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Case study 5: Estimating Adidas's equity value Germany-based Adidas is one of the world's largest producers of sportswear. During 2011, Adidas showed strong operational performance and saw its equity value increase by 3 percent to close to 10.5 billion. On April 1, 2012, one month before the publication of the first-quarter results, an analyst produces the following forecasts of Adidas's 2012-2014 performance and financial position: Assume that Adidas's cost of equity equals 10 percent. Answer the following questions. 1. Calculate abnormal earnings for the years 2012-2014. 2. Assume that abnormal earnings in 2015 and beyond are zero. Estimate the value of Adidas's group equity (group equity is the sum of shareholders' equity and minority interests). What might explain the difference between your equity value estimate and Adidas's actual market value (of 12,247 million)? Notes for this case study Please do not submit Excel workouts only. Word documents with excel results pasted inside are welcomed. Showing the procedure by which you achieve each item will help to maximise your mark. Income statement Sales Gross profit EBIT Net interest expense Profit before tax Tax expense Group profit Minority interest Net profit 2012E 14917.0 7042.3 1192.4 -74.7 1117.7 -313.0 804.7 -1.5 803.2 2013E 15915.8 7532.9 1380.6 -55.0 1325.6 -371.2 954.4 -1.7 952.7 2014E 17029.7 8046.5 1609.9 -39.6 1570.3 -439.7 1130.6 -1.8 1128.8 Balance sheet Fixed assets Current operating assets Investment assets Total assets 2011R 4717.0 4649.0 2014.0 11380.0 2012E 5273.0 5197.0 2251.4 12721.5 2013E 5626.1 5545.0 2402.2 13573.3 2014E 6019.9 5933.1 2570.3 14523.2 Shareholders' equity Minority interest Debt Current operating liabilities Non-current operating liabilities Total equity and liabilities 5327.0 4.0 1589.0 3992.0 468.0 11380.0 5878.5 5.0 1852.2 4462.6 523.2 12721.5 6520.0 6.1 1727.6 4761.4 558.2 13573.3 7272.2 7.0 1552.2 5094.5 597.3 14523.2 Other estimates Dividends 2011R 2012E 251.7 2013E 311.3 2014E 376.6