Yesterday, news broke that Amer Sports is listing on the New York Stock Exchange. Let’s open a dedicated thread for it well in advance. As a former shareholder, I intend to follow this IPO with interest. Otherwise, news is still scarce, but I did find a preliminary prospectus, which naturally lacks dates and pricing at this stage. Link to the prospectus below.
https://www.sec.gov/Archives/edgar/data/1988894/000110465924001168/tm2322981-10_f1.htm
The company has been well managed, or at least its market value is estimated to have approximately doubled in 4-5 years in connection with the IPO. Even so, Amer left the Helsinki exchange with a good premium and at an all-time high back in the day.
The company is aiming to raise $1 billion to value Amers Sport at $10 billion, according to one of the sources.
The firm’s revenue was $3.05 billion in the nine months ended Sept. 30, compared with $2.35 billion a year earlier, according to its regulatory filings.
China now makes up 19.4% of the company’s revenue, in that time period, up from 8.3% in 2020, the filings showed.
Amer Sports went private in 2019, after a consortium led by China’s Anta Sports, struck a deal that valued it at more than $5 billion
I once estimated the value of Amer Sports at EUR 44 per share. The offer was EUR 40 per share.
Revenue has indeed grown from €2.7 billion in 2018 to $3.5 billion in 2022. However, the years '20–'22, as reported in the preliminary prospectus, unfortunately look loss-making. In 2022, the loss was $253 million. How did it come to this and what is the future outlook? Unfortunately, I haven’t had the time to look into it yet.
There it is now: NYSE:AS
Here is some reading material.
In summary…
“If the company can get its balance sheet balanced and effectively manage its brands and their distribution across regions, it should be able to enter the winner’s circle”
A two-minute video can be found below, where the Ameriiiican Rookie shares his thoughts on Amer.
BREAKING
So, a strong buy recommendation with the inverse Cramer strategy! I’m still traumatized by Amer because I managed to sell my shares about three days before the tender offer to buy Martela instead🥰.
@Karo_Hamalainen interviewed Amer Sports’ Communications Director Anu Sirkiä. 
An international consumer goods company with four billion euros in revenue last year and double-digit growth, headquartered in Helsinki. Shares are listed on the New York Stock Exchange (NYSE).
Amer Sports is not quite an ordinary company.
Since a Chinese-led investor group acquired Amer Sports and delisted it from the Helsinki Stock Exchange in 2019, much has changed at the company. Suunto and Precor have been sold, and other brands have been accelerated into rapid growth. Adjusted for divestments, revenue has doubled in five years.
Growth has especially been sought and achieved in China, which now accounts for nearly one-fifth of Amer Sports’ revenue. Among its brands, the Canadian technical apparel maker Arc’teryx has been boosted to become the largest.
“The company has undergone two major transformations. They were already underway in 2018–2019, but now a completely new gear has been engaged,” says Amer Sports’ Communications Director Anu Sirkiä on Karo’s Grill.
First, Amer Sports has revamped its operating model to be brand-led. Second, the company has taken a firmer grip on its consumers: the share of direct sales has grown rapidly.
On the Grill, the reasoning behind these strategic choices is discussed, and we find out what Amer Sports’ brands are really like.
Pentti Jokinen has written the best piece on this company I have ever seen.
Recent years have been a time of strong growth for Amer. Under Anta Sports’ ownership, growth has been financed with significant leverage (mainly shareholder loans) and operations have been quite loss-making, especially in light of cash flows. In connection with the listing, a large portion of the debt was paid off with the funds raised in the offering and part of the old owners’ loans were converted into shares. Thus, the balance sheet is in significantly cleaner shape than it was before the IPO. Also in terms of earnings and cash flows, Amer has moved in a better direction, although the focus is still strongly on growth.
Amer Sports reported strong 17 percent sales growth, primarily driven by Arc’teryx. The company exceeded expectations with a 14.4 percent adjusted operating margin.
Arc’teryx grew well, opening 9 new stores globally, and sales growth in Mainland China, Hong Kong, and Taiwan was a strong 56 percent.
Salomon’s winter sports equipment performed softly, and there were some challenges in North America generally, but the company still raised its 2024 revenue and earnings per share guidance. Strong investments in store expansion and growth initiatives, especially in China, may create good conditions for growth.
https://x.com/LongYield/status/1858858539223277833
EDIT:
Here are Amer’s official materials.
Here is Pentti Jokinen’s tweet regarding Amer’s results.
https://x.com/PenttiJokinen/status/1894655808685678999
I’m adding this one here too.
https://x.com/Earnings_Time/status/1894346396569870833
The tweet highlights how Arc’teryx has been a success product for Amer Sports, generating over $2 billion in sales in 2024 alone.
The technical apparel segment grew by 36 percent, and the company’s profitability improved. The stock price has risen by approximately 100 percent since its listing.
https://x.com/Quartr_App/status/1906388035161510366
Amer Sports reported strong Q1 2025 results; with significant growth across all its business segments. The company’s brands, such as Arc’teryx and Salomon, are benefiting from the popularity of outdoor sports.
Management raised its full-year revenue and earnings forecast, and despite trade barriers, the outlook remains positive.
https://x.com/Earnings_Time/status/1924771779651760441
Amer Sports performed well last year relative to expectations, especially due to Salomon’s rapid growth. Salomon has become the company’s new driving force, and Arc’teryx also continues its strong performance. Growing sales and a positive outlook are encouraging, although customs issues were also considered.
The only major concern is apparently the surprising change in Wilson’s leadership (Wilson’s CEO Joe Dudy unexpectedly left after a long career), which brings uncertainty to the future of the tennis segment. Inventory growth and a one-off support package also boosted the result, but overall it looks good.
https://x.com/earnings_guy/status/1957744831276401107
https://x.com/ConsensusGurus/status/1957647043075428772
Amer Sports means business! Growth accelerated, all business areas and markets performed strongly, and the company once again raised its full-year guidance. Profitability also improved significantly.
On the downside, the margins of the important Arc’teryx showed some weakness, inventory levels are still high, and debt accumulated further. However, these largely appear to be growth investments, so the overall picture remains clearly positive.
https://x.com/Earnings_Time/status/1990739548737839136
Amer Sports had a relatively strong end to the year and grew its sales significantly during the latter part of the year.
In particular, Arc’teryx and Salomon footwear performed well. To support growth, the company increased its investment in marketing, which temporarily impacted profitability. Cash flow otherwise remained strong, and investors seemed to still consider the leverage quite moderate.
For next year, management continues to expect fairly strong growth and an improvement in profitability following the investment phase.
While growth was good, investors had expected more from the results. Specifically, the guidance provided did not meet investor expectations.
https://x.com/wallstengine/status/2026251934395703473
Amer Sports had a strong start to the year; the company is growing fast, but most importantly, growth is not coming at the expense of profitability.
Arc’teryx and Salomon are performing well, direct-to-consumer (DTC) sales are progressing even better than before, and the pricing power of premium brands seems—at least for now—to withstand issues such as tariff problems.
The weaker spot for the company was the racket sports segment surrounding Wilson, where margins declined. Apparently, inventories are too high, and the markets will continue to monitor this… especially if consumer demand cools down at some point.
https://x.com/CHItrader/status/2056703046797705405
