Daily Letter | 1

9 October 2014______




Canaccord Genuity is the global capital markets group of Canaccord Genuity Group Inc. (CF : TSX | CF. : LSE)
The recommendations and opinions expressed in this research report accurately reflect the Investment Analysts personal, independent
and objective views about any and all the Designated Investments and Relevant Issuers discussed herein. For important information,
please see the Important Disclosures section in the appendix of this document.

Under Armour
Camilo Lyon - Canaccord Genuity Inc. (US)
clyon@canaccordgenuity.com 212.849.3978
Pallav Saini - Canaccord Genuity Inc. (US)
psaini@canaccordgenuity.com 212.389.8054
UA : NYSE : US$65.37

BUY
Target: US$80.00

COMPANY STATISTICS:
Market Cap (000s): US$14,204.5
52-week Range: 38.01 - 73.42
Avg. Daily Vol.: 2,005.6

EARNINGS SUMMARY:
FYE Dec 2013A 2014E 2015E
P/Sales: 6.1x 4.7x 3.7x
P/E: 86.3x 68.6x 52.6x

Revenue: Q1 $471.6 $641.6A $795.7
Q2 $454.5 $609.7A $759.9
Q3 $723.1 $944.3 $1,174.7
Q4 $682.8 $851.7 $1,063.2
Total $2,332.1 $3,047.2 $3,793.5
EPS: Q1 $0.04 $0.06A $0.09
Q2 $0.08 $0.08A $0.13
Q3 $0.34 $0.40 $0.50
Q4 $0.30 $0.41 $0.52
Total $0.76 $0.95 $1.24

SHARE PRICE PERFORMANCE:

Source: Interactive Data Corporation

COMPANY DESCRIPTION:
Under Armour is a leading manufacturer of athletic
apparel, footwear, and accessories. The company sells
through wholesale channels of distribution, factory outlet
stores, and through its e-commerce platform.
Geographically, North America represents 94% of UA's
sales with the remaining 6% from international countries.

All amounts in US$ unless otherwise noted.
Consumer & Retail -- Footwear and Apparel
EXPECTING SOLID Q3 COUPLED
WITH CONSERVATIVE 15 GUIDANCE:
REITERATE BUY
Investment recommendation
We are expecting another robust growth quarter from UA when it
reports Q3 results on Thursday, October 23 BMO. Our sales growth/EPS
estimate of 30%/40c reflects our expectation for continued sales
momentum driven by footwear, international, and DTC. That said, based
on our store checks we believe womens experienced some volatility at
TSA due to missteps with the assortment and a poor presentation. In
assessing the potential impact to Q3 sales, we estimate it is deminimus
as TSAs womens business likely represents no more that 1% of total
UA sales. While these TSA-specific issues are transitory and easily
remediable, we believe womens at DKS (3-4x the size of TSAs)
continues to outperform as incremental sq. ft. allocations to the category
are driving higher rates of productivity. Separately, we are looking for
initial 2015 guidance from UA, and judging by recent history, we expect
UA to give its standard conservative lower end of 20-25% growth
targets (consensus has sales growth of 23.5%). Should there be any
temporary price dislocation, we would add to positions as UAs growth
trajectory appears long and healthy.
Investment highlights
We are modeling Q3 gross margin expansion of 58bps as easier
duties comparisons (-90bps last year) are partially offset by
expected footwear liquidations that were pushed into Q3 (-40bps).
Looking to 2015, we believe the recent collapse in oil prices could
provide a tailwind to UAs input costs, as a majority of its synthetic
fabrics are oil-based. Moreover, we see further opportunities for
supply chain efficiencies as UA strives to improve its fill-by request
dates (mid-70%s today).
Daily Letter | 2
9 October 2014



International should show another quarter of impressive growth led by Europe
which accounts for ~90% of international revenues. After being in Europe since
2006, we believe UA has finally reached a tipping point (+$100M in sales in 1H
and brand awareness increasing 3x in key markets like UK and Germany).
Furthermore, UA is successfully carrying the momentum it has generated in North
America and Europe to the emerging markets, having launched in Brazil, Chile,
the Philippines, Singapore and Panama so far this year. We are encouraged by the
early response the brand has received in the newer markets with one store in
Hong Kong expected to generate +$2M in sales (downside risk given the recent
political unrest) and Singapore tracking 50-75% ahead of plan.
DTC continues to be a strong growth driver, particularly in womens and footwear
categories. For instance, footwear constitutes approximately 20-25% of sales at a
retail store vs. 12-14% at wholesale. We believe this difference can be attributed to
the expanded product line at company-owned stores vs. a more limited
assortment at wholesale. As womens and footwear continue to gain momentum
through DTC, we suspect it will lead to additional space allocation further fueling
the growth in these categories. Europe presents significant opportunity for e-
commerce as only a handful of countries currently have e-commerce with France
and Germany the most recent additions. For Q3, we are projecting ~31% growth
in DTC, with ~20% store comps, roughly keeping in line with the two year comp
from last quarter.
As has been the case for the past three years, we expect UA to provide initial 2015
sales and EBIT growth guidance. In keeping with tradition, UA will likely guide to
the lower end of its long-term growth target of 20-25%, displaying its standard
measure of conservatism. Historically, the stock has sold off on this
announcement. We would use that opportunity to add to positions as we believe
the long-term growth trajectory for UA is solid.

Valuation
Our $80 target is a blend of 60x our 2015E EPS, 30x EBITDA, and DCF.







Daily Letter | 3
9 October 2014




Figure 1: UA projected income statement

December Fiscal
Income Statement 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14E 4Q14E 1Q15E 2Q15E 3Q15E 4Q15E 2010 2011 2012 2013 2014E 2015E
Revenue
Apparel 345.5 310.2 560.9 545.5 459.2 420.0 729.2 681.9 560.3 520.8 904.2 852.4 853.5 1,122.0 1,385.4 1,762.2 2,290.3 2,837.6
Footwear 80.8 81.7 81.0 55.4 114.0 109.5 109.4 72.0 148.3 136.9 147.7 97.2 127.2 181.7 239.0 298.8 404.9 530.0
Accessories 36.1 51.0 64.4 64.6 51.6 59.9 80.5 73.7 67.0 77.9 92.5 84.7 43.9 132.4 165.8 216.1 265.6 322.2
Total Net Sales 462.4 442.9 706.3 665.5 624.8 589.5 919.0 827.5 775.6 735.7 1,144.4 1,034.2 1,024.6 1,436.1 1,790.1 2,277.1 2,960.9 3,689.8
Licensing revenues 9.2 11.6 16.9 17.3 16.8 20.2 25.3 24.2 20.1 24.2 30.3 29.0 39.4 36.6 44.8 55.0 86.4 103.6
Total Net Revenue 471.6 454.5 723.1 682.8 641.6 609.7 944.3 851.7 795.7 759.9 1,174.7 1,063.2 1,063.9 1,472.7 1,834.9 2,332.1 3,047.2 3,793.5
COGS 255.1 234.9 373.0 332.4 340.9 309.7 481.6 413.1 420.9 384.5 596.7 513.5 533.4 759.8 955.6 1,195.4 1,545.3 1,915.7
Gross Prof it 216.6 219.6 350.1 350.4 300.7 300.0 462.7 438.6 374.8 375.4 578.0 549.7 530.5 712.8 879.3 1,136.7 1,502.0 1,877.8
SG&A 203.1 187.3 229.3 251.9 273.8 265.3 318.7 289.7 342.3 326.3 398.4 362.1 418.2 550.1 670.6 871.6 1,147.5 1,429.1
Operating Income 13.5 32.3 120.8 98.5 26.9 34.7 144.0 149.0 32.5 49.1 179.5 187.6 112.4 162.8 208.7 265.1 354.5 448.7
Other Income, net (0.5) (1.5) (0.8) (1.3) (1.7) (1.0) (1.0) (1.0) (1.0) (1.0) (1.0) (1.0) (3.4) (5.9) (5.3) (4.1) (4.7) (4.0)
Pretax Income 13.0 30.8 120.0 97.2 25.1 33.7 143.0 148.0 31.5 48.1 178.5 186.6 108.9 156.9 203.4 261.0 349.8 444.7
Taxes 5.2 13.2 47.2 33.0 11.6 16.0 56.5 58.4 12.3 18.8 69.6 72.8 40.4 59.9 74.7 98.7 142.5 173.4
Net Income $7.8 $17.6 $72.8 $64.2 $13.5 $17.7 $86.5 $89.5 $19.2 $29.3 $108.9 $113.8 $68.5 $96.9 $128.8 $162.3 207.2 271.3
EPS, diluted $0.04 $0.08 $0.34 $0.30 $0.06 $0.08 $0.40 $0.41 $0.09 $0.13 $0.50 $0.52 $0.33 $0.46 $0.61 $0.76 $0.95 $1.24
First Call Consensus $0.02 $0.07 $0.33 $0.26 $0.04 $0.07 $0.40 $0.39 $0.10 $0.13 $0.50 $0.47 $0.31 $0.46 $0.60 $0.72 $0.94 $1.21
Shares outstanding, diluted 214.0 214.2 214.4 214.6 216.9 217.3 217.8 218.3 218.3 218.3 218.3 218.3 205.1 210.1 212.6 214.3 217.6 218.3
Margin Analysis
Gross Margin Total 45.9% 48.3% 48.4% 51.3% 46.9% 49.2% 49.0% 51.5% 47.1% 49.4% 49.2% 51.7% 49.9% 48.4% 47.9% 48.7% 49.3% 49.5%
y/y change (bps) 0.34% 2.45% (0.33%) 1.06% 0.95% 0.88% 0.58% 0.19% 0.23% 0.20% 0.20% 0.20% 1.97% (1.46%) (0.48%) 0.82% 0.55% 0.21%
SG&A 43.1% 41.2% 31.7% 36.9% 42.7% 43.5% 33.8% 34.0% 43.0% 42.9% 33.9% 34.1% 39.3% 37.4% 36.5% 37.4% 37.7% 37.7%
leverage/(deleverage) (3.83%) 1.48% 1.22% (2.76%) 0.38% (2.30%) (2.04%) 2.88% (0.34%) 0.57% (0.16%) (0.04%) (1.37%) 1.95% 0.80% (0.83%) (0.28%) (0.01%)
EBIT Margin 2.9% 7.1% 16.7% 14.4% 4.2% 5.7% 15.2% 17.5% 4.1% 6.5% 15.3% 17.6% 10.6% 11.1% 11.4% 11.4% 11.6% 11.8%
Other income (0.1%) (0.3%) (0.1%) (0.2%) (0.3%) (0.2%) (0.1%) (0.1%) (0.1%) (0.1%) (0.1%) (0.1%) (0.3%) (0.4%) (0.3%) (0.2%) (0.2%) (0.1%)
Taxes 39.9% 43.0% 39.4% 34.0% 46.1% 47.5% 39.5% 39.5% 39.0% 39.0% 39.0% 39.0% 37.1% 38.2% 36.7% 37.8% 40.8% 39.0%
Net Income 1.7% 3.9% 10.1% 9.4% 2.1% 2.9% 9.2% 10.5% 2.4% 3.9% 9.3% 10.7% 6.4% 6.6% 7.0% 7.0% 6.8% 7.2%
Growth Analysis
Revenue
Apparel 22.0% 22.7% 26.1% 34.9% 32.9% 35.4% 30.0% 25.0% 22.0% 24.0% 24.0% 25.0% 30.9% 31.5% 23.5% 27.2% 30.0% 23.9%
Footwear 26.9% 21.1% 28.3% 23.8% 41.2% 34.2% 35.0% 30.0% 30.0% 25.0% 35.0% 35.0% (6.6%) 42.9% 31.5% 25.1% 35.5% 30.9%
Accessories 21.8% 30.1% 18.4% 51.7% 42.9% 17.5% 25.0% 14.0% 30.0% 30.0% 15.0% 15.0% 25.1% 201.7% 25.3% 30.3% 22.9% 21.3%
Total Net Sales 22.8% 23.2% 25.6% 35.3% 35.1% 33.1% 30.1% 24.3% 24.1% 24.8% 24.5% 25.0% 24.5% 40.2% 24.7% 27.2% 30.0% 24.6%
Licensing revenues 18.8% 16.7% 29.4% 23.1% 81.8% 73.1% 50.0% 40.0% 20.0% 20.0% 20.0% 20.0% 18.1% (7.1%) 22.5% 22.8% 57.1% 20.0%
Total Net Revenue 22.7% 23.0% 25.7% 35.0% 36.0% 34.1% 30.6% 24.7% 24.0% 24.6% 24.4% 24.8% 24.2% 38.4% 24.6% 27.1% 30.7% 24.5%
Gross Prof it Dollars 23.6% 29.6% 24.9% 37.8% 38.9% 36.6% 32.1% 25.2% 24.6% 25.1% 24.9% 25.3% 29.4% 34.4% 23.4% 29.3% 32.1% 25.0%
Gross Prof it Dollars ex-licensing revs 23.8% 30.4% 24.7% 38.7% 36.9% 34.5% 31.2% 24.4% 24.9% 25.5% 25.2% 25.6% 30.3% 37.7% 23.4% 29.6% 30.9% 25.3%
SG&A 34.7% 18.7% 21.1% 45.9% 34.9% 41.6% 39.0% 15.0% 25.0% 23.0% 25.0% 25.0% 28.7% 31.5% 21.9% 30.0% 31.7% 24.5%
EBIT (44.7%) 175.7% 32.8% 20.7% 99.1% 7.4% 19.2% 51.3% 20.9% 41.5% 24.7% 26.0% 31.8% 44.9% 28.2% 27.0% 33.7% 26.6%
Net Income (46.7%) 163.4% 27.0% 28.0% 73.3% 0.7% 18.8% 39.5% 41.8% 65.9% 25.9% 27.2% 46.3% 41.5% 32.9% 26.1% 27.7% 30.9%
EPS (47.3%) 161.0% 26.2% 27.5% 70.9% (0.7%) 17.0% 37.1% 40.9% 65.1% 25.6% 27.2% 44.5% 38.2% 31.3% 25.1% 25.7% 30.5%


Source: Company reports, Canaccord Genuity Research




Daily Letter | 4
9 October 2014


Investment risks
1.) We believe the primary risk to our thesis is a deceleration in sales. UA's
premium multiple is predicated on the continuation of robust sales growth and
thus any perceived or actual slowdown in top-line trends would likely result in
multiple compression.
2.) Another risk includes continued supply chain issues that lead to gross margin
contraction and/or order cancellations. While UA is acting to improve its order fill
rate with its customers, we do not expect a meaningful change to its supply
constraints until H2/12. Should demand for its product continue to outstrip
supply, margins could suffer as the company is forced to compensate its
customers for late deliveries.
3.) Lastly, we consider footwear to be a risk as questions regarding UA's ability to
succeed in this category remain unanswered. A lack of improvement in future
footwear launches, particularly running, could result in brand deterioration and
stall growth in the category.







Daily Letter | 5
9 October 2014


APPENDIX: IMPORTANT DISCLOSURES

Analyst Certification: Each authoring analyst of Canaccord Genuity whose name appears on the front page of this research hereby
certifies that (i) the recommendations and opinions expressed in this research accurately reflect the authoring
analysts personal, independent and objective views about any and all of the designated investments or
relevant issuers discussed herein that are within such authoring analysts coverage universe and (ii) no part
of the authoring analysts compensation was, is, or will be, directly or indirectly, related to the specific
recommendations or views expressed by the authoring analyst in the research.

Analysts employed outside the US are not registered as research analysts with FINRA. These analysts may
not be associated persons of Canaccord Genuity Inc. and therefore may not be subject to the NASD Rule 2711
and NYSE Rule 472 restrictions on communications with a subject company, public appearances and trading
securities held by a research analyst account.
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affiliated companies hereby direct the reader to the specific disclosures related to the subject companies
discussed in this report, which may be obtained at the following website (provided as a hyperlink if this
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procedures regarding the dissemination of research by following the steps outlined above.

Site Visit: An analyst has visited the issuer's material operations in Baltimore, Maryland. No payment or
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Price Chart:*



Distribution of Ratings:
Global Stock Ratings
(as of 3 July 2014)
Coverage Universe
IB Clients
Rating # % %
Buy 602 61.2% 38.2%
Speculative Buy 49 5.0% 55.1%
Hold 290 29.5% 13.1%
Sell 41 4.2% 7.3%

984 100.0%

*Total includes stocks that are Under Review

Canaccord Genuity
Ratings System:
BUY: The stock is expected to generate risk-adjusted returns of over 10% during the next 12 months.
HOLD: The stock is expected to generate risk-adjusted returns of 0-10% during the next 12 months.
SELL: The stock is expected to generate negative risk-adjusted returns during the next 12 months.
NOT RATED: Canaccord Genuity does not provide research coverage of the relevant issuer.

Risk-adjusted return refers to the expected return in relation to the amount of risk associated with the
Daily Letter | 6
9 October 2014


designated investment or the relevant issuer.

Risk Qualifier: SPECULATIVE: Stocks bear significantly higher risk that typically cannot be valued by normal fundamental
criteria. Investments in the stock may result in material loss.


Canaccord Genuity Research Disclosures as of 9 October 2014
Company Disclosure
Under Armour 5, 7

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Daily Letter | 7
9 October 2014


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Daily Letter | 8
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