Skechers

Sketchers is a footwear and apparel business which operates in the shadow of peers such as Nike and Adidas but has delivered both superior top-line and bottom-line performance over the long term yet trades at a discount to these peers. The business has executed exceptionally well over many years and services the older market segment. It should continue to grow earnings at a mid-teens rate while trading on ~14 times 2025 earnings, which we deem attractive.

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