Adidas (ADDYY.PK) announces earnings results next week. We have seen a large increase in the loan position which currently stands at 11%. Adidas is due to redeem one of its Convertible bonds in a few weeks and the resulting effective capital injection is expected to reduce its debt substantially. The price has, however, fallen more than 6% over the past week; with utilisation still relatively low at 24% there is considerable scope for further stock borrowing.
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