NI K E , Inc. (NKE)

Investment report by Jason Lancellotti and Paolo Ruiz

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C O MPA N Y O V E R V I E W

Nike, Inc. was incorporated in 1968 when Bowerman, and his star runner, Phil Knight, thought they could better design and sell shoes to runners than what was available at the time. It is headquartered in Washington County, Oregon.

Nike is many things a product designer, a consumer goods manufacturer, a brand communicator, a leader in corporate responsibility, and a portfolio of authentic footwear, apparel, and equipment brands. In each business Nike focuses on one thing innovation.

quality footwear, apparel, equipment, and accessory products. Nike is the largest seller of athletic footwear and athletic apparel in the world. The Company sells its products to retail accounts, including stores and internet sales, and through a mix of independent contractors. Virtually all footwear and apparel products are manufactured outside the United States, while equipment products are produced both in the United States and abroad.

IN V EST M E N T T H ESIS

Nike has positioned itself to realize considerable growth footwear and apparels manufacturing company by revenues, it achieves significant economies of scale and scope among its manufacturing, distributing, and sales processes that leads to healthy margins. Furthermore, the Company has moved aggressively into several emerging markets worldwide, making sure that the brand is widely recognizable as competitors begin to saturate

-diversified mix of products provides protection from adverse changes in any one product or geographic market, allowing Nike to properly and confidently adjust to ever-changing consumer demands. Furthermore, when considering the growth opportunities for the Company embedded in the price, we found the market price to be fairly priced at $62.95, leading us to believe it is a hold.

We conducted a discounted cash flow for the Company, which we believe to be the most

volatile data collected in 2009 or over the trailing twelve months ended April 2010. Furthermore, no comparable company amply represents Nike on revenues and market capitalization scales. The relative valuation is, however, helpful as a check to see if our fair value estimate is feasible.

70.71, signaling that the market is undervaluing the stock. This analysis parallels the results found using the less reliable relative valuation, which gives us more confidence in the strength of our decision.

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As owners, we do not want profits merely through capital gains. Nike management focuses on significant payouts to shareholders, totaling an average of 79% of earnings since 2005, in the form of dividends and repurchases, which makes its stock quite desirable. Nike pays quarterly dividends and gradually increases its dividend payouts. In 2009 Nike increased dividends 11 percent from 2008 to 2009, from $0.88/share to $0.98/share, and its dividend yield increased one tenth of a percent over the same time period from 1.4 percent to 1.5 percent.

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Based on a discounted cash flow and relative valuation analyses we suggest that Nike was fairly priced by the market at $62.95/share and find it a and strategic investment to gain exposure to the consumer discretionary sector as part of a diversified portfolio. On February 11, 2010 we purchased Nike shares at $62.95. As of April 9, 2010, due in large part to third quarter earnings growth, ck rose to $75.18. This is a holding period return of 19 percent, annualized to 117 percent. Considering our discounted cash flow analysis and relative valuations we believe the April 9 price is fairly valued to slightly overvalued. We would consider Nike stock to be a buy at $55 and sell at $90.

BUSIN ESS D ESC RIPT I O NS

Products

segment, are designed primarily for, but not restricted to, specific athletic use. The main emphasis that the Company places on its

top-selling footwear categories are running, training, basketball, and soccer. Other footwear categories include aquatic activities, baseball, cheerleading, football, golf, lacrosse, outdoor activities, skateboarding, tennis, volleyball, walking, wrestling, and other athletic and recreational uses.

Nike sells sports apparel and accessories relevant to each sport mentioned above as well as sports-inspired lifestyle apparel, including bags, socks, sport balls, eyewear, protective equipment, basic sport equipment, etc. Apparel and accessories for most sports are designed to

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same marketing and distribution channels. It is often the case that Nike designs unique footwear styles for each sport, and apparel and accessories for each sport follow suit on that style. Nike also markets apparel with licensed college and professional team and league logos.

In addition to selling products directly to consumers, Nike enters into license agreements that permit unaffiliated parties to manufacture and sell various apparel, equipment, and accessory items, such as swimwear, cand golf accessories.

under other brand names in particular markets. Nike wholly-owns five footwear and apparel companies that specialize in different sports: Cole Haan, Converse Inc., Hurley International LLC, Umbro Ltd., and Nike Golf. Combined, these subsidiaries accounted for 13 percent of total revenues, $2.5 billion, in fiscal 2009.

Cole Haan, headquartered in Yarmouth, Maine, designs and distributes dress and casual footwear, apparel and accessories for men and women under the brand names Cole Haan® and Bragano®.

Converse, headquartered in North Andover, Massachusetts, designs, distributes, and licenses athletic and casual footwear, apparel and accessories under the Converse®, Chuck Taylor®, All Star®, One Star®, and Jack Purcell® trademarks. Hurley, headquartered in Costa Mesa, California, designs and distributes a line of action sports apparel for surfing, skateboarding, and snowboarding, youth lifestyle apparel, and accessories under the Hurley® trademark. Umbro, headquartered in Manchester, England, designs, distributes and licenses athletic and casual footwear, apparel and equipment, primarily for the sport of soccer, under the Umbro® trademark. Nike Golf, headquartered in Beaverton, Oregon, designs and markets golf equipment, apparel, balls, footwear, bags and accessories worldwide.

Manufacturing Footwear

Virtually all of Nike Factories in China, Vietnam, Indonesia, and Thailand produced 98 percent of total Nike brand footwear in 2009.

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The main materials used in Nike footwear are rubber, plastic compounds, foam cushioning

wholly-owned subsidiary, NIKE IHM (In House Manufacturing), which produces synthetic rubbers and polyurethane films, was the largest supplier of foam and cushioning components.

Manufacturing Apparel

Nike brand apparel is also manufactured almost entirely outside of the United States. Nike apparel is manufactured by independent largest apparel factory accounted for five percent of 2009 apparel production. The main materials used in Nike apparel are natural and synthetic fabrics and threads, plastic and metal hardware, and water and heat resistant fabrics.

Sales and Marketing

Nike is exposed to several demand factors in various geographic and product markets. The mix of product sales may vary considerably as a result of changes in seasonal and geographic demand for particular types of footwear, apparel and equipment. Because Nike is a consumer products company, the relative popularity of various sports and related products, as well as shifting design trends, affects the overall level of demand.

To help market its products, Nike aggressively contracts with highly successful and influential athletes, coaches, teams, and leagues. In an effort to stay competitive and retain dominant market shares, Nike actively responds to trends and shifts in consumer preferences by adjusting the mix of existing product offerings, developing new products, styles and categories, and influencing sports and fitness preferences through aggressive marketing. A key imperative for Nike is to immediately adjust for continuous changes in consumer demands.

Nike makes substantial use of its futures ordering program, which allows retailers to order five to six months in advance of delivery with the commitment that their orders will be delivered within

nited States wholesale footwear shipments were made under the futures program.

G E O G R APH I C A N A L YSIS

2010 fiscal year ends May 31, 2010. The first two quarters of 2010 were not favorable to year to date revenues dropped

eight percent and net income dropped one percent. Including currency changes, during the first two quarters of 2010 Nike realized revenue losses in all regions. Third quarter revenues of 2010 outperformed the same quarter of 2009 by seven percent, however this did not fully alleviate

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losses in the prior two quarters, as third quarter 2010 year to date revenues were down four percent. Third quarter net income increased 21 percent year to date, but is attributable almost entirely to reductions in goodwill and intangible asset impairments. In 2009, cumulative brand sales in the United States accounted for approximately 42 percent of total revenues, down from 43 percent in 2008 and 47 percent in 2007. Nike utilizes 20 sales offices in the United States, and sells to more than 23,000 retail accounts in the Unites States. International sales accounted for 58 percent of total revenues in 2009, compared to 57 percent in 2008 and 53 percent in 2007. Nike branch offices are located in over 50 countries. The Company operates 14 international distribution centers and sells to more than 28,000 retail accounts outside the United States. The five wholly-owned subsidiaries comprised 13 percent of total revenue in 2009; eight percent of which was realized in the United States Region.

2009 Revenues by Region ($M M) 2009 % of Total 09 - 08 YoY 2008

% of Total 08 - 07 YoY 2007

% of Total

US Region 6,543 34% 2% 6,415 34% 5% 6,132 38%

EMEA (Europe, Middle East, Asia) 5,512 29% -2% 5,629 30% 18% 4,764 29%

Asia Pacific Region 3,322 17% 15% 2,888 16% 26% 2,296 14%

Americas Region 1,285 7% 10% 1,165 6% 20% 967 6%

Other Businesses 2,514 13% -1% 2,531 14% 17% 2,168 13%

Total 19,176 100% 3% 18,627 100% 14% 16,326 100%

Nike recognizes significant growth opportunities in emerging markets, particularly in the Asia Pacific and Americas regions. From 2003 to 2009, total revenue growth for both regions was 144 percent. Other Businesses worldwide has also grown tremendously over the past six years, at 18 percent annually on average

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From 2003 to 2009, the Europe, Middle East, and Asia region average annual growth rate was ten percent. However, revenues were hit particularly hard in the first three quarters of 2010. Revenues for the region were down four percent in quarter three compared to the same quarter in 2009. he Company must make enhanced marketing, product line, and sales initiatives to focus on changing consumer trends and demands in these markets to ensure that this main region remains profitable in the future.

In the Asia Pacific region, changes in currency exchange rates accounted for three percent of revenue growth in 2009. Aside from currency impacts in the Asia Pacific region, all countries in this region delivered revenue growth, with China being the region leader, at 22 percent revenue growth on a currency neutral basis in 2009 from 2008. In the third quarter of 2010, only China realized a revenue increase from the same quarter a year prior. The third quarter 2010 year to date revenue is down four percent in China, indicating that it is still a worrisome market for Nike.

In the Americas region, currency negatively impacted revenue growth by nine percent in 2009. Aside from currency impacts, the Americas region reported growth in all markets, led by Brazil, Argentina, and Mexico. The 2008 to 2009 year over year revenue increase in this region in dollars is ten percent, indicating that revenues for Nike would have been much larger had certain currencies not devalued so dramatically during the global economic crisis. In the third quarter of 2010, revenues in this region exploded 43 percent over the same period in 2009. On a year to date scale, revenues in this region grew 12 percent the only region to post a year to date revenue gain. This represents massive growth opportunities in the Americas region because as these currencies appreciate Nike will realize even higher dollar growth.

The Other Businesses segment experienced a one percent loss, $16.7 million, in revenue in 2009 from 2008, but was primarily attributable to the loss of revenue from recently sold subsidiaries Bauer Hockey and Starter. Excluding these discontinued companies, Other Businesses would have increased five percent in 2009, led by strong performance from Converse and Hurley. In the

over the same quarter in 2009. On a year to date scale based on third quarter records this business segment realized

strategy, which proved to be beneficial as it acted as a buffer during periods of declining revenue by growing around zero to one percent.

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PR O DU C T A N A L YSIS

Footwear is the leading revenue business across all regions. Unit sales of footwear increased in all regions in 2009 from 2008. Footwear is also the most insensitive to macroeconomic conditions as revenue increased six percent in 2009 from 2008, the only business line to realize

around 27 percent of Nik Other Business declined less than one percent in 2009 from 2008, but this is evident of lost sales from Bauer Hockey and Starter. Factoring out these sold businesses, the Other Businesses segment realized low single digit growth in 2009 from 2008.

Global Revenues by Product ($M M) 2009 % of Total 09 - 08 YoY 2008

% of Total 08 - 07 YoY 2007

% of Total

Footwear 10,307 54% 5.9% 9,732 52% 14% 8,514 52%

Apparel 5,245 27% 0.2% 5,234 28% 14% 4,577 28%

Equipment 1,110 6% -1.8% 1,130 6% 6% 1,068 7%

Other Businesses 2,514 13% -0.7% 2,531 14% 17% 2,168 13%

Total 19,176 100% 2.9% 18,627 100% 14% 16,326 100%

Clearly footwear is the most important business for Nike. Since apparel and equipment are stylized to reflect footwear in a particular sport, apparel and equipment sales can be tied to

focus is on increasing footwear revenue above all else, and these other products will realize growth as footwear revenue grows.

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G R O W T H INI T I A T I V ES

As investors, we believe it is imperative to know where the growth opportunities exist within the Company, and thus, how future cash flows will be achieved.

We believe there are eight aspects of the Company that define long-term growth potential:

1. Passion for sports Nike sees the world as endless possibilities for human potential. It continues to inspire new generations of athletes and consumers and continuously adjusts product lines to reflect consumer demands. Nike believes that sport is a universal language and teaches humans about effort, teamwork, respect, adversity, and fair competitioninherent in all its growth factors.

2. Global presence

d apparel company. It sells products in 170 countries, employs over 30,000 people worldwide, competes in over 30 major sports with 12 brands, and works with over 600

States. Nike established leadership positions in emerging markets like China and Brazil, which has potential for tremendous growth.

3. Nike has a strong portfolio of brands

found in sporting venues worldwide. In addition to the Nike brand, the Company wholly-owns five subsidiaries that enhance its ability to reach segmented product and geographic markets worldwide. Each brand represents a different lifestyle, directed toward a defined consumer, which diversifies opportunities for long-term growth. This product diversification strategy also enables Nike to leverage its resources and core competencies in product, marketing, and operations to drive consistent growth and profitability.

4. Leadership through innovation Nike believes innovation is consistent with improvement, and The Company understands that consumers are the ultimate determinants in successes or failures of innovation strategies, so it understands that research and development are key aspects of its businesses. The Nike Sport Research Lab is a premier center for R&D in biometrics, physiology, engineering, and other related fields. Nike employs committees

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made up of athletes, coaches, and other sport figures to examine product designs and concepts intended for improvement before sales are implemented.

5. Connection with consumers As increasing competition lowers margins for Nike, it must maintain its competitive advantage in consumer relations. To better identify growth opportunities among

By singling out each category, Nike can spotlight individual sport concerns regarding footwear and apparel to connect more intimately with athletes and further enhance the brand image.

6. Marketplace management Nike understands that consumers are becoming more knowledgeable and have more choices when it comes to sportswear than they did in the past. To capitalize on this reality, Nike works with retailers to create a differentiated store experience that are better tailored to specific consumers. The Company does this by evaluating product and brand performance online and in-store to identify weaknesses in its marketing and sales campaigns.

7. Nike operates with excellence It is the people of Nike and their dedication to sportswear innovation that separates Nike from competitors. If products, brands, and marketplace management create revenue growth, operational excellence is the key to sustaining this growth and turning revenues into shareholder value. The Company achieves this by eliminating weak products, eliminating unnecessary costs, getting involved in every step of the supply chain, and more strategically marketing its products.

8. Commitment to growth From 2005 to 2009 Nike averaged nine percent revenue growth, 12 percent growth in EPS, and increasing its stock price 60 percent while the S&P 500 declined. Nike achieves these remarkable figures by staying focused on its strengths to increase market shares. Also, Nike is on the forefront of many emerging markets which are expected to grow significantly in the next ten to twenty years. By staying focused on its strengths, and not deviating into new or relatively unusual businesses, Nike believes it will be a larger, more profitable company in the future.

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A C Q UISI T I O NS

Nike acquired Umbro on March 3, 2008 in cash for a purchase price of $576.4 million. This acquisition was intended to increase m s global leadership in soccer. The acquisition of Umbro also has potential to increase soccer market shares in emerging markets such as China, Russia, and Brazil. Nike plans to aggressively showcase the Umbro brand during the FIFA 2010 World Cup in South Africa.

RISK F A C T O RS

Nike operates in a highly competitive and rapidly changing environment. It is not possible to they are

constantly changing. We will focus on the main risks associated with Nike.

As a consumer products company specializing in athletic footwear, apparel, and equipment, the relative popularity of various sportproducts. Nike competes with countless athletic and leisure shoe companies on a worldwide

production, and customer services are all areas where Nike faces extreme competition. Furthermore, Nike competes with other companies for the production capacity of independent manufacturers that produce its products.

and define product trends as well as to anticipate and react to changing consumer demands as quickly as possible to retain market share.

Failure to continue to obtain high quality endorsers.

Nike is known for its aggressive marketing and apparently dominant presence in several sports. The Company builds relationships with professional athletes, coaches, teams, and leagues to establish product authenticity with consumers. If certain endorsers stop promoting Nike, the Company can expect negative impacts on sales. Also, actions taken by sponsored athletes, on

Nike is currently expanding aggressively into emerging markets worldwide. It realizes the importance to quickly expand into emerging economies before competition saturates markets.

d most products are sold within the United States. As such, Nike is exposed to general international risks, including foreign laws and regulations, varying consumer preferences across geographic

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regions, political unrest, disruptions in cross-border shipments, and changes in economic

produce, import, and sell products worldwide.

Currency exchange rate fluctuations could result in higher costs and decreased margins.

Now, more several currencies, which increase its exposure to foreign currency exchange rates. Currency exchange rate fluctuations could also impede the business of the independent manufacturers that manufacture Nike products by making their purchases of raw materials more expensive.

financing.

There are no guarantees on the supply of fabrics or raw materials from current sources in the future. In the event of supplier problems, Nike might not be able to locate alternative suppliers

could negatively affect financial performance.

markets, Nikes products must be transported by third parties over large geographic distances. Delays at any point in the supply chain could have negative impacts on financial performance.

worldwide distribution channels, Nike is exposed to rising fuel costs, which would negatively affect its profit margins.

F O R E I G N C URR E N C Y E XPOSUR ES A ND H E D G IN G PR A C T I C ES

As a global leader in consumer products, Nike is exposed to exchange rate risk of several currencies. Its primary foreign currency exposures are related to United States dollar transactions at wholly-owned foreign subsidiaries, as well as transactions and translation of results

exchange risk management program seeks to minimize volatility of currency fluctuations in dollar terms. Nike manages these exposures by taking advantage of natural offsets and currency correlations that exist within its currency portfolio. Nike also regularly uses derivative instruments such as forward contracts and options to hedge foreign exchange risk.

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ST R E N G T HS, W E A K N ESSES, OPPO R T UNI T I ES, T H R E A TS

Strengths:

Brand Equity

aggressive marketing campaigns show that the best athletes in the world use Nike products. Along with the highest quality of products, Nike has a unique image and style that differentiates itself from competitorsmany consumers, allowing for considerable amounts of recurring revenues.

Global presence

Nike has diversified its geographic operations and sells in more than 170 countries. By doing so, Nike achieves economies of scale in manufacturing and distribution, as well as mitigating risk among individual economies.

Diverse line of products

Along with the Nike brand, the Company wholly-owns five subsidiaries each specializing in unique product markets, which mitigates risk among brands.

W eaknesses:

Currency exposure

As a global company, Nike runs the risk of adverse fluctuations of exchange rates. The Company uses a hedging strategy designed to eliminate foreign exchange risks, but also limits upside potential.

Decreasing United States market share

The United States is the largest and most saturated market that Nike operates in. The Company has been directing efforts on expanding into emerging markets, and as a result is losing US market share. Since the US is the largest market, a loss in market share may result in substantial revenue losses to Nike.

Opportunities:

Expansion into emerging markets

Nike understands that emerging markets provide enormous growth opportunities, provided that the Company has a presence in these markets before this growth occurs.

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full advantage of market growth. Nike has realized double digit revenue growth in China and other Asian Pacific companies, as well as high revenue growth in the Americas regions in fiscal 2008 and 2009. These markets are not yet at the point of maturity, so high growth is expected in the near to mid-term future.

Innovation

The key intangible asset to Nike is innovation. It constantly changes product mixes, marketing campaigns, and geographic presences based on profitability. Because Nike strives to be a market innovator in several constantly changing environments, infinite opportunities exist where Nike can gain market share.

Threats:

which is correlated to market cyclicality and interest rates. Decreased consumer

global economic crisis. Negative macroeconomic events pose a significant threat to Nike.

C O MPE T I T I V E A D V A N T A G ES

As the largest company in the Footwear and Apparels Manufacturing industry, Nike differentiates itself from competitors in several ways. Its rampant global presence ensures that

campaigns push the Nike brand in every major sport worldwide along with several less popular sports. In every country that Nike operates, it strives to sponsor the best athletes in various sports, which builds brand equity and boosts confidence of future growth prospects.

inventory costs and purchasing costs, freeing up cash that can be used in other areas. This because they know in

advance what needs to be produced and when. This results in cost efficiencies in production by eliminating wasted resources.

Nike employs a well diversified mix of production contractors who manufacture Nike products, allowing specialized contractors to manufacture products that require specific procedures and output quality. This allows Nike to sell high quality, specialized products in several sports that many of its competitors are unable to replicate.

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NI K E V A L U A T I O N

Relative Valuation

Nike is by far the largest by market capitalization and sales at over fifteen times greater than the industry average. Our first challenge for a relative valuation of Nike was choosing comparable

comparable companies are arguably Adidas, Reebok, and Puma. Unfortunately none of these companies are publically owned in the United States, and as of January 2006 Reebok is now a subsidiary of Adidas. Our second challenge was retrieving data for Adidas, Reebok, and Puma. We were unable to find company multiples for these companies, so we looked for other companies that we that publically discloses financial information is particularly similar to Nike especially in this current economic climate. We did, however, select shoe and apparel products corporations with significant international exposure that we expect to behave like Nike in terms of margins in the near future.

Company PE (ttm) PE Price EV/EBITDA (ttm) EV/EBITDA Price ROE (2009) Nike 20.30 11.44 18.00%

Skechers 33.39 106.18 16.27 98.61 7.73%

VF Corporation 15.41 49.00 9.26 57.66 16.63%

Wolverine 24.46 77.78 9.61 59.67 13.58%

Polo Ralph Lauren 18.56 59.02 9.23 57.48 15.89%

Columbia 28.69 91.23 11.30 69.55 6.91%

Under Armour 34.94 111.11 12.55 76.86 12.80%

Average 25.91 82.39 11.37 69.97 12.26%

Discounted Cash F low analysis

We conducted a free cash flow to firm analysis to gauge a fair value for Nike. Because Nike is increasing its percent of total revenues in foreign markets, we chose to grow revenues in each region separately to better reflect realistic assumptions. Asia Pacific and the Americas regions, as

revenues, so we felt that this should be a continuing trend in the near future.

Cost of Capital

Our base model uses a weighted average cost of capital of 8.9 percent average leverage ratio since 2005 is about seven percent, leaving 93 percent of its capital obtained through equity financing. We used a current risk-free rate of four percent reflecting current ten year Treasury bond rates.

over the same time period. We also chose to use a historical risk premium of six percent and a

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five year historical average tax rate of 32 percent. Our WACC sensitivity analysis adjusts risk premiums due to market uncertainties, as well as a minor change in the beta coefficient from taking more volatile returns in the trailing twelve months. The capital structure remains the same for Nike under different scenarios because Nike historically has low levels of debt, and does not change its borrowing patterns under different market interest rates.

Income Statement

Our main concern in the income statement was selecting appropriate revenue growth rates for various regions. We took into account historical evidence as well as what we believed to be accurate measures of future outlooks. The trend over the past five years for Nike is an increase in percent of total revenues coming from emerging markets, and a slight decrease in the more saturated markets. We grew revenues in Asia Pacific, Americas, and Other Businesses at higher rates than Europe and United States based on the prospective economic expansion in emerging markets. Costs of goods sold and sales, general, and administrative expenses remains the same

inventory practices. The projected costs of goods sold as a percentage of sales is slightly lower than the historical average due to sustainable cost cutting efforts in 2010. Depreciation and amortization is projected at eight percent as a percentage of PPE, which grew at a percentage of sales. Nike has generous return policies to shareholders. Since 2005, the average retention ratio is 21 percent, meaning 79 percent of net earnings is paid to shareholders via dividends and repurchases. Management indicates that this is a primary concern to keep owners satisfied, so we used this rate going forward.

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Balance Sheet

Most balance sheet items were projected at a historical average percentage of sales from 2005 to 2009. Prepaid expenses and accrued expenses grow as a percentage of costs of goods sold as it closely mimics a steady percentage of costs. We chose to grow deferred tax assets as a percentage of earnings before interest and taxes since tax expenses are calculated from EBIT. Accumulated depreciation is projected at the historical average of 52 percent as a percentage of PPE. There is no indication of management changing its capital structure in the future, so long-term debt remains at a constant percentage of sales of three percent.

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17

Return on Invested Capital

arning a rate between 15 and 20 percent. We calculated ROIC as:

NOPAT / (Assets excess funds required non-interest bearing current liabilities)

moderate growth in emerging markets in the near-term.

!! !""#$ !""%$ !""&$ !""'$ !""($ !"")$ !"*"$ !"**$ !"*!$ !"*+$ !"*#$"#$%! &'()*! &+('*! &,(-*! &'(.*! &'(+*! &.(&*! &)(.*! /-(.*! /-(,*! /-(+*! /-(0*!1234!5234!67%%! +(,*! +(,*! +(,*! +(,*! +(,*! +(,*! +(,*! +(,*! +(,*! +(,*! +(,*!895433!"4:;<=!>=!67%%! +(.*! ,(+*! &-(&*! +('*! +(,*! '(/*! .('*! &&('*! &/(-*! &&(,*! &&(?*!

IN V EST M E N T SU M M A R Y

Nike is a profitable company with good growth prospects, great cash flows, and high returns to shareholders through dividends and share repurchases. Historically Nike80 percent of earnings, and management has achieved this consistently over the last five years.

while its market position in developed markets acts as a hedge against the volatility of emerging economies. However, we believe these strong cash flows and future shareholder payouts are already factored into the price by the market with a small irrational premium also included. We continue to recommend a hold position on Nike stock.

References:

All product and regional information as well as historical financial statement data was obtained from 10-Qs, 10-Ks, and related sheets and from Capital IQ. Relative valuation and additional data was obtained from finance.yahoo.com, Thomson, EDGAR, and Morningstar.

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