ADDYY - adidas AG

Other OTC - Other OTC Delayed Price. Currency in USD
+2.71 (+1.88%)
As of 3:53PM EDT. Market open.
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Previous Close143.89
Bid0.00 x 0
Ask0.00 x 0
Day's Range146.16 - 147.64
52 Week Range101.48 - 147.64
Avg. Volume35,651
Market Cap58.242B
Beta (3Y Monthly)0.90
PE Ratio (TTM)32.92
EPS (TTM)4.45
Earnings DateN/A
Forward Dividend & Yield1.88 (1.46%)
Ex-Dividend Date2019-05-10
1y Target Est127.74
Trade prices are not sourced from all markets
  • Why U.S. shoe firms are shifting business to Vietnam
    Yahoo Finance Video16 days ago

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  • Adidas just hit an all-time high off its earnings report
    CNBC Videos20 days ago

    Adidas just hit an all-time high off its earnings report

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  • Q1 sales up 38% for Sir Martin Sorrell's S4 Capital
    Yahoo Finance Video20 days ago

    Q1 sales up 38% for Sir Martin Sorrell's S4 Capital

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  • Trade standoff between U.S., China may be settling in for the long run
    MarketWatch16 hours ago

    Trade standoff between U.S., China may be settling in for the long run

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  • 7 Athletic Apparel Stocks With Marathon Pace
    InvestorPlace21 hours ago

    7 Athletic Apparel Stocks With Marathon Pace

    Athleisure has been the biggest trend in retail over the past several years, helping put athletic apparel stocks on a fast track to big-time gains. The rise of internet, social media and photo-sharing apps created an unprecedented surge in consumer self-awareness regarding image, health and fitness. As consumers become more attuned to self-care, they simultaneously lead more active, healthy lifestyles … or at least give off the appearance that they are doing so through Instagram posts. This has likewise led to a surge in athleisure clothing sales, since that is the apparel that best fits this lifestyle.This isn't a short-term trend -- it's secular. Consumers are only becoming more connected, and they are consequently becoming more self-aware. Thus, the underlying consumer desire to become healthier and more active will continue to grow. Consumer demand for athleisure clothing will likewise continue to grow over the next several years.Because of this secular demand tailwind, athletic apparel stocks should broadly continue to run higher for the foreseeable future. If you buy athletic apparel stocks here, you could be sitting on massive gains for the long-term.InvestorPlace - Stock Market News, Stock Advice & Trading Tips * 7 Safe Stocks to Buy for Anxious Investors Which apparel stocks should be on your shopping list? Let's take a look at seven athletic apparel stocks to buy, all of which could run much higher over the next few years. Athletic Apparel Stocks to Buy: Nike (NKE)Source: rodrigofranca via FlickrAt the top of this list is none other than global athletic apparel giant Nike (NYSE:NKE).Nike has been, is, and projects to remain the undisputed and unrivaled king in the athletic apparel industry. The company dominates in every relevant sports market, from basketball to soccer to baseball. They also dominate on the running front, and have aggressively pivoted into the lifestyle world to be the number one player in athleisure, too.Broadly speaking, there's no reason to believe that Nike won't stop being the top dog any time soon. The company is doing everything right at the current moment. They continue to sign the world's top athletes. They are investing in technology, pivoting to direct channels, and expanding the women's business.All in all, Nike will remain king in the athletic apparel industry for the foreseeable future. So long as that remains true, NKE stock will move higher with the rising athleisure trend. Foot Locker (FL)Source: Shutterstock As goes Nike, so goes Foot Locker (NYSE:FL).For all intents and purposes, Foot Locker stores are basically just Nike stores. Sure, Foot Locker sells product from all the major athletic apparel players, but about 70% of Foot Locker's merchandise comes from Nike. Thus, when Nike is on fire, that simultaneously means Foot Locker is on fire.Right now, Nike is on fire. Given the company's secular demand tailwinds and strong innovation pipeline, Nike projects to remain on fire for the foreseeable future. That means Foot Locker likewise projects to remain on fire for the foreseeable future, too. * 10 Names That Are Screaming Stocks to Buy Meanwhile, there seems to be some stabilization in the marketplace between direct and wholesale retail channels, and that stabilization should provide a lift to Foot Locker's numbers. Broadly, then, all the trends are moving in FL's favor, and that should lead to a FL stock rally. Adidas (ADDYY)Source: Shutterstock Before Nike pivoted into the lifestyle market, Adidas (OTCMKTS:ADDYY) did it, and they did it very well.Adidas leveraged lifestyle celebrity endorsements from celebrities such as Kanye West to grow brand awareness and boost brand equity outside of the core athletic apparel demographic. They also aggressively innovated and launched a plethora of stylish athleisure footwear products tailored to the casual consumer.These moves worked. Revenue growth at Adidas accelerated higher, and Adidas gained market share. This trend is far from over. Adidas continues to pivot into and grow share on the lifestyle side of this market. As they do, sales and profit growth remain impressively positive, and this growth track continues to lead to big gains in ADDYY stock. Lululemon (LULU)Source: Shutterstock Arguably the most exciting athletic apparel stock is Lululemon (NASDAQ:LULU).Lululemon started out as a niche women's yoga apparel brand. They dominated that niche by selling higher-quality product and developing high brand equity. Then, the company leveraged that high brand equity to successfully branch into and grow share in other areas of the women's athletic apparel market. Now, the company is leveraging its high brand equity to tap into the men's and international markets.Overall, then, Lululemon has developed a reputation for a being a high-quality provider of athletic apparel of all sorts. While this company has largely saturated its opportunity in the women's yoga market, they have just scratched the surface of their potential elsewhere in the athletic apparel space. * 7 Assisted-Living Stocks to Buy Now As they expand more deeply into those other areas, sales and profit growth will remain robust, and LULU stock will head higher. Dick's Sporting Goods (DKS)Source: Shutterstock One of the more controversial stocks on this list is Dick's Sporting Goods (NYSE:DKS).Dick's has been on the opposite end of a secular shift in the athletic apparel space away from wholesale retail and toward direct retail. Broadly, brands like Nike are putting more product into their own direct channels, and less product into wholesale channels like Dick's. That has led to lower sales volume and margins at Dick's, which has ultimately weighed on profits and pushed the stock lower.Yet, the wholesale retail channel remains very important because of its scale. Quite simply, if Nike stopped shipping product entirely to Dick's and pivoted it all to direct, they would take a big sales hit, since Dick's has broad reach and exposure to the U.S. consumer which Nike's direct channels simply don't have.Consequently, Dick's long term growth outlook is actually stable. It seems this stability is already starting to manifest itself, as Dick's numbers have meaningfully improved over the past few quarters. So long as this improvement persists, DKS stock should run higher from here. Skechers (SKX)Source: McArthurGlen Designer Outlet via FlickrOne of the most undervalued athletic apparel stocks in the market is Skechers (NYSE:SKX).Wall Street does not like SKX stock. The stock trades at 14-times forward earnings. Both Nike and Lululemon trade at 30-plus forward earnings multiples. To be sure, some of this valuation discrepancy has to do with growth. Nike and Lululemon are growing faster than Skechers. But, not that much faster to warrant such a big valuation discrepancy.Instead, investors are concerned that as competition ramps up in the athletic apparel category, Skechers simply won't be able to keep up. That thesis seems flawed. Skechers isn't as cool as a Nike or an Adidas. But, the company offers quality athletic sneakers at reasonable prices, and in so doing, they dominate the mid-price athletic sneaker market. * 7 Battery Stocks for High-Powered Gains This market isn't going away anytime soon, because consumers will always be attracted to reasonable prices. Meanwhile, Nike and Adidas can't really pivot aggressively into this market because cutting prices would dilute brand equity and hurt their premium products. Thus, Skechers is in a sweet spot, and the relative undervaluation in SKX stock simply makes no sense. Yeti (YETI)Source: Shutterstock The last stock on this list is more an outdoor apparel company than it is an athletic apparel company, but it nonetheless benefits from the same secular demand tailwinds.Yeti (NYSE:YETI) is an outdoors consumer products brand that is rapidly expanding share in the $600 billion-plus outdoors sports market in the U.S. That market is growing anywhere between 5% and 10% per year, supported by a consumer shift from valuing products to valuing experiences (which broadly means more outdoor activities for consumers, and more outdoor products sales). This is a secular shift, so this market will continue to grow at a healthy rate for the foreseeable future.Within that industry, YETI is a small (less than $1 billion in revenues projected for 2019), but important (people need coolers and drinkware) and stable player (YETI is top dog in the cooler niche). Further, YETI is launching new products to extend beyond its niche, pushing hard on the international front, and rapidly expanding its DTC business. All those initiatives imply healthy market share expansion over the next several years.Because of such, Yeti projects as a healthy revenue and profit grower over the next few years. That growth will push YETI stock higher.As of this writing, Luke Lango was long NKE, FL, LULU, SKX and YETI. More From InvestorPlace * 4 Top American Penny Pot Stocks (Buy Before June 21) * 7 Safe Stocks to Buy for Anxious Investors * 4 Tech Stocks Looking Vulnerable * Should You Buy, Sell, Or Hold These 7 Hot IPO Stocks? Compare Brokers The post 7 Athletic Apparel Stocks With Marathon Pace appeared first on InvestorPlace.

  • The Zacks Analyst Blog Highlights: Nike, adidas, Rocky Brands and Wolverine World Wide

    The Zacks Analyst Blog Highlights: Nike, adidas, Rocky Brands and Wolverine World Wide

    The Zacks Analyst Blog Highlights: Nike, adidas, Rocky Brands and Wolverine World Wide

  • Adidas (ADDYY) Hits 52-Week High, Can the Run Continue?

    Adidas (ADDYY) Hits 52-Week High, Can the Run Continue?

    Adidas (ADDYY) is at a 52-week high, but can investors hope for more gains in the future? We take a look at the company's fundamentals for clues.

  • Adidas: Spain's FA has no grounds for ending contract
    Associated Press2 days ago

    Adidas: Spain's FA has no grounds for ending contract

    MADRID (AP) — Adidas says Spain's soccer federation has no grounds for terminating its contract with the sports apparel company, and will fight to keep the agreement in place.

  • Nike and Adidas Urge President Trump to Reconsider Tariffs
    Market Realist2 days ago

    Nike and Adidas Urge President Trump to Reconsider Tariffs

    Nike and Adidas Urge President Trump to Reconsider TariffsThe escalating trade war has the footwear industry worriedYesterday, dozens of shoe retailers—including big names Nike (NKE) and Adidas—sent an open letter to President Trump

  • Tariffs Likely on Imported Shoes: Death Knell for US Footwear?
    Zacks2 days ago

    Tariffs Likely on Imported Shoes: Death Knell for US Footwear?

    With China playing a vital role in the supply chain process for most U.S. footwear firms, the proposed tariffs are likely to be a death knell for the industry that is already reeling under a $3 billion annual duty bill.

  • Even a JP Morgan Endorsement Won’t Help Under Armour Stock
    InvestorPlace2 days ago

    Even a JP Morgan Endorsement Won’t Help Under Armour Stock

    Shares of Under Armour (NYSE:UAA) traded significantly higher in mid-May on a bullish note from JP Morgan, who upgraded Under Armour stock to Overweight with a $29 price target, implying ~30% upside over the next twelve months.Source: Shutterstock The bull thesis from JP Morgan is pretty simple. Under Armour has struggled significantly over the past several years with its product assortment and that has led to building inventories amid stagnant sales.In order to clear that inventory, Under Armour has had to run deep discounts on its merchandise, sell into lower-priced channels, and slow new product roll-out. Those moves stabilized sales, but they also diluted brand equity and dragged on margins. Net result? Profits were wiped out.InvestorPlace - Stock Market News, Stock Advice & Trading Tips * 7 Stocks to Buy for Over 20% Upside Potential Inventory levels are dropping fast and now sit at their lowest level in several years. Management thinks this "down-sizing" era is over. Inventory levels are now appropriately low. Discounting will stop. Lower-priced sell-through will stop, too. The company can now put out new premium product, which should lift brand equity and margins. Net result? Profits should come soaring back.Consequently, while Under Armour is still in the early stages of this pivot, JP Morgan thinks now is the time to buy into Under Armour stock.But, this argument misses two critical risks: competition and valuation. Ultimately, those two risks will cap near to medium term upside in Under Armour stock. Competition Risks Are SizableBroadly speaking, the big growth niche in the athletic apparel space is in the convergence of athletic and leisure styles, and Under Armour has failed to keep pace with peers on the athleisure front.The rise of the internet and specifically visual-first social media has made consumers more aware of their image, health, and fitness than ever before. Consequently, consumers are increasingly trying to lead more healthy and fit lifestyles, and a big part of the image associated with that lifestyle is wearing athletic-style clothes that are simultaneously comfortable and can be worn anywhere, all the time. The fix? Athleisure styles.Under Armour completely missed the boat on this athleisure trend and continues to miss it today. While brands like Nike (NYSE:NKE), Adidas (OTCMKTS:ADDYY), and Lululemon (NASDAQ:LULU) really focused on becoming lifestyle brands with a product assortment that applies to all consumers, Under Armour has consistently doubled down on performance. That was the wrong move.Consequently, while the other three players have consistently grown at a double-digit rate over the past few quarters, Under Armour's growth has fallen flat.Falling inventories won't solve that problem. Sure, now Under Armour can roll out new premium product and stop discounting stuff, which will help margins. But the company also needs to fix its image by becoming more of a lifestyle brand. As of today, it doesn't seem like there is anything in the growth pipeline which will do that.Further, even if Under Armour does pivot into lifestyle, they have a lot of catching up to do. Nike, Lululemon, and Adidas are firing on all cylinders right now, and all three are only gaining momentum. Under Armour will have a tough time gaining share against that backdrop. Valuation Risks Cap UpsideConsidering the competitive backdrop and Under Armour's recent inability to gain share in that competitive landscape, today's valuation on Under Armour stock seems stretched.Under Armour stock trades at nearly 60-times forward earnings. Everyone else in this industry trades roughly between 20- and 35-times forward earnings and everyone else is growing much more quickly. As such, relative to current growth rates, Under Armour's 60 forward multiple seems absurd.Sure, the bulls keep touting the long term profit growth potential. Yes, this company does sit at low single digit operating margins, versus mid-teens operating margins over at Nike. Thus, if the company does fix its inventory and discount problems, margins have lots of runway to move higher, and that will provide fuel for robust profit growth.But, if you model all that out, the valuation still seems stretched. Realistically, the global athletic apparel market will grow at a 4-6% annualized pace over the next several years. Best case scenario, Under Armour maintains share in that market.Thus, revenue growth runs around 5% per year. Operating margins move significantly higher to above 10% with inventories cleared and discounting in the rear-view mirror.Under all those aggressive assumptions, Under Armour can realistically do about $1.50 in earnings per share by fiscal 2025. Based on a Nike-average 25x forward multiple, that implies a reasonable fiscal 2024 price target for UAA of $37.50. Using a 10% discount rate, that equates to a fiscal 2019 price target of just over $23. Bottom Line on Under Armour StockUnder Armour's inventories are falling. That's good. It means the company does have runway to stabilize growth over the next several years, and push margins significantly higher. But, all that news is already priced into the stock, and the growth narrative is still riddled with competition risks. Thus, near term upside in UAA stock seems capped at $25 by competition and valuation risks.As of this writing, Luke Lango was long NKE and LULU. More From InvestorPlace * 4 Top American Penny Pot Stocks (Buy Before June 21) * 7 Stocks to Buy for Over 20% Upside Potential * 5 Large-Cap Stocks Holding Steady Amid Trade War Concerns * 7 ETFs for Healthy Healthcare REITs Compare Brokers The post Even a JP Morgan Endorsement Won't Help Under Armour Stock appeared first on InvestorPlace.

  • Bull of the Day: Crocs (CROX)
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  • Trump Hits Biden for Minimizing China Threat to U.S. Economy
    Bloomberg2 days ago

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    “They want Biden so that China can continue to make $500 billion dollars a year and more ripping off the United States,” Trump said at rally in Montoursville, Pennsylvania, on behalf of a Republican running in a special election for the House. Biden downplayed China while campaigning in Iowa City, Iowa, on May 1, drawing criticism from some of the other Democrats challenging him for the party’s nomination.

  • ‘This is unfathomable’: American shoe brands unite against Trump
    Yahoo Finance3 days ago

    ‘This is unfathomable’: American shoe brands unite against Trump

    More than 170 footwear companies signed a letter sent to President Trump urging him to not go ahead with extra tariffs on $300 billion of Chinese goods. The letter was signed by footwear industry heavyweights such as Nike, Adidas, Crocs, and Under Armour, among others.

  • Associated Press3 days ago

    Spanish soccer federation ending its contract with Adidas

    MADRID (AP) — Spain says it is ending its soccer contract with Adidas and has opened negotiations with other apparel companies.

  • A Look At The Fair Value Of adidas AG (FRA:ADS)
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    A Look At The Fair Value Of adidas AG (FRA:ADS)

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  • Adidas (ADDYY) Upgraded to Buy: Here's Why
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  • Benzinga13 days ago

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  • 5 Reasons Investors Should Still Avoid Under Armour
    Motley Fool15 days ago

    5 Reasons Investors Should Still Avoid Under Armour

    The athletic apparel and footwear underdog’s sales are stabilizing, but it still faces brutal headwinds.

  • Adidas extends sponsorship of Real Madrid until 2028
    Reuters15 days ago

    Adidas extends sponsorship of Real Madrid until 2028

    Adidas will extend its sponsorship of Spanish soccer side Real Madrid until 2028, the German sportswear firm said on Wednesday, as it battles fierce competition in Europe from Nike and a resurgent Puma. Adidas has seen its leadership in soccer eroded in recent years by the advance of its bigger U.S. competitor Nike, which sponsors Real Madrid's arch rivals Barcelona and is reportedly in talks with Liverpool, second in the English Premier League. It also underpins Adidas' leadership in the football category," Chief Executive Kasper Rorsted said in a statement.

  • 5 Reasons to Buy Nike Stock on Weakness
    InvestorPlace15 days ago

    5 Reasons to Buy Nike Stock on Weakness

    Shares of Nike (NYSE:NKE) have been red hot for the past year and a half, rallying roughly 80% from their $50 lows in late 2017, to fresh all-time highs around $90 just a few weeks ago. But Nike stock is pulling back in early May, amid a stock-market selloff sparked by renewed trade war threats.Source: Shutterstock As of this writing, Nike stock is 7% off its recent highs, marking the biggest drop in NKE stock in 2019. * 10 Great Stocks to Buy on Dips Investors should perceive the recent weakness of Nike stock as a buying opportunity.InvestorPlace - Stock Market News, Stock Advice & Trading TipsIn general, Nike is firing on all cylinders and extending its leadership position in an athletic-apparel market that has been, still is, and will remain on fire. This favorable positioning sets NKE up to report healthy, robust revenue and profit growth for the foreseeable future. As a result, Nike stock will stay on a healthy medium to long-term uptrend.Further, with respect to the near-term, NKE has a few major fundamental catalysts on the horizon which should get many investors to buy Nike stock soon.All in all, it won't be long before Nike stock is making new all time highs. Consequently, NKE stock should be bought on its recent weakness. The Athletic Apparel Space Remains Red HotThere are five reasons to buy the dip of Nike stock in May. The first of those five reasons is that athletic apparel remains as hot and in-demand as ever.Adidas (OTCMKTS:ADDYY) just reported another stellar quarter which dazzled investors and sent that stock up to all-time highs. Lululemon (NASDAQ:LULU) has been on fire for a long time and has only improved in recent quarters. Under Armour (NYSE:UAA) just reported its best numbers in recent memory, including a 25% sales jump in the Asia-Pacific region.Everywhere you look, athletic apparel is still on fire. Nike is the unchallenged king of this space. As a result, as long as the athletic-apparel industry remains red hot, so will Nike. NKE Hasn't Experienced Any Trouble in ChinaThe second big reason to buy Nike stock on weakness is that the company has proven largely resilient to trade-war noise.Specifically, in late 2018, many U.S. companies, including Apple (NASDAQ:AAPL), reported that their China businesses had weakened thanks to slowing economic conditions sparked by the trade conflict. Nike was not one of those companies. Instead, Nike's China business remained healthy and vigorous. Throughout all of fiscal 2018, NKE's China sales rose 18%. Its China sales rose 20% in the first quarter of 2019, 31% in Q2, and 24% in Q3.In other words, Nike's China business has yet to be negatively impacted by trade-war issues or the slowing Chinese economy. Consequently, the current weakness of Nike stock seems overstated. Tiger Woods Is BackThe third big reason to buy Nike stock on weakness is that the company's golf business will get a nice bump this quarter and perhaps for the foreseeable future.That's because Nike golf star Tiger Woods is back. In mid-April, Tiger Woods won the 2019 Masters golf tournament for the first time in 14 years, completing what many are calling one of the greatest comeback stories in sports history. That comeback story caused certain Nike golf apparel to sell out on Nike's website in the 24 hours after Woods' victory.Nike's quarterly results should reflect the rebound of its golf business sparked by Woods' victory. As long as Woods remains relevant, this lift should persist. The Freak Shoe Launches SoonThe fourth (and arguably the biggest) reason to buy Nike stock in May is that this company is heading into what looks to be a massive signature basketball shoe launch, and prior successful signature basketball shoe launches have sparked huge rallies by NKE stock.Specifically, Nike is set to release a signature basketball shoe for NBA superstar Giannis Antetokounmpo within the next few weeks. The shoe, dubbed The Freak 1, will likely debut to enormous demand, considering Giannis is widely loved by fans, is one of the best players in the NBA, and has a unique underdog story which consumers will strongly relate to. Furthermore, prior signature basketball shoe launches by NBA stars Kyrie Irving and Paul George sparked big multi-quarter rallies of Nike stock.The same thing should happen this time around. The Freak 1 will launch in May. Demand will be robust. NKE will sell a ton of basketball shoes. The numbers will improve, causing NKE stock to head higher. Women's Pivot Unlocks Enormous Long-Term PotentialThe last big reason to buy Nike stock on weakness is that this company is only scratching the surface of its long-term potential in the women's athletic-apparel business.At the current moment, Nike's revenues are dominated by the men's segment. The women's business accounts for less than a quarter of its total revenues. But the global women's athletic apparel and footwear market is 50% larger than the men's athletic apparel and footwear market. Nike knows that, understands the huge potential of its women's business, and is doing everything possible to grow its women's business, with management calling it a "huge priority" on the company's last earnings call.I think the revenue of Nike's women's business can reach $20 billion-plus over the next several years, and that's enough to enable Nike stock to march towards $100 this year. The Bottom Line on NKE StockNike stock is tumbling against the backdrop of the stock market selloff. But the recent weakness of Nike stock is nothing more than a buying opportunity. Over the long-term, NKE has all the pieces it needs to generate healthy revenue and profit growth. In the near-term, NKE has some major catalysts on the horizon which could turn this selloff into a rally rather quickly.It won't be long before Nike stock is printing fresh, all-time highs again.As of this writing, Luke Lango was long NKE, LULU, and AAPL. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 Great Stocks to Buy on Dips * 6 Growth Stocks to Buy for the Rest of 2019 * 4 Mega-Cap Stocks to Sell Before They Melt Down Compare Brokers The post 5 Reasons to Buy Nike Stock on Weakness appeared first on InvestorPlace.

  • What's Next for Under Armour and Adidas Stock After Earnings?
    Zacks17 days ago

    What's Next for Under Armour and Adidas Stock After Earnings?

    Welcome to the latest episode of the Full-Court Finance podcast from Zacks Investment Research where Associate Stock Strategist Ben Rains breaks down Under Armour (UAA) and Adidas' quarterly financial results.

  • DICK'S Sporting Store (DKS) to Open 3 Stores in May, Stock Up
    Zacks17 days ago

    DICK'S Sporting Store (DKS) to Open 3 Stores in May, Stock Up

    DICK'S Sporting's (DKS) recent plans of launching three stores in May is in sync with its efforts to widen store network.

  • Berkshire buying Amazon stock is a wake-up call for retail investors, says this portfolio manager
    MarketWatch20 days ago

    Berkshire buying Amazon stock is a wake-up call for retail investors, says this portfolio manager

    Our call of the day, from Byron Lotter, portfolio manager at South African-based Vestact Asset Management, says news that Berkshire is buying shares of Amazon is a wake-up call for investors who think the company is out of their reach.

  • Shares Soar! Beyonce! Yet Adidas Plays it Safe
    Bloomberg20 days ago

    Shares Soar! Beyonce! Yet Adidas Plays it Safe

    Sales excluding currency movements rose 4 percent in the first quarter, with growth in China and from the internet offsetting sluggish revenues elsewhere. Operating profit was much better than expected, rising 17 percent to 875 million euros ($975.9 million). More-efficient sourcing and favorable currency movements boosted the gross margin, which in turn lifted the operating margin. It sees sales growth excluding currency movements of 5 percent to 8 percent, and the operating margin rising from 10.8 percent in 2018 to between 11.3 percent and 11.5 percent.