponsors apparel sales for is growing at an increasing rate

Currently sponsors many young NBA stars such as Steph Curry & Brandon Jennings

Lost a major battle with NIKE for superstar Kevin Durant

Lost the advertising rights to the University of Michigan to NIKE

Entirely dependent on US market for revenue [90%+], which is NIKE’s core market

Deemed overvalued by various S5COND experts

S5COND CCA


• NIKE has the strongest YoY in the S5COND sector for the last five years, and has positioned itself to focus on expanding its products to a variety of markets

• The middle market consumer discretionary firms are getting crushed as NIKE under cuts their price structure, and continues to acquire weaker firms to transform them into powerful subsidiaries such as the revitalization of Converse

• In this market only the largest firms can survive and NIKE is build to grow to $50 billion in revenue by 2020, which would make them larger than the entire bottom half of the sector combined

S5COND Financials

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• NIKE has a very strong gross profit and EBIT margin which is aided by the firm’s second lowest effective tax rate in the sector

• Lululemon is hindering due to its poor EBIT rating that is over 20% below the industry average for the year, as they continue to lose momentum

• Despite having on of the highest EBIT margin Under Armour, is pined down by the highest corporate tax rate of any firm in this sector

S5COND 2015 Q4 Comparables

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• NIKE possesses the highest return on equity of any major firm in the consumer discretionary sector [25.7%]

• NIKE’s market capitalization is 5x the sector average, which provides fantastic stability which supports their strong EV multiple (the highest of all blue chips in their sector)

• Under Armour, possesses the most inflated shares price despite high growth their P/E ratio is a cause of concern at nearly 3x the industry average

• NIKE, VF Cop & Adidas [S5CON Blue Chips] all have maintained stable in consistent growth in the past 5 years

Qualitative Analysis on S5COND Deals

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Past Deals• NIKE acquires Converse in 2003, on the verge of

bankruptcy for $305 million and transformed it into its strongest subsidiary firm valued at over $1.5 billion

• NIKE has also bought and sold Bauer, Cole Haan & Umbro in the past decade, they have focused more on product development than playing the private equity role since the credit crisis

• UA IPO in 2005 & Lulu in 2007 • [Underwritten by Goldman Sachs]

• Volcom & Maidenform have become middle market IPO’s in the subsequent years after the UA deal

Failed Deals• Lululemon experienced explosive growth 2009-2013, and was projected to acquire UA in late 2013, they had passed on the deal

and subsequently faced a steady decline as NIKE undercut their price structure on their primary products (yoga pants)

• High industry growth has lead to a boom in smaller firms and a few large IPO deals in recent years, but the M&A potential has lagged for this sector when compared to the overall market, this should pick up in the next few years

Future Deals• Lululemon is rumored to be a strong acquisition target for

NIKE, who is seeking to capitalize $11 billion of the women’s apparel market by 2020. This deal is becoming more attractive due to Lulu plummeting share prices due to the internal governance turmoil

• Adidas and Puma will not be participating in any major acquisitions due to their commitment to properly restricting their core

• VF Corp is always a strong M&A player in the sector, but they primary focus on luxury brands

Growth Projection

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Internal Strengths Create External Growth

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NIKE is head and shoulders above the competition, both in it’s corporate governance and financial performance; this internal strength has allowed for them to successfully innovate new products and maintain pricing power over its competitors

NIKE enjoys significant pricing power in the marketplace due to its ability to innovate and provide a differentiated product. The firm plans to continue along these lines as well as minimizing costs through the use of innovative technologies to strengthen its bottom line

Capital Expenditures Paying Off

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NIKE’s capital expenditures have been on the rise for the past five quarters. In fiscal year 2014, capex increased by over 47% to $880 million, year-over-year

NIKE’s management is hoping to capitalize on growth opportunities, which aren’t limited to developing emerging markets. Despite being categorized as a premium brand, the company’s been able to grow its revenues, even in the middle of the Great Recession.

NIKE is determined to generate higher positive cash flow and maintain ROIC in the mid-twenties range going forward by focusing its capital expenditure on higher return investments such as retail store rollouts, digital and e-commerce, and innovation

Innovation

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“The products he designed and invented have powered NIKE’s ascent as the world’s leading sports brand, and his commitment to pushing the boundaries to maximize athletes’ performance remains at the heart of NIKE’s innovation spirit.” - Mark Parker[NIKE’s CEO when asked about Bill Bowerman’s impact on the firm moving forward]

NIKE filed 540 patens in 2013 alone, with capital expenditures up 37.9% since that point, the firms commitment to long run growth is set to explode over the next 5 years

The effective tax rates for NIKE are significantly lower than the other firms in its sector, due to the lower international tax rate. The company is projecting an effective tax rate of 24.5% in fiscal year 2015.

NIKE’s Newest Innovations

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• NIKE’s thrust has always been on providing customers with well-constructed, uniquely designed products. NIKE invests extensively in R&D for new technologies

• NIKE has an explosive new line of women's apparel and running shoes scheduled to come out in 2016, which will more than double their fastest growing sector

• New premium products released in 2015:• Dri-FIT Knit, Dri-FIT Touch, Air Max Lunar 1• NIKE Tech Windrunner jacket & Aeroloft vest • Sportswear Tech Pack

• NIKE’s CEO Mark Parker believes that the new Mercurial Superfly will be a game changer on their conquest to capture the European market from their German rivals

Ecommerce & Fintech• NIKE has employed an aggressive strategy toward monetization through Ecommerce,

which will only be strengthened through the explosion of Fintech in the next year

• NIKE’s digital e-commerce thrust is vital. The company plans to grow online sales almost fourfold from $540 million in fiscal year 2013, to $2 billion by 2017

• Worldwide future orders of NIKE brand athletic footwear and apparel scheduled for delivery from December 2015 through April 2016, a key metric for the company, soared 20 percent excluding currency impacts, blowing past the 14.1 percent estimated by the firm

• The recent explosion of ecommerce sales has allowed NIKE to build a new state of the art design facility equipped with 3D laser printers and a visual projection system for modeling NIKE’s newest designs, [the first of its kind in the world], which will dramatically accelerate the time it takes to get products to market

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NIKE’s Efficiency Advantage

• NIKE is focusing on direct selling to the consumer with its DTC initiative. With NIKE’s world class distribution channels, a shift to direct sales for consumer will provide higher margins and lower inventor cost in the near future

• In fiscal year 2014, DTC revenues accounted for 20% of total NIKE’s revenues as compared to 18% in fiscal year 2013. DTC revenues grew 22% in fiscal year 2014 and 30% in 2015

• The company is attempting to grow the DTC category to $8 billion in sales by fiscal year 2017, up from $5.3 billion in fiscal year 2014, with an annual growth rate of 14.7%

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Product Innovation Drives to Growth

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Footwear• Revenues for footwear came in at $16.2 billion in fiscal year 2014, making up 58.3% of total revenues. • Footwear sales grew at a CAGR of 12% over the 2010–2014 period• Growth has been driven by higher unit sales, a shift in the sales mix to pricier models, and expansion in new

markets• Leading shoe models include the LeBron’s, Pegasus 31, LunarGlide 6, Free Flyknit, NIKE Free Trainer 4.0 &

Air Max footwear

Apparel• Apparel is the second-largest category, accounting for 29.2% of revenues, or $8.1 billion in fiscal year 2014. • Apparel sales grew at a CAGR of 12.6% over the 2010–2014 period. The company’s also tried to tilt the sales mix

toward premium products, benefiting the top line.

Equipment• Athletic equipment sales are the smallest product category, accounting for 6% of revenues, or $1.7 billion in

fiscal year 2014. • Equipment sales grew at a CAGR of 12.7% over the fiscal year period 2010–2014.

Geographic View on Growth

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• NIKE will continue to achieve top preforming results in North America, Western Europe and Japan; yet their strongest prospect for growth will be in both the emerging markets and EMEA region

• NIKE’s presence exploded in Central and Eastern Europe as consumer spending as the region became the fasting growing market in 2015, which will only fuel NIKE’s expected repeat performance of double digit growth in 2016

• Emerging Markets had a down year overall, yet NIKE surged in these countries; events such as this have proven that the demand for NIKE’s products stays consistently strong even in the mist of a recession

NIKE’s Core Regions

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North American• CAGR grew at 16.4%

over the fiscal year period between 2010 and 2014

• This region also became one of the most profitable segments with operating profit margin of 27.6% in Q12015

Emerging Markets• In 2015, EM fell on all

time lows, yet NIKE still made $3.9 billion

• With the Trans-Pacific Partnership recently passed, NIKE’s can move products freely without a tariff from it’s SE Asian factories to North America

Western Europe• NIKE recently became

the #1 brand in soccer footwear in Germany, the home of rival brand Adidas

• The EU is beginning to resurface from a recession, leaving NIKE with a solid foundation to expand

China• Party officials are

searching for a way to raise the level of domestic consumption, any changes on this front should help NIKE increase its revenue in its 2nd largest market

Forecasting 3 Year Growth

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NIKE’s 3 year growth story is primary built upon it’s new products within its fast growing women's apparel market

Sales of women’s apparel, footwear, equipment, and other products made up less than 25% of NIKE’s revenues in fiscal year 2013

A $4 billion business in 2013, the company plans to grow its women’s division by $3 billion by fiscal year 2017

In Q4 2015, it has become apparent that NIKE will not only smash past this goal, but will outpace the entire sector for revenue growth driven by the active lifestyle and social media fandom that millennial women have created for the brand

Keys to Long Run Growth

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• Although sales to wholesalers accounted for about 79% of NIKE’s global revenues in fiscal year 2014, the company has begun to shift their sales mix toward direct-to-customer via ecommerce, which have comparatively higher margins

• NIKE’s primary medium for growth over the past three decades has been its popularity, no other firm in the world can boast the type of support that NIKE has within the sports industry

• NIKE’s popularity transcends all generations, demographics and cultures to create an iconic brand that will hold tremendous value for decades to come

Executive Summary

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SWOT MatrixStrengths

NIKE’s endorsements have amplified demands for their products, especially in basketball were they control 95% of the shoe market

NIKE has a very efficient model relative to their competitors, which has resulted in phenomenal returns on talent acquisition, marketing, capital expenditures and expansions into emerging markets.

WeaknessManufacturing could face potential cost increase over the next 10 years as labor regulations tighten

[Latin America & Africa will provide relief for COGS]

Slowing European & Asian consumer marketsUS consumer market, NIKE’s largest revenue segment, is still in a solid growth stage

OpportunitiesNIKE is one of the most beloved brands globally

NIKE controls the strongest consumer discretionary market [North American], but their following in China & Europe will propel sales to overcome any recession

NIKE’s diversified market & product positing will minimize risk faced by their competitors

ThreatsExposer to Foreign Market Volatility

UA & Lulu ~ 10%NIKE ~ 55%VF Corp & Adidas ~ 85%

Nimble Startup Apparel Companies [Lulu]Even with a loyal following, Lulu is at a far greater risk with market volatility than NIKE would be

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Equity Deviation & Risk Variance

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http://www.nasdaq.com/symbol/nke

The grid to the top left shows the pronounced effects of NIKE releasing its quarterly financial statements at outlook for future growth. In each instance we saw evidence of positive growth for their EPS, often averaging nearly a 10% increase each time.

NIKE’s risk variance score was a solid 110 on slightly above the S&P 500 score of 76

In further examination of the data, NIKE seemed to stay close to its value with only a few surprises resulting in massive gains for its shareholders


Historical Financial Projections

• NIKE continues to surpass analyst projections for the last 8 quarters regarding EPS & Net Income.

• EPS YoY growth is 15.4%, and is expected to continue it’s upward trajectory into 2016

• Sales have hit 6 of the last 8 projection markers set by analyst, and with a double digit growth projected in 2016

• Analyst expect very strong Q4 numbers from NIKE, particularly with EBITDA, and revenue from the holidays as well as early signs of returns on capital expenditures


NIKE’s Presence in Large IM Funds

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• NIKE has been seen as a strong long run buy due to its continuous growth and 13 years of increasing dividend payouts

• It acts as a superb blue chip equity to hold in any portfolio because it not only provides stability, but it generates substantial returns that consistently outpace the S&P 500 and the Dow Jones

• High frequency traders have been less willing to arbitrage these shares because higher margins are currently available on international equities

• This has lead to a reduction in volatility due to the presence of IM funds when compared to other competing firms in the consumer discretionary market

Wall Street Firms Order Recommendations

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In the last 12 months NIKE’s LTM growth was recorded to an astonishing 37.6%; which was highly surprising considering the climate of the equity market over the last year.

All 33 of the firms that contribute to this analysis offered a Buy or Hold recommendation for NIKE.

They cited that NIKE’s equity growth was derived not from an inflation of value such as its competitors [Under Armour or Lululemon] rather a continuous growth in global sales, a reduction in operating cost and a consistent monetization of it’s ever expanding market share.


Determining an Optimal Strike Price

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• NIKE’s current share price has been between $128.08-132.54 range in the past week, and it currently is sitting on the low end of this spectrum

• The chart to the right displays the potential ranges of NIKE’s share price for 2016 • The top bar is an average based on the composite of

35 Wall Street Analyst projections, as seen on the previous slide

• The latter three bars are based off of four metrics [WACC, EPS, Growth & EM], which guided the projected range based on the valuation models done on the firms financialsMetrics used:

Wall Street Analyst Projections [Bloomberg Terminal]WACC with a Adjusted EPS [25-75%]EPS Constant with Variable Growth Forecasting [25-75%]EPS Constant with Variable Exit Multiple [25-75%] • These projections are estimates which are based

off the current market climate weighted against any macroeconomic headwinds and stress tested for any unforeseen circumstances which could influence NIKE’s future share price

Executive Summary

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It is our belief that both the qualitative & quantitative analysis of NIKE’s equity value points toward a strong long run buy rating. The quality of NIKE’s products and the strength of their current demand should be key drivers in the continuous growth of the firm for 2016 and decade to come.

Recommendation: Buy [2015 LTM for NKE: 37.6%]

Look to pick up NKE in the $128.08-132.54 range, the price is expected Buy Order: to hit $141.83 by Q4 2016 according to 29 of the 35 Wall Street Firms

including Goldman Sachs & BB&T Capital Markets

Events on the Horizon:Potential Dec. 24th SplitQ4 Discretionary Consumer Spending ReportsDec 22nd NIKE Q4 Earnings & EPS

Recap3 Executive Overview - Over the last 50 years NIKE has become the most beloved sports brand

4 Business Model - NIKE’s external growth is derived from its structural strength

5 Valuation Analysis - NIKE’s balance sheet & equity progression point to Long Term Growth

6 Sector Dynamics - NIKE’s controls the strongest market share in global sports apparel

7 Growth Projection - 10%+ growth is expected based on NIKE’s financials & current sales

8 Executive Summary - BUY Recommendation for Long Term Growth

9 Resources

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Resources• Bloomberg LLP Terminal Data

• Wall Street Journal (Consumer Discretionary Sector - News & Data)

• http://investors.NIKE.com/investors/news-events-and-reports/?toggle=earnings• http://s1.q4cdn.com/806093406/files/doc_financials/2015/ar/index.html#mark_parker_letter• http://s1.q4cdn.com/806093406/files/doc_financials/2015/ar/docs/NIKE-2015-form-10K.pdf

• http://www.bloomberg.com/news/articles/2015-12-07/lebron-james-signs-unprecedented-lifetime-contract-with-NIKE

• http://seekingalpha.com/article/3780666-NIKE-just-buy-it

• http://www.google.com/finance?q=NYSE:NKE

• http://moosylvania.com/millennials/Moosylvania_Millennial_Study_2015.pdf

• http://marketrealist.com/2014/12/traditionally-innovative-the-history-of-NIKE/

• http://www.bloomberg.com/news/articles/2015-12-23/the-brooklyn-nets-beat-the-stock-market-but-not-NIKE-

• http://www.cnbc.com/2015/11/19/NIKE-12b-buyback-dividend-hike-2-for-1-stock-split.html

• https://www.youtube.com/watch?v=IjP2UifvTG0&list=PLqq4LnWs3olVl4ujO7KXaUBaSelM5Li7t

• https://www.youtube.com/watch?v=tMAqN8dtGNA&list=PLqq4LnWs3olVl4ujO7KXaUBaSelM5Li7t&index=5

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Nike Pitchbook

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Transcript of Nike Pitchbook