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Smartkarma

Equity Bottom-Up

In this episode, we briefly discuss each type of account in accounting: Assets, Liabilities, Equity, Revenue, and Expenses.<a target="_blank" rel="noopener nofollow" href="https://podcasters.spotify.com/pod/show/the-delphi-podcast/episodes/Gui-Laliberte-and-Avichal-Garg-Integrals-Accounting-Suite-Driving-Backoffice-to-Zero-e2iebjd">Continue listening on The Delphi Podcast»</a>

Brian McGough, head of retail at Hedgeye, joins the podcast to discuss the state of the retail sector, hit a wide variety of names, and explain why he's so bearish on the sector currently. You can find Brian on twitter here: https://twitter.com/HedgeyeRetail This podcast is sponsored by Hedgeye. Hedgeye is an investment research firm that delivers high-conviction investment ideas through fundamental, quantitative, and Macro analysis. If you’d like access to Hedgeye’s favorite long and short…

IN THIS EPISODE, YOU’LL LEARN:0:40 - Who is Phil Knight?7:16 - What is the story behind Nike?13:38 - What led to Nike’s success?31:24 - What made Phil Knight a billionaire? *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.BOOKS AND RESOURCESRead our free executive summary of the book, Shoe Dog.Phil Knight’s book: Shoe Dog – Read reviews of this book.Read the Intrinsic Value Assessment of Nike.Support our free podcast by supporting our sponsors.Check out…

Morningstar

Morningstar, Inc.

Nike’s fiscal 2019 fourth-quarter sales of $10.18 billion slightly exceeded our $10.16 billion forecast. North America sales growth of 7.5% beat our 3.5% forecast as sales of basketball shoes and innovative products like VaporMax were strong. We are encouraged that Nike reported double-digit growth with important U.S. partners despite recent weak overall sales reports by Foot Locker, narrow-moat Nordstrom, and other U.S. apparel retailers. In greater China, sales growth of 15.6% (22%…

We maintain our wide moat rating on Nike but raise our fair value estimate to $98 from $80. We have reduced our long-term tax rate forecast on Nike to 15.5% from our prior view of 22.0%. Nike’s tax rate has declined over the past few years as it has avoided taxes by using offshore accounts in low-tax jurisdictions. We expect it will continue this practice. We have also changed our view on Nike’s willingness to raise leverage to fund stock buybacks, having reduced our fiscal 2028 long-term debt…

United States

NIKE, Inc. designs, develops, and markets athletic footwear, apparel, equipment, and accessory products for men, women, and children. The Company sells its products worldwide to retail stores, through its own stores, subsidiaries, and distributors.

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