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Wolverine World Wide: Nowhere to run to; maintain Marketweight-20260819
野村证券· 2026-08-19 16:15
Wolverine World Wide Nowhere to run to; maintain Marketweight Earnings Review Accessible version Growth story remains intact We maintain our Marketweight on the WWW 4s as risks are low, but the company is unlikely to refinance them early given the low coupon. Merrell and Saucony continue to grow significantly and according to Google trends, search interest remains high. Furthermore, the company is increasing full-price sales due to its clean inventory position. We estimate net leverage declines to 1.7x at t ...