Mestrado Bolonha em FinançasThe objective of this report is to study and provide an investment recommendation for Under Armour, Inc. This report is based on public information available until 1st of August 2021 and it was developed according to the CFA Institute recommendation for the CFA Research Challenge. Under Armour, Inc. is an American company engaged in the development, marketing and distribution of branded sports performance and casual apparel, footwear and accessories for men, women and youth. During the course of Equity Research I had the opportunity to study this industry, which helped better understand its ins and outs. Under Armour’s valuation was calculated using a Weighted Average Cost of Capital (WACC) Method through Free Cash Flow to the Firm (FCFF) for the industry, complemented with the Adjusted Present Value (APV) and a Relative Multiples Valuation. At the end, the recommendation of this report is to sell the common share, with a price target of 9.62pershare,intheendof2021,representingapotentialdownsideof49.11 9.62, no final do ano de 2021, representando uma queda potencial de 49.11%, face ao preço da ação à data da elaboração deste relatório. Esta recomendação é baseada num nível de risco elevado, visto a empresa atuar num mercado bastante saturado, com uma margem operacional muito ténue, onde a oferta é extremamente alta, e onde o seu poder de branding e marketing não são tão fortes como alguns dos seus concorrentes.info:eu-repo/semantics/publishedVersio
