Under Armour has experienced steady revenue growth in recent years, with annual revenue increasing from $1.4 billion in 2013 to $3.1 billion in 2014. The majority of Under Armour's revenue comes from wholesale sales in North America. While Under Armour is still considered a young, growing company, its stock price and market capitalization have increased substantially in recent years, reaching $18.89 billion in market cap as of 2014. Several top mutual and institutional funds have large holdings in Under Armour stock. However, some analysts have concerns about Under Armour's ability to manage increasing costs and expenses as revenue growth continues.

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2. 67%
30%
3%
Under Armour 2014 Revenue
Wholesale
Direct to Consumer
Licensing
94.1%
94.1%
90.7%
5.9%
5.9%
9.3%
0
500000
1000000
1500000
2000000
2500000
3000000
3500000
2012 2013 2014
Under Armour Net Revenue
By Region
Other foreign countries
and business
North America
$1,064,927.00
$1,472,684.00
$1,834,921.00
$2,332,051.00
$3,084,370.00
$-
$500,000.00
$1,000,000.00
$1,500,000.00
$2,000,000.00
$2,500,000.00
$3,000,000.00
$3,500,000.00
2010 2011 2012 2013 2014
Under Armour Annaual Revenue
Net Revenue

3. 1 Young Company
2 Growth Rate
3 No Dividend - more growth

4. COLM: $48.10
Mkt Cap: $3.38 billion
NKE: $133.12
Mkt Cap: $113.61 billion
UA: $87.39
Mkt Cap: $18.89 billion
150 million
18 million

5. UNDER ARMOUR (NYSE; UA)
87.39 +0.21 (0.24%)
1:11PM EST Dec.2, 2015
35 Analysts covering
53%44%
3%
Recommendation
(Nov.27,2015)
BUY
HOLD
SELL
“BUY”
SOURCE: Google Finance

6. S W O T
• Innovation & Tech
• Steady Growth
• New Products
• Marketing
• Market%
• Supply
• Connected
Fitness
• Expansion
• Project Glory
• Economy
• Financial burden &
Costs
• Pricy stock
• Competitions

7. Potential Concerns
SOURCE: Bloomberg
UA SG&A expenses/Net revenue:
2014: 37.56%
2013: 37.37%
2012: 36.55%
(2014)
SG&A expenses/Net revenue:
NKE: 31.5%
COLM: 36%

8. Fund Investors
1. Fidelity® Contrafund®
2. Harbor Capital Appreciation Institution
3. Baron Growth Retail
4. Vanguard Mid Cap Index I
5. Vanguard Total Stock Mkt.Idx.
6. Vanguard 500 Index Inv.
7. Vanguard Institutional Index I.
8. SPDR® S&P 500 ETF
9. American Century Ultra® Inv.
10. MainStay Large Cap Growth A.
32,073,204 shares in total, accounting for 14.82%
Institutions Investors
1. Vanguard Group, Inc.
2. Fidelity Management ad Research Company
3. Jennison Associates LLC
4. State Street Corp
5. BAMCO Inc.
6. BlackRock Fund Advisors
7. Wells Capital Management Inc.
8. Northern Trust Investments, N.A.
9. Brown Investment Advisory Incorporated
10. Franklin Advisers, Inc.
68,756,573 shares in total, accounting for 31.94%

9. - Required disclosure- accessible
- Simple layout of the website
- Provide guidance
- In-time meetings with the analysts
- Investor Day: inspiring,
- Telling stories
- Energetic
- Informative current and future plan
- Being honest and open to talk about the need of funds
- No specific contact people or direct phone/email
- The websites layout could be better
- Video could help presentations to be more impressive
- Too specific numbers given
- Lack of strategies in the communication
- Too dependent on Kevin Plank
- >< should be telling the story of the whole
management team
- Make the direct or at least the Investors Relations team
emails more accessible
- The lay-out of the Company’s websites- simple is
important, but it can also be helpful to deliver the image of
Innovations and Technology
- More multimedia approaches to display information.
- Retail stock: more explain the hard data
- Introduce more about the whole management team and
the company
- Guidance is great. But giving a range rather than a specific
number maybe a better choice to manage expectations.
(esp. when they are growing quickly)
- Be more specific about the strategies, instead of just
emphasizing the goal to “be NO.1”
- More objective on the presentations
- Telling own stories will be important >< objective
matters when communicating with Investors