AS · Amer Sports
AI read · Good for AS
The AI's read
Amer Sports posted a strong Q2: >30% revenue growth, margin expansion, heavy D2C gains and raised FY revenue guide to ~24%. The beat is across Arc'teryx, Salomon and Wilson, so this is company-specific strength, not a one-off SKU pop. Market has already priced some of it, AS is up 3.4% today and RSI sits at 42, so momentum is measured not euphoric. Valuation is rich with a ~42x P/E, meaning upside needs follow-through on margins and China/retail execution. Our take: we lean bullish. Conviction 84% — the setup looks like idiosyncratic upside, but size positions only after confirming sustained D2C margins and store rollout cadence.