Under Armour Inc (NYSE:UA) Earnings Model
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Model Type: Tier 2, Consensus-Based Model.
Financial Statements: Income Statement and Segment Details.
Revenue Modeling Approach: This model breaks-down Under Armour’s results by segment: North America, International and Connected Fitness. We use a quarter-over-quarter growth rate and historic seasonality to project future segment revenue.
Expense Modeling Approach: To estimate Cost of Revenue we use forecasts of Gross Margin percentage, and use operating margins estimates by segment to back into Selling General & Administrative Expense. We use historic averages to estimate Interest & Other Income, and apply an effective tax rate to the future projected income to forecast the Provision for Income Tax.
Share Count Forecast: To forecast the future share count we calculate the historic change in share count, and apply similar changes in future periods.
Valuation Approach: We utilize a market multiple based valuation approach, specifically a Price-Earnings Multiple which we apply to the Next Twelve Month consensus EPS estimate, on an exDebt basis.
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