A Recent IPO Backed by Roger Federer Looks Promising

June 15, 2022
On Running (ONON) is making big strides. 

For context, ONON it is an athletic shoe and performance sportswear company from Switzerland, backed by tennis pro-Roger Federer.
Shares of ONON are down almost -50% this year, despite the company's positive first-quarter results in May, where it posted a net income of CHF 14.3 million and net sales of CHF 235.7 million. At today's exchange rate, approximately $14.25 million and $235.01 million respectively. 

This also translates to a net sales increase of nearly +67% YoY. 

ONON said it had a “very strong start into the year,” exceeding expectations, with its direct-to-consumer and wholesale business “growing nearly equally and contributing to another record top-line quarter.” 

So are investors underestimating ON? We think so. Here’s why... 

Macro Tailwinds: Luxury and Utility 

On Running is a premium brand.  

Recently, high-end retail demand has appeared more immune to inflation, according to purchasing mentions in the LikeFolio universe. 

ONON lives in that bracket, insulated by the affluent buyer. 

But that’s not all… 

Recent fitness trends show a renewed consumer interest in segments where ONON thrives: running and outdoor fitness.
Consumer Buzz is Rising Post-IPO
Brand awareness for ONON products is rising…quickly. Mentions are surging higher, trending +37% QoQ and +53% YoY, currently outpacing Nike (NKE) and even HOKA parent Deckers (DECK).
Mentions of quality and comfortability dominate mentions, boosting the company’s Positive Sentiment (Consumer Happiness) score to an extremely healthy 86%, trending +4% YoY. 

The company’s next earnings report is due in early August, but an early review suggests the company is kicking off a strong Summer.

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