Nike

Project Report

Mridul Jain, Krishore Veerasekar, Ziad

Ahmed

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Table of Contents
ABOUT NIKE........................................................................................................... 1
Description of Nike................................................................................................. 1
MAJOR EVENTS...................................................................................................... 2
Acquisition............................................................................................................ 2
Divestitures........................................................................................................... 2
STRATEGY.............................................................................................................. 2
Advertising............................................................................................................ 2
NIKES FINANCIAL RATIOS....................................................................................... 3
Liquidity or Working Capital..................................................................................... 3
Current Ratio..................................................................................................... 3
Quick Ratio........................................................................................................ 3
Working Capital.................................................................................................. 4
Efficiency and Asset Management............................................................................ 5
Total Asset Turnover............................................................................................ 5
Fixed Asset Turnover........................................................................................... 5
Days Sales Outstanding...................................................................................... 5
Debt Management................................................................................................. 6
Total liabilities to Total Assets................................................................................6
Long-Term Debt to Capital................................................................................... 6
Times Interest Earned (TIE) Ratio.........................................................................7
Performance......................................................................................................... 7
Profit Margins..................................................................................................... 7
Return on Assets................................................................................................ 8
Dupont Ratio......................................................................................................... 8
Bond Evaluation....................................................................................................... 9
Market Value of Debt, Debt Structure, Average maturity of Debt....................................9
Effect of Changing Interest Rate on Debt Market Value.............................................10
Market Value of Equity (E) Calculation:................................................................10
Market Value of Debt (D) Calculation:..................................................................11
The Calculation of Weighs:....................................................................................12
Weight of Debt (WD)......................................................................................... 12
Weight of Equity (WE)....................................................................................... 12
The Advantages of Using Debt as Capital Structure..................................................12
Details for Nike 2.25% | Maturity: 2023....................................................................14

Nike Inc.
Credit Rating as per Morning Star..........................................................................15
Key Value Drivers and Barriers for Nike Growth........................................................16
Key Drivers...................................................................................................... 17
Barriers........................................................................................................... 17
Nike Competitors Analysis..................................................................................... 18
Under Armour and Nike........................................................................................ 18
Estimated Stock Price and Actual Stock Price..........................................................19
Capital Budgeting................................................................................................... 20
Cost of Capital and Capital Structure.........................................................................23
Appendix A............................................................................................................ 26
REFERENCES....................................................................................................... 27

ABOUT NIKE
Description of Nike
Nike is the company which has thoroughly embedded in the hearts of people in the
entire world. It has set it mark from the ground level of footwear to behemoth in the
sports industry. In 1964 as a partnership, Nike was first established as Blue Ribbon
Sports. The name Nike was made official on May 30, 1978. Nike became a public
traded company in 1980.
The brand name Nike itself adds on the strength to the Nike Company. The other
strengths of Nike include international operations where it has enormous expansion
ability, innovation of new products such as eco friendly products through which
they are connecting the consumers directly. Nike has a huge customer base all
around the world. Their global market makes them stand as number one in their
industry.
Nike has an extensive line of sports equipment. Track running shoes are the first in
line from Nike. Currently, they also make cleats, base layers, jerseys, shorts, shoes,
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etc. for an extensive range of sports, including baseball, cricket, soccer, tennis, track
and field, lacrosse, basketball and ice hockey. Nike has kept its foot in almost all the
games existing in this world.
The factories of Nike are all around the world. Most of their factories are located in
India, china, Taiwan, Vietnam, Pakistan, Indonesia and Philippines. So they have
their own suppliers in the areas where they have their factories. Nike remains
hesitant to disclose about the contracts with other companies even after many
protest from their opponents.

MAJOR EVENTS
Acquisition
Nike has procured numerous footwear and apparel companies over the span of its
history. Nikes first acquisition was in 1988 which is an upscale footwear company
Cole Haan followed by the acquisition of Bauer Hockey in 1994. Again in 2002, it
acquired a surf apparel company named Hurley International. Later in 2003, Nike
acquired the makers of the chuck Taylor All-Stars- line of sneakers, Converse by
paying $309 million USD. In 2004, the company acquires the Starter followed by
the acquisition of Umbro in 2008 which is well known as the manufacturers of the
English national football teams kit.

Divestitures
In 2000s, Nike began divesting some of its companies, in order to redeploy on its
core business lines. The acquisitions which Nike had has the same business line, so
Nike sold some of them like Starter in 2007,Bauer Hockey in 2008, Umbro in 2012

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and Cole Haan in 2013. So far now, Nike has only two key companies named
Converse Inc. and Hurley International.

STRATEGY
Advertising
Nike aired its first national television ads in 1982 created by newly formed ad
agency, Weiden & Kennedy which broadcasted the ad during the New York
Marathon. In 1994 and 2003, Nike was named as the Advertiser of the year by the
Cannes Advertising festival. This made Nike to be the first company to receive the
pride twice.
Nike also earned two Emmy Award for the best commercial since the award was
first created in the 1990s. The first award in 2000 is for a statistical look how the
runner would feel on the morning of Y2K. The second award in 2002 is for a series of
famous and everyday athletes in a variety of athletic pursuits.

NIKES FINANCIAL RATIOS

Liquidity or Working Capital
Current Ratio
Current Ratio
Nike
Under Armour

2013
3.47
3.37

2012
2.98
3.58

2011
2.85
3.76

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Quick Ratio
Quick Ratio
Nike
Under Armour

2013
2.31
1.62

2012
1.82
2.05

2011
1.94
1.69

Working Capital
Working capital
Nike
Under Armour

2013
9700
727

2012
7666
651

2011
7339
506

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Efficiency and Asset Management

Total Asset Turnover
Total Asset Turnover
Nike
Under Armour

2013
1.53
1.74

2012
1.58
1.77

2011
1.42
1.85

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Fixed Asset Turnover

Fixed Asset Turnover
Nike
Under Armour

2013
10.7
11.59

2012
10.98
10.79

2011
10.31
12.52

2013
46.12
56.25

2012
48.54
30.79

2011
50.63
29.26

2013

2012

2011

Days Sales Outstanding

Days Sales Outstanding
Nike
Under Armour

Debt Management
Total liabilities to Total Assets
Total Liabilities to Total Assets

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Nike
Under Armour

0.37
0.31

0.33
0.29

0.34
0.31

2013
0.11
0.09

2012
0.04
0.05

2011
0.06
0.07

2013
144.17
134.45

2012
91.39
40.27

2011
84.65
41.85

Long-Term Debt to Capital

Long Term Debt to Capital
Nike
Under Armour

Times Interest Earned (TIE) Ratio

Times Interest Earned (TIE)
Nike
Under Armour

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Performance
Profit Margins
Net Profit Margin
Nike
Under Armour

2013
9.82%
6.88%

2012
9.21%
7.02%

2011
10.22%
6.58%

2013
14.13%
11.94%

2012
14.37%
11.13%

2011
14.22%
10.54%

Return on Assets
Return on Assets
Nike
Under Armour

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Dupont Ratio
Dupont Analysis
Nike
Under Armour

2013
22.28%
16.93%

2012
21.41%
15.76%

2011
21.67%
15.23%

Bond Evaluation
Market Value of Debt, Debt Structure, Average maturity of Debt
Analyzing the current financial condition of the company and assessing its
performance involves the calculation of many financial parameters. One of these
parameters is the calculation of market value of debt of a company. Market Value
means:
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(1) Market Price: The current price at which investors buy or sell a share of common
stock or a bond at a specific time.
(2) Total Market Value: The market capitalization plus the market value of debt.
Market Value is an essential parameter in the calculation of the WACC (Weighted
Average Cost of Capital).It is different from book value because it reflects future
expectations. Company debt has many components and hence the evaluation of
market value involves the addition of all these different component debts. Here is the
formula:
Total Market Value of Debt = [(Debt Market Value in Securities) + (Book Debt in Bank
Loans)]
Using the above formula, we can calculate total market value of a company.

Market Value of Equity (E) By knowing the exact number of stocks and bonds
with investors and multiplying them with current stock market or bond market value,
we can get an estimate of the value
E = Stock Price x Number of Shares Outstanding
To estimate of the book debt of a company, we use balance sheets of previous
financial years. The market value of debt in terms of stocks and bonds itself is
sufficient to give you an idea of the overall debt.

Effect of Changing Interest Rate on Debt Market Value

A company that issued debt prior to an increase (or decrease) in market rates
experiences an economic gain (or loss) when the rates change. This economic gain
or loss /Market Value Changes are not reflected in a company's financial statement
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and hence the book value of a company's debt will not be equal to its market value
and will not reflect economic reality for company. However, the company that issued
the debt at a lower rate will be in a much better financial position. Times interest
earned and other ratios will enable an analyst to uncover these differences.
Market Value of Equity (E) Calculation:

E = Stock Price x Number of Shares Outstanding

= $63.19 X 890.35 Million
= $56261.21 Million

Market Value of Debt (D) Calculation:

Current portion of long -term debt ( per books)

Notes payable ( per books)
Long - term debt, excluding current portion

Per

books)

D = Current LT + Notes Payable + LT Debt (discounted)

= $57 + $121 + $1210 (In Million)
= $1388 Million
The strength of a company's balance sheet can be evaluated by three broad
categories of investment-quality measurements:

Working capital adequacy

Asset performance
Capital structure.

A company's capitalization describes the composition of a company's permanent or

long-term capital, which consists of a combination of debt and equity. The equity
capital, as opposed to debt capital, in a company's capital structure is an indication
of financial fitness.

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Equity Capital - Consists of a company's common and preferred stock plus retained
earnings, which are summed up in the shareholders' equity account on a balance
sheet.
Debt Capital Consists of companys short-term borrowings (notes payable), the
current portion of long-term debt, long-term debt, two-thirds (rule of thumb) of the
principal amount of operating leases and redeemable preferred stock.
This invested capital and debt, generally of the long-term variety, comprises a
company's capitalization, i.e. a permanent type of funding to support a company's
growth and related assets

The Calculation of Weighs:

The weights of debt and equity are calculated using the market values of debt and
equity as follows:
Weight of Debt (WD)
D + E = 1388 + 56261 = 57649
WD = D/ D+E
WD = 1388/ 57649
= 2.41%
Weight of Equity (WE)
WE = E/ D +E
WE = 56261/57649
=97.59%

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The Advantages of Using Debt as Capital Structure

Companies often use debt when constructing their capital structure, which helps
lower total financing cost. In addition to the relatively lower cost of debt financing,
using debt has other advantages compared to equity financing, despite potential
issues that using debt may cause, such as ongoing financial liabilities and potential
bankruptcy risk. In general, using debt helps keep profits within a company and
increases returns on equity for current company owners and helps secure tax
savings.
Nike debt is rated A1 by Moodys Investors Service and an equivalent A+ by
Standard & Poors. (Bloomberg , April 2013)

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Details for Nike 2.25% | Maturity: 2023

Images from http://quicktake.morningstar.com/stocknet/bonds.aspx?symbol=nke

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Credit Rating as per Morning Star

Morningstar

Amount

Issuer

Credit Rating

Outstanding

AA-

$1.1 Billion Corporate

Issuer Type

Sector
Domicile
United
Consumer Cyclical
States

NIKE's credit measures to remain very strong while supporting the company's
ongoing growth initiatives. NIKE's operating performance is relatively stable, given
the company's strong global business position, despite a still-uncertain discretionary
consumer spending environment. A low debt to equity ratio indicates lower risk,
because debt holders have fewer claims on the company's assets. A debt to equity
ratio of 5 means that debt holders have a 5 times more claim on assets than equity
holders. A high debt to equity ratio usually means that a company has been
aggressive in financing growth with debt and often results in volatile earnings.

Stock Valuation
The dividend discount model (DDM) is a method of valuing a company based on the
theory that a stock is worth the discounted sum of all of its future dividend payments.
In other words, it is used to value stocks based on the net present value of the future
dividends. The equation most widely used is called the Gordon growth model.
Value of Stock = Divided Per share/(Discount Rate Dividend growth Rate)
P = D1/(r-g)
The variables are:
1.
2.
3.
4.

P is the current stock price.

g is the constant growth rate in perpetuity expected for the dividends.
r is the constant cost of equity capital for that company.
D1 is the value of the next year's dividends.
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This procedure has many variations, and it doesn't work for companies that don't pay
out dividends. For example one variation is the supernormal dividend growth model
which takes into account a period of high growth followed by a lower, constant
growth period. The principal behind the model is the net present value of the cash
flows. To get a growth number, one option is to take the return on equity (ROE) and
multiply it by the retention ratio.
When the growth g is zero the dividend is capitalized.
P0 = D1/r
Calculation of Stock Price
D0
D1
r
g
P1

Dividend for 2013

Dividend for 2014
required rate of return
Dividend growth rate
Stock Price D1/(r-g)

.21 +.21 +.21 +.21

.84(1 +15.75%)
12.18%
11.00%
.97/( 12.18% -11.00%)

0.84
0.97

82.2

Key Value Drivers and Barriers for Nike Growth

Nike has robust revenue growth of 9% and 7%, in Q3 and Q4 fiscal 2013
respectively. Investors were encouraged by these results and the companys future
guidance, its stock price has climbed by about 30% this year. The key drivers and
barriers to Nikes business in the short term:

Key Drivers
Strong Growth in North America, Emerging Markets and Central and Eastern
Europe.
Innovative Product Portfolio - Nike community is now 10 million members strong.
Nike continues to create new products centered on digital technology. Nike's
FlyKnit, lightweight shoes, continue to be a hot topic and huge opportunity for the
company.
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Brand power -While some retail and apparel brands like Crocs (have been in and
out of favor, Nike has methodically fostered its image over the years and

developed a killer brand that is well-known around the world)

Shareholder friendly and Increasing Profitability
Ability to connect and innovate with consumers
Power of our portfolio
Ability to leverage both those strategic advantages to deliver sustainable,
profitable growth

Barriers
Excess Inventory Issues In China
Threat From Newer Companies Such As Under Armour And Lululemon Athletica
Challenging Market Conditions In Certain Parts Of Western Europe.

Nike Competitors Analysis

The following table contains some performance and price measurements for several
of Nike's largest competitors.

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Under Armour and Nike

Under Armours solid results werent enough to meet the high expectations of its
investors and it still trails larger rival Nike Inc. The shares for UA fell as much as
7.9% even after the athletic gear company delivered better-than-expected thirdquarter profit and sales and raised its outlook for the year. Its apparel business, three
quarters of the total, saw a 26% increase to mark its 16th straight gain. Its expanding
footwear business saw a 28% sales jump.
But the companys raised sales and implied per-share profit outlook of $1.40 to $1.42
a share fell short of Wall Street expectations of $1.45 a share.
The stock trades at 48 times its next 12 months per-share profit, compared with an
average of about 15 for the S&P 500 and 23 for its larger rival Nike NKE , according
to FactSet.
J.P. Morgan analyst Matthew Boss recently upgraded his rating on the stock, citing
Under Armour and Nike as the domestic duopoly, showcased side-by-side in store
windows by retailers.
Industry watchers have credited Under Armours surge in growth from its ability to
introduce innovative products, including its Spine footwear thats lightweight but
promises cushioning. On the apparel front, its latest introduction of ColdGear
Infrared line promises to retain and absorb body heat.
Year to date, its share of the U.S. sneaker market has grown to 2.25% from 1.68% a
year earlier, making it the No. 8 player by brand, SportsOneSource data showed.
That compared with leader Nike labels growing to 44.7% from 42.1%. (Nikes total
share is about 60% when including its Jordan and Converse brands.)
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On the apparel front, Under Armours share has grown to 14.7% from 12.7%, making
it No. 2 player and outpacing even Adidass ADDYY 7.4% share. Nike has increased
to 27% from 22.6%.

Estimated Stock Price and Actual Stock Price

Estimated stock price = $82
Actual Stock price = $77
Mostly the stock's price is at or near estimated value, discounting daily fluctuations
due to a rising or falling market. Sometimes there is a difference in the estimated and
actual stock price depending on the factors like:

Earnings (past, present and, more importantly, future projections)

Market share
Sales volume over time
Potential and current competitors
Running through a variety of metrics
Reviewing reports by analysts who follow the company

Capital Budgeting
Cost of capital is required return necessary to make a capital budgeting
project/company. Cost of capital includes the cost of debt and the cost of equity. Cost
of debt includes cost of junk bonds, cost of ordinary bonds, cost of bank loan
(liabilities), while cost of equity includes cost of ordinary shares. Estimating a firms
cost of capital is a very important mission must be done while analyzing and it should
find out the decision about investing in a project or a company. Usually, the
company/investors will choose the projects which give a higher return and lower risk
on investment. The company must decide the individual projects that are taken; the
company will then choose the right project which will provide satisfactory return on
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investment (Dixit, 1993). Cost of capital represent by WACC (Weighted

Average Cost of Capital).The required return will reflect the risk of the investment
and the return of alternatives. WACC is sum of cost of debt (Kd) and cost of equity
(Ke). Usually, cost of debt calculating is very easy but cost of equity is more difficult.
Ke calculate by using DDM (Dividend Discount Model) or CAPM (Capital Asset
Pricing Model).
To find the average cost of capital, we weight individual cost of capital by their
proportions in the firms capital structure:
WACC formula: WACC = (Ke x E) / (D + E) + [Kd x (1-Ct) x D] / (D + E)
Using WACC formula:
WACC = (E/V) * KE + (D/V) * KD * (1-T)

V = D + E = Total Capital

D: Amount of Debt

E: Equity

KD: Cost of Debt

KE: Equity

T: Tax rate

According to the measurements we have:

T = 38% (in Exhibit 2) 1 T = 0.62
E: Equity 2001 = $3494.5
D: Debt 2001 =
= Current portion of long-term debt + Notes payable + Long-term debt
= $5.4 + $855.3 + $435.9
= $1296.6
Besides that, we have:
E/V = 27% (proportion of equity)
D/V = 73% (proportion of debt)
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Calculate KE: Cost of Equity
* Using DDM (Dividend Discount Model) for calculate Ke
Ke = D1/Po + g
D1 = D0 (1+g)
D0 = 0.48; g = 5.5%
D1 = 0.48 * (1 + 0.055)
= 0.5064
P0 = 42.09
So we have:
Ke = D1/Po + g
= 0.5064/42.09 + 5.5%
= 1.20% + 5.50%
= 6.70%
Because Nike did not pay dividend for shareholders since after June 30, 2001, so this model
(DDM) cannot accept for using for calculate Ke in this case because it does not reflect the
true cost of capital.
According to Joanna Cohen: Total interest expense (2001) divide by companys average
debt balance (With debt balance of May 31, 2000 is $1444.6 million and 2001 is $1296.6
millions)
The WACC is used for discounting cash flows in the future (Lloyd & Davi, 2007), thus all
components of cost must reflect firms concurrent or future abilities in raising capital. But
Joanna Cohen uses the historical data in estimating the cost of debt - She did a mistake
here. She divided the interest expenses by the average balance of debt to get 4.3% of
before tax cost of debt. It may not reflect Nikes current or future cost of debt.
The more appropriate cost of debt can be calculated by using data. We can calculate the
current yield to maturity of the Nikes bond to represent Nikes current cost of debt.

PV= 95.60

n=40

FV=100

I = 3.375% (semiannual) 6.75% (annual)

95.6 = I * [1/(1+r) + 1/(1+r)2 + 1/(1+r)3++1/(1+r)40] + 100/(1+r)40

<->95.6 = {3.375 * [1-(1+r)-40]/r} + 100/(1+r)40

If r=4% -> NPV1 = 3.375*[1-(1+0.04)-40/0.04] + 100/(1+0.04) 40
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= 87.65
If r = 3% -> NPV1 = 3.375*[1-(1+0.03)-40/0.03] + 100/(1+0.03) 40
= 108.65
IRR = 3 + (4-3)*[87.65/(108.65-87.65)]
= 7.16%
-> (Nguyen, 2012) (Spivey, 2013)Cost of debt (after tax) is: 7.16%(1-38%) = 4.44% (Tax =
38%)
KD do Joanna Cohen calculated (wrong) = 4.3%
Apply in to formula WACC:
WACC = (E/V) * KE + (D/V) * KD * (1-T)
Joanna Cohen calculated:
WACC = 10.5% * 73.0% + 4.3% * 0.62 * 27%
= 10.5% * 73.0% + 2.7% x 27.0%
= 8.4%
We have:
WACC = 10.1% * 4.44% + 89.9% * 9.81%
= 0.45% + 8.82%
= 9.27%
It was discovered that the firms shares have small market value (market capitalization =
price per share x number of share) might get higher profitability of the firms stock value
market, if other factors the same (William, 1983). Effect of PE and MB ratios it was found
that the stocks of companies with PE ratios (price/earnings ratio) and the ratio of MB
(market-to-book value ratio) might get higher profitability shares of companies with PE ratios
and high MB. Due to the lack of information of the market value of debt, book value of debt,
$1,291m, is used to calculate weights.
Thus, the market value weight for equity is
= 1-[11,503 / (11,503+1,291)]
= 1 - 89.9% = 10.1%
So, the weight for debt is 10.1%.
The cost of debt, if it is intent to be forwarding looking, should be estimated by yield to
maturity of bond or according to credit rating.

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Cost of Capital and Capital Structure

According to Joanna Cohen: Total interest expense (2001) divide by companys
average debt balance (With debt balance of May 31, 2000 is $1444.6 million and
2001 is $1296.6 millions). The WACC is used for discounting cash flows in the
future (Lloyd & Davi, 2007), thus all components of cost must reflect firms
concurrent or future abilities in raising capital.
Cohen used book values as the basis for debt and equity weights; the market values
should be used in calculating weights. The reasoning of using market weights to
estimate WACC is that it is how much it will cause the firm to raise capital today. That
cost is approximated by the market value of capital, not by the book value of capital.
Cost of capital based on market value not book value (Pratt & Grabowski, 2008).
For market value of equity = Current Share Price * Average Shares Outstanding
= $42.09 * 273.3m
= $11,503m.
Companies raise money from a number of sources: common equity,
preferred equity, straight debt, convertible debt, exchangeable debt, warrants, and
options, pension liabilities, executive stock options, governmental subsidies, and so
on. Different securities are expected to g e n e r a t e d i f f e r e n t r e t u r n s .
WACC is calcul ated taking in to acco unt the rel ative we ights of
e a c h component of the capital structure- debt and equity, and is used to see if the
investment is worthwhile to undertake.
With an estimated ROI of 17%, the company is generating returns above the longterm global average real return of 6%, which closely approximates a real required
rate of return for the firm. This suggests the firm is generating economic profit, also
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known as economic value added. The IC (adjusted Invested Capital) growth of Nike,
as seen on the five-panel chart, has been positive throughout the last decade,
except in 2010 when the company shrank its IC by 4%. NKEs main driver for IC
growth is their new store openings, which can either, be through owning or leasing.
Nike was also involved in some acquisitions and divestments in the past decade. In
2002, Nike bought surf apparel company Hurley International from founder Bob
Hurley. In 2003, Nike paid US$309MM to acquire Converse, makers of the Chuck
Taylor All-Stars line of sneakers. The company acquired Starter in 2004 and Umbro,
known as the manufacturers of the England national football team's kit, in 2008.
However, in order to refocus on its core business lines, Nike began divesting some
of its subsidiaries. As of 2013, Nike owns two key subsidiaries: Converse Inc. and
Hurley International. The company is expected to have a 5% organic growth in
invested capital over the next five years.

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Appendix A
Nike.xlsx

Excel Showing Calculations for :

Financial Ratios
Market Value of Debt
Debt Structure
Intrinsic Stock Value
Required Rate of Return (r)
Dividend Growth rate (g)
Dividend History
Capital Structure
Cost of Capital

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REFERENCES
http://www.stock-analysis-on.net/NYSE/Company/Nike-Inc/Ratios/Long-termInvestment-Activity
http://www.stock-analysis-on.net/NYSE/Company/Nike-Inc/Ratios/Long-term-Debtand-Solvency
http://www.stock-analysis-on.net/NYSE/Company/Nike-Inc/Ratios/Profitability
http://financials.morningstar.com/ratios/r.html?t=NKE&region=USA&culture=en-US
http://www.barchart.com/profile.php?sym=UA&view=ratios
http://www.nike.com/nikebiz/gc/mp/pdf/disclosure_list_2005-06.pdf
http://www.nytimes.com/1988/04/26/business/company-news-cole-haan-to-nike-for80-million.html
http://www.ocregister.com/articles/hurley-408856-company-surf.html
http://www.bizjournals.com/portland/stories/2007/11/12/daily22.html
http://online.barrons.com/article/PR-CO-20130201-912339.html?
mod=BOL_qtnews_pressrel
http://www.oregonlive.com/playbooksprofits/index.ssf/2012/11/with_cole_haan_sale_nike_can_f.html
http://www.nytimes.com/2000/08/31/business/the-media-business-advertising-addenda-nikespot-wins-an-emmy-award.html
http://www.nytimes.com/2002/09/20/business/the-media-business-advertising-addenda-nikespot-wins-an-emmy-award.html
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Nike Inc.
http://www.stock-analysis-on.net/NYSE/Company/Nike-Inc/
http://www.investopedia.com/exam-guide/cfa-level-1/liabilities/rate-changes-debt-market-values.asp
http://finance.yahoo.com/q/hp?s=NKE
http://www.investopedia.com/terms/d/ddm.asp

http://blogs.marketwatch.com/behindthestorefront/2013/10/24/underdog-under-armour-stillhas-a-long-way-to-catch-up-to-nike/
http://www.nasdaq.com/symbol/nke/competitors
http://www.marketwatch.com/investing/stock/nke/profile
http://quicktake.morningstar.com/stocknet/bonds.aspx?symbol=nke
http://www.trefis.com/stock/nke/articles/205350/key-trends-impacting-nikes-performance-in2013/2013-09-11

http://blogs.marketwatch.com/behindthestorefront/2013/10/24/underdog-under-armour-stillhas-a-long-way-to-catch-up-to-nike/

http://tienucd.blogspot.com/2012/05/nike-inc-analysis-cfm-corporate-finance.html
http://www.institutesv.org/studies/cashflowprimes/Nike-NKE/20130326

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