_SLIDE_1_
Nike And Adidas
Athletic Footwear Industry Analysis
_SLIDE_2_
Table of Contents
_SLIDE_3_
International Sports Event
International Sports EventsAnd Sports Star
2xxx World Cup
2009 Olympic
2008 Olympic
\Sports Star
_SLIDE_4_
Sports Industry Scale
Korea
USA
Japan
GDP
624
9,882
4,700
Sport Industry
12.5
256
188
Ratio
2.05%
3.35%
3.88%
Korean Sports Association (2000) -billion $
Statistics Korea (2009) -million $
In each country, Sports Industry occupies quite some portion.
In Korea, Sports equipment sales were steadily increasing.
_SLIDE_5_
U.S. Market for Athletic Footwear
_SLIDE_6_
Competition in the Industry
$ 14 billion
$ 12 billion
VS
(2005)
(2004)
_SLIDE_7_
Ratio and Percentage Analysis
Better liquidity
Cash management less aggressive
More effective in generating sales from assets
Maintain a constant difference with Adidas
_SLIDE_8_
Tests of Profitability
Lower average net PPE
Higher operating effi¡¦(»ý·«)
|
in
Tests of Liquidity
Inventory Turnover
Current ratio
Receivable Turnover
Test of Solvency
Debt-to-Equity
Market Test
Dividend Yield
Total Assets Turnover
Accounts Payable Turnover
_SLIDE_13_
Conclusion
INVEST ON NIKE
_NOTES_1_
ÃÖ±Ù¿¡ µé¾î¼ ±¹Á¦Àû ±Ô¸ðÀÇ ½ºÆ÷Ã÷´ëȸ°¡ ´õ¿í È°¼ºÈµÇ°í Àα⸦ ²ø¸é¼
½Ã¹ÎµéÀÇ ½ºÆ÷Ã÷¿¡ ´ëÇÑ °ü½ÉÀÌ ³¯·Î Ä¿Áö°í ÀÖ´Ù.
2008 º£ÀÌ¡ ¿Ã¸²ÇÈ, 2009 º¥Äí¹ö µ¿°è¿Ã¸²ÇÈ, ±×¸®°í À̹ø 2xxx ³²¾ÆÇÁ¸®Ä«°øȱ¹¿ùµåÄÅ ±îÁö
½ºÆ÷Ã÷´ëȸ´Â ²÷ÀÓ¾øÀÌ ¿ì¸®ÀÇ °ü½ÉÀ» ÁýÁß½ÃŲ´Ù.
»Ó¸¸ ¾Æ´Ï¶ó °¢Á¾ ½ºÆ÷Ã÷ ºÐ¾ßÀÇ ½ºÅ¸µéµµ ½ºÆ÷Ã÷ÀÇ È°¼ºÈ¿¡ Å©°Ô ±â¿©ÇÏ°í ÀÖ´Ù.
3
_NOTES_2_
ÀÌ·¯ÇÑ °ü½ÉÀ» ¹Ý¿µÀÌ¶óµµ ÇϵíÀÌ
2000³âµµ ÀڷḦ º¸¸é Çѱ¹, ¹Ì±¹, ÀϺ»ÀÇ GDP ´ëºñ ½ºÆ÷Ã÷»ê¾÷ÀÇ ±Ô¸ð¸¦ ¾Ë ¼ö Àִµ¥,
´ëü·Î 2~4 % Á¤µµ·Î Å« ºñÁßÀ» Â÷ÁöÇÏ°í ÀÖ´Ù.
Çѱ¹ Åë°èû (Statistics Korea)ÀÇ 2009³â ÀÚ·á¿¡ µû¸£¸é ½ºÆ÷Ã÷¿ëÇ°ÀÇ ÆǸŷ® ¹× ¼öÀÍÀº ²ÙÁØÈ÷ »ó½ÂÇÏ°í ÀÖ´Ù.
4
_NOTES_3_
5
_NOTES_4_
1.
The Accounts Payable Turnover ratio for Nike is better than the one for Adidas and is fairly stable over time. Nike pays its creditors within approximately 40 days. (Adidas 76days -` 09±âÁØ)
This comparison indicates two points.
First of all, Nike¡¯s liquidity is better.
Secondly, Nike¡¯s cash managemen