TDCowen：2024年运动品牌零售行业研究报告-7月数字追踪器和运动节拍器销量可观（英文版）

to ADS's market cap fell to 2.6x, which is the lowest it has been since the end of 2019. For context, the ratio of NKE's market cap to ADS's market cap has averaged 4.1x over the past five years and peaked at nearly 7x towards the end of 2022. Looking at valuation, at the end of June 2024 NKE traded at 20.9x FY2 EPS, a 33% discount to ADS's valuation of 31.0x FY2 EPS. Over the past five years, NKE has traded at an average premium of 9% relative to ADS on an FY2 P/E bas