【Jefferies-2025研报】勃肯（BIRK）：初步分析Birkenstock业绩超预期……财年展望上调.pdfVIP

USA|LifestyleGrowthPlatforms

EquityResearch

BirkenstockMay15,2025

FIRSTTAKE:BIRKBeatonTopandBottom...FYFLASHNOTE

OutlookRaisedRATINGBUY

PRICE$54.49^

BIRKbrandremainsstrongwithdouble-digitrevenuegrowthacrossa

PRICETARGET|%TOPT$75.00|+38%

segments,GMup140bpsandoutlookraised.2Qsalesof€574M(+18%YoY

52WHIGH-LOW$64.78-$40.56

cc)vscons€567M.Americasrevenue+20%cc,Europe+12%cc,andAPAC

FLOAT(%)|ADVMM(USD)21.3%|109.05

+30%cc,B2B+18%cc,DTC+17%cc.Adj.EBITDAmarginof34.8%(+110bps)

MARKETCAP$10.2B

cameinaheadofcons33.9%.MgmtnowexpecsF25revenuetobeathigh-