ACADEMY SPORTS & OUTDOORS INC (ASO-O)

Retailers / Specialty Retailers / Apparel Retailers COMPANY IN CONTEXT REPORT

Report Date: 2021-Jun-09

Last Close Avg Daily Vol 52-Week High Trailing PE Annual Div ROE LTG Forecast 1-Mo Return
39.65 (USD) 2.2M 40.48 10.5 -- 29.4% 23.1% 17.3%
2021 June 08 Market Cap 52-Week Low Forward PE Dividend Yield Annual Rev Inst Own 3-Mo Return
NASDAQ Exchange 3.5B 12.05 11.9 -- 5.7B 93.3% 47.1%

VERUS OPINION

The Verus Opinion, provided by Verus Analytics Inc,
Buy is an empirically-derived and historically back-tested
stock rating system with buy, hold, and sell opinions.
To develop a rating, the quantitative system analyzes
a company's earnings quality, balance sheet, and
income statement, conducts technical and valuation
analysis and evaluates the transactions made by the
firm's management and directors (i.e. insiders).
The Verus Opinion covers 4314 companies, with 18.0% rated
Buy, 64.7% rated Hold, and 17.2% rated Sell as of 2021-06-04.
Verus Analytics Inc is a private independent research firm,
unaffiliated with Refinitiv, that specializes in engineering
institutional ratings systems.

I/B/E/S MEAN
Mean recommendation from all analysts covering
Buy the company on a standardized 5-point scale. Strong Buy 3
9 Analysts Buy 6
Hold 0
Strong Strong
Sell Hold Buy Sell 0
Sell Buy
Strong Sell 0

PRICE AND VOLUME CHARTS

1-Year Return: -- 5-Year Return: --

BUSINESS SUMMARY
Academy Sports and Outdoors Inc. is a full-line sporting goods and outdoor recreation retailers. The Company operates over 259 stores across 16
contiguous states, primarily in the southern United States. Its offered broad assortment appeals to all ages, incomes and aspirations, including
beginning and advanced athletes. The Company sell a range of sporting and outdoor recreation products, such as fitness equipment and apparel, work
and casual wear, folding chairs, wagons and tents, training and running shoes and coolers. The Company also carry a deep selection of seasonal
items, such as sports equipment and apparel, seasonal wear and accessories, hunting and fishing equipment and apparel, patio furniture, trampolines,
play sets, bicycles and severe weather supplies. The Company provide locally relevant offerings, such as crawfish boilers in Louisiana, licensed
apparel for area sports fans, baits and lures for area fishing spots and beach towels in coastal markets.

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ACADEMY SPORTS & OUTDOORS INC (ASO-O)
Retailers / Specialty Retailers / Apparel Retailers COMPANY IN CONTEXT REPORT
Report Date: 2021-Jun-09

PEER ANALYSIS Currency in USD

PRICE MOMENTUM VALUATION FUNDAMENTAL ANALYSTS

Verus Price 1-Mo 3-Mo 1-Yr Market Trailing Forward Dividend Net LTG I/B/E/S # of
Opinion Ticker 2021-06-08 Return Return Return Cap PE PE Yield Margin Forecast Mean Analysts
Hold CPRI 55.85 -6.1% 6.6% 139.8% 8.1B -- 14.6 -- -1.5% 7.0% Buy 22
Buy FL 62.50 -1.1% 9.9% 78.0% 6.4B 10.3 11.2 1.3% 7.4% 34.1% Buy 19
Hold AEO 34.11 -7.3% 15.4% 161.2% 5.6B 47.4 16.3 2.1% 3.4% 7.7% Buy 13
Buy CRI 105.34 -4.6% 20.2% 12.1% 4.6B 16.8 19.7 1.5% 8.7% 21.1% Buy 8
Hold URBN 38.80 -1.7% -0.3% 82.2% 3.7B 19.8 14.4 -- 5.1% 288.5% Hold 17
Buy ASO 39.65 17.3% 47.1% -- 3.5B 10.5 11.9 -- 5.4% 23.1% Buy 8
Hold SIG 61.44 -5.5% 9.1% 264.2% 3.1B -- 14.2 -- -0.3% -- Hold 5
Buy ANF 41.15 1.0% 27.3% 190.4% 2.4B 15.5 12.5 -- -3.6% -- Buy 11
Hold BOOT 75.18 0.8% 24.6% 174.6% 2.1B 37.6 24.2 -- 6.6% -- Buy 11
Buy BKE 39.39 -14.4% -0.2% 119.1% 2.0B 9.7 12.6 3.4% 18.4% -- Hold 2
Hold GES 28.40 -3.8% 2.7% 109.3% 1.8B 21.0 13.0 1.6% 4.1% -- Buy 4
-- Average 52.89 -2.3% 14.8% 133.1% 3.9B 21.0 15.0 2.0% 4.9% 63.6% Buy 10.9

PEER COMPANIES
CPRI Capri Holdings SIG Signet Jewelers
FL Foot Locker Inc ANF Abercrombie & Fitch Co
AEO American Eagle Outfitters Inc BOOT Boot Barn Holdings Inc
CRI Carter's Inc BKE Buckle Inc
URBN Urban Outfitters Inc GES Guess? Inc

EARNINGS HIGHLIGHTS PRICE TARGET

- Over the past 90 days, the consensus price target for ASO has The chart indicates where analysts predict the stock price will be within
increased notably from 27.00 to 38.80, a gain of 43.7%. the next 12 months, as compared to the current price.
- On 2021-06-08, the company announced quarterly earnings of 1.89 45.00 12-Month Price Target
HIGH
per share, a positive surprise of 125.0% above the consensus 0.84. Mean (USD) 38.80
42.00 39.65
Over the past 2 quarters, the company has reported 2 positive, 0
High 44.00
negative, and 0 in-line surprises. The average surprise for this time 39.00 MEAN
period has been 50.0%. Low 31.00
36.00
Target vs. Current -2.1%
- ASO's current quarter consensus estimate has increased notably over 33.00
the past 90 days from 0.79 to 1.10, a rise of 39.4%. Consensus LOW # of Analysts 7
30.00
estimates for the Apparel Retailers industry have moved an average Current Price Price Target
48.0% during the same time period. (USD)

EARNINGS PER SHARE Currency in USD

Actuals Estimates
5.000

4.000 Quarterly 21-07 21-10

Earnings per share (EPS) is calculated
by dividing a company's earnings by the 3.000 Mean 1.097 0.685
number of shares outstanding. Analysts 1.890 High 1.550 0.820
tend to interpret a pattern of increasing 2.000
earnings as a sign of strength and flat 0.910 1.090 Low 0.820 0.560
1.000 HIGH
or falling earnings as a sign of MEAN # of Analysts 8 8
weakness. 0.000
LOW
20-10 21-01 21-04 21-07 21-10
The charts provide a comparison
between a company's actual and Actuals Estimates
estimated EPS, including the high and 7.000
low forecasts. Annual 2022 2023
6.000
Mean 3.517 3.652
5.000
3.830 High 4.500 4.140
4.000 HIGH
MEAN Low 2.830 3.120
3.000 LOW
# of Analysts 9 9
2.000
2021 2022 2023

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ACADEMY SPORTS & OUTDOORS INC (ASO-O)
Retailers / Specialty Retailers / Apparel Retailers COMPANY IN CONTEXT REPORT
Report Date: 2021-Jun-09

ANALYST REVISIONS MEAN ESTIMATE TREND

Q Q Y Y Price
Last 120 Days Last 30 Days 21-07 21-10 2022 2023 Target
# Broker Upgrades 0 # Up Revisions 1 Current 1.097 0.685 3.517 3.652 38.80
# Broker Downgrades 0 # Down Revisions 0 30 Days Ago 1.030 0.705 3.344 3.592 32.50
Avg Up Revisions 11.1% 90 Days Ago 0.787 0.653 2.423 2.803 27.00
Avg Down Revisions 0.0% % Change (90 Days) 39.4% 4.9% 45.2% 30.3% 43.7%
Next Expected Report Date: 2021-06-08

EARNINGS SURPRISES
Comparing a company's actual earnings to the mean expectation of Surprise Detail (Last 6 Periods)
analysts results in a difference referred to as a 'positive' or 'negative'
surprise. Research has shown that when a company reports a Surprise Announce Period End Actual Mean Surprise
surprise, it is often followed by more of the same surprise type. Type Date Date EPS EPS (%)
Surprise Summary (Last 12 Quarters) Positive 2021-06-08 2021-04-30 1.890 0.840 125.0%
Positive 2021-03-30 2021-01-31 1.090 0.525 107.6%
Surprise Type Amount Percent
Positive 2020-12-10 2020-10-31 0.910 0.361 152.1%
Positive Quarters (> 2%) 2 100.0%
Negative Quarters (< -2%) 0 --
In-Line Quarters (within 2%) 0 --

ANNUAL REVENUE
A pattern of increasing sales in Actuals Estimates
conjunction with a rising EPS may
influence a buy recommendation, while 6.6B
2022 2023
flat or falling sales and faltering 6.4B HIGH
earnings may explain a sell Mean 6.0B 6.0B
recommendation. A rising EPS with flat 6.2B High 6.2B 6.4B
or falling sales may result from
increased cost efficiency and margins, 6.0B MEAN Low 5.7B 5.7B
rather than market expansion. This Forecasted Growth 5.0% 6.0%
chart shows the sales forecast trend of 5.8B 5.7B
LOW # of Analysts 9 9
all analysts and the highest and lowest
projections for the current and next 5.6B
2021 2022 2023
fiscal year.

FUNDAMENTAL HIGHLIGHTS
- The company's gross margin has been lower than its industry average - The company's debt-to-capital has been higher than its industry
for each of the past five years. average for each of the past five years.
- ASO's days sales in receivables of 1.0 is substantially shorter than the - Academy Sports & Outdoors Inc does not currently pay a dividend. Of
Apparel Retailers industry average of 9.0. 32 firms within the Apparel Retailers industry, it is among the 21
companies without a dividend.

FUNDAMENTAL METRICS
Profitability Debt Dividend
Industry Industry Industry
ASO Avg ASO Avg ASO Avg
Revenue Growth 17.8% 6.1% Current Ratio 1.2 1.7 Div. Growth Rate -- -75.0%
For year over year For interim period For year over year
ending 2021-01 ending 2021-01 ending --

Gross Margin 28.6% 36.0% Debt-to-Capital 41.3% 41.2% Dividend Payout -- 22.8%
For latest 12 months For annual period For latest 12 months
ending 2021-01 ending 2021-01 ending --

Return on Equity 29.4% 16.7% Interest Funding 18.9% 9.9% Dividend Coverage -- 7.5
For interim period For interim period For annual period
ending 2021-01 ending 2021-01 ending --

Net Margin 5.4% 5.1% Interest Coverage 8.6 8.4 Current Div. Yield -- 0.0%
For latest 12 months For interim period For latest 12 months
ending 2021-01 ending 2021-01 ending --

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ACADEMY SPORTS & OUTDOORS INC (ASO-O)
Retailers / Specialty Retailers / Apparel Retailers COMPANY IN CONTEXT REPORT
Report Date: 2021-Jun-09

RELATIVE VALUATION HIGHLIGHTS

- ASO is currently valued at a discount to the S&P 500 index based on - ASO's current Forward PEG of 0.5 represents a 54% Premium to its
Trailing P/E, Forward P/E, and Forward PEG. Apparel Retailers industry average.
- ASO's current Trailing P/E of 10.5 represents a 68% Discount to its - ASO's current Forward P/E of 11.9 represents a 30% Discount to its
Apparel Retailers industry average. Apparel Retailers industry average.

TRAILING PE FORWARD PE FORWARD PEG

The most recent week's close price divided by The most recent week's close price divided by The Forward P/E divided by the five-year
the sum of the four most recently reported the sum of the four upcoming quarterly forecasted growth rate.
quarterly earnings. consensus estimates.
Trailing PE 10.5 Forward PE 11.9 Forward PEG 0.5
5-Year Average: -- 5-Year Average: -- 5-Year Average: --
S&P 500 Index Average: 36.4 S&P 500 Index Average: 22.6 S&P 500 Index Average: 1.4
Industry Average: 32.4 Industry Average: 16.9 Industry Average: 0.3
15 13 1.20
14 12 1.08
13 12 0.96
12 12 0.84
11 11 0.72
10 11 0.60
9 10 0.48
8 10 0.36
7 10 0.24
6 9 0.12
5 9 0.00
JUN AUG OCT DEC FEB APR JUN JUN AUG OCT DEC FEB APR JUN JUN AUG OCT DEC FEB APR JUN
2020 2020 2020 2020 2021 2021 2021 2020 2020 2020 2020 2021 2021 2021 2020 2020 2020 2020 2021 2021 2021

RISK HIGHLIGHTS RISK ANALYSIS

- On days when the market is up, ASO tends to underperform Last 90 Days Last 60 Months
versus the S&P 500 index. Also, on days when the market is Best Worst # # Largest Best Worst
down, the shares generally decrease more than the index. Daily Daily Days Days Intra-Day Monthly Monthly
- In the short term, ASO has shown an average correlation (>= Peers Return Return Up Down Swing Return Return
0.2 and < 0.4) with the S&P 500 index. The stock does not ASO 10.8% -6.9% 32 32 13.5% -- --
have a long term correlation.
- Over the last 90 days, ASO shares have been more volatile ANF 7.8% -7.7% 35 29 11.4% 45.9% -42.1%
than the overall market, as the stock's daily price fluctuations CRI 5.4% -4.8% 38 26 9.8% 22.3% -28.1%
have exceeded that of 98% of S&P 500 index firms.
SIG 8.7% -7.7% 33 31 14.5% 60.8% -72.3%
URBN 10.0% -6.5% 34 30 10.2% 42.3% -39.4%
S&P 500 1.7% -2.1% 34 29 1.9% 12.7% -12.5%

RISK METRICS
Magnitude of Returns Volatility Beta (1-Year) Correlation

Daily Returns (Last 90 Days) Standard Deviation Beta vs. S&P 500 0.59 Correlation vs. S&P 500
Best 10.8% Last 90 Days 3.47 Positive Days Only 0.61 Last 90 Days 25%
Worst -6.9% Last 60 Months -- Negative Days Only 1.40 Last 60 Months --

Monthly Returns (Last 60 Months) Intra-Day Swing (Last 90 Days) Beta vs. Group 0.47 Correlation vs. Group
Best -- Average 5.7% Positive Days Only 0.58 Last 90 Days 44%
Worst -- Largest 13.5% Negative Days Only 0.99 Last 60 Months --

PRICE ANALYSIS SEASONALITY

Relative Strength Indicator (scale 1-100, 100 is best) Average Monthly Return (Last 10 Years)
ASO Industry Avg Jun Jul Aug
Last 1 Month 71 55 Company Avg -- -- --
Last 3 Months 65 56 Industry Avg 1.7% -0.1% 1.3%
Last 6 Months 64 55 Industry Rank 52 of 120 104 of 120 7 of 121

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ACADEMY SPORTS & OUTDOORS INC (ASO-O)
Retailers / Specialty Retailers / Apparel Retailers COMPANY IN CONTEXT REPORT
Report Date: 2021-Jun-09

PRICE PERFORMANCE Currency in USD

Daily close prices are used to calculate the ASO ASO NASDAQ Comp
performance of the stock as compared to a
NASDAQ Comp Close Price (2021-06-08) 39.65 13,925
relevant index over five time periods.
52-Week High 40.48 14,139
6.4%
1-Week 52-Week Low 12.05 9,493
1.4%

17.3% - Academy Sports & Outdoors Inc has a Price Momentum Rating
1-Month
1.3% of 10, which is significantly above the S&P 500 index average
rating of 7.0.
47.1%
3-Month - On 2021-06-08, ASO closed at 39.65, 2.1% below its 52-week
10.4% high and 229.0% above its 52-week low.
91.3% - The NASDAQ COMPOSITE index is currently 1.5% below its
YTD 52-week high and 46.7% above its 52-week low.
8%

0%
1-Year
40.3%

INSIDER TRADING HIGHLIGHTS MONTHLY BUYS AND SELLS

- A recent $1,094,446 sale by WILLIAM S SIMON represents the largest BUYS $ Market Value (Thousands)
1120
sale at Academy Sports & Outdoors Inc in five years.
560
- Since the beginning of the current quarter, sales by Academy Sports & Excludes
Outdoors Inc executives have totaled $1,094,446. This figure exceeds 0 derivative
the five-year average Q2 sell total of $1,094,446. and option
560 exercises
1120
SELLS
J A S O N D J F M A M J

MOST RECENT BUYS AND SELLS

Insider buys and sells with the most recent transaction dates during the last 90 days.
Name Role Tran Date Tran Type Shares Market Value
Simon, William S Director 2021-05-17 Sale 31,007 1,094,446
KKR Group Partnership LP Benef Owner 2021-05-10 Sale 13,100,000 405,576,000
KKR Group Partnership LP Benef Owner 2021-04-07 Sale 7,794,640 221,991,344
Ennis, William S. Officer 2021-03-31 Sale 238,094 6,071,689

TOP INSTITUTIONAL HOLDERS TOP EXECUTIVE HOLDERS

The top five institutional holders based on the total number of shares The top five insider holders based on the total number of direct holdings.
held. Indirect holdings are excluded.
Inst. % Shares Reported # Direct Reported
Institution Type O/S Held Date Insider Name Role Shares Value Date
Kohlberg Kravis Roberts Inv Mgmt 52.9% 49.6M 2021-03-31
There is no available holdings information.
MSI 2011 Strategic 6.3% 5.93M 2020-10-02
Samlyn Capital Inv Mgmt 3.1% 2.87M 2021-03-31
The Vanguard Group Inc Inv Mgmt 3.0% 2.77M 2021-03-31
Fidelity Management Inv Mgmt 2.9% 2.72M 2021-03-31
Updated daily as of 2021-06-09

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ACADEMY SPORTS & OUTDOORS INC (ASO-O)
Retailers / Specialty Retailers / Apparel Retailers COMPANY IN CONTEXT REPORT
Report Date: 2021-Jun-09

Correlation
REPORT TIPS Determines how closely the returns of the stock and the relevant index move
together, measured over the last 90 days and last 60 months.
The Company in Context Report provides a comprehensive company analysis
based on industry-leading market data from Refinitiv and a proprietary rating from Price Momentum
Verus Analytics. The report is updated daily, although some of the data elements Relative Strength
and the ratings are updated weekly. Measures the speed and change of price movements. A value above 70 is
considered overbought while a value below 30 is considered oversold.
Peer Analysis
● The Refinitiv Business Classification (TRBC) schema is used for industry Seasonality
comparisons. The system includes 10 Economic Sectors, 28 Business Sectors, The average monthly return for the current month and next 2 months for the
54 Industry Groups, and 136 Industries. company and industry, over the past 10 years. A lower industry rank indicates a
● The Peer Analysis section of the report compares the company to its ten closest higher return.
peers, selected based on similar market capitalization. The peer listing may have
fewer than ten companies if there are fewer classified within that industry. Insider Trading
Monthly Buys and Sells
Highlights The total market value of open-market buying and selling is displayed by month for
The automated text-generation system from Refinitiv creates highlights easy comparison. Transactions by trusts and corporations are excluded, along with
summarizing the most noteworthy data. The bullets will vary by company and will buys greater than $10 million and sales greater than $50 million.
change from week to week as different criteria are met.
Institutional Holders
Earnings The top five institutional holders of the company are listed in descending order,
Earnings Per Share based on their total share holdings. Possible values for the institution type include
The quarterly and annual earnings per share are presented when available, along Brokerage, Funds, Inv Mgmt, or Strategic.
with the mean, high and low. Quarterly data is displayed for the past 4 quarters
(actual) and the next 2 quarters (estimated). Annual data is displayed for the past 2 Executive Holders
years (actual) and the next 2 years (estimated). The top five executive insiders of the company are listed in descending order, based
on their total direct common share holdings (options are not considered). Indirect
Mean Estimate Trend holdings are excluded, as the owner may not actually have investment discretion
The mean estimates show how the consensus has changed over the past 30 days over these shares. Insiders who have not filed any transactions or holdings over the
and 90 days for the upcoming two quarters and two years. The percentage change past two years are excluded, as the individual may no longer be associated with the
is calculated for the company as a means for comparison by measuring the company. Direct shares held must be greater than 1,000 to be considered.
difference between the current consensus estimate and that of 90 days ago.
Insider Roles
Earnings Surprises AF - Affiliate IA - Investment Advisor
The surprise summary includes the total number of quarters (and percentage) in the AI - Affiliate of Advisor MC - Member of Committee
past 12 quarters in which earnings surprises were positive, negative, or in-line. In B - Beneficial Owner O - Officer
order to be recognized as a positive or negative surprise, the percent must be C - Controller OB - Officer / Beneficial Owner
greater than 2% above or 2% below the consensus, respectively. CB - Chairman OD - Officer / Director
CEO - Chief Executive Officer OE - Other Executive
Fundamental CFO - Chief Financial Officer OS - Officer of Subsidiary
Profitability CI - Chief Investment Officer OT - Officer / Treasurer
● Revenue Growth: (Net Sales – Previous Net Sales) / Previous Net Sales CO - Chief Operating Officer OX - Divisional Officer
● Gross Margin: Gross Profit / Net Sales CT - Chief Technology Officer P - President
● Return on Equity: Net Income / Total Equity D - Director R - Retired
● Net Margin: Net Profit / Net Sales DO - Director / Beneficial Owner SH - Shareholder
EVP - Exec Vice President SVP - Senior Vice President
Debt FO - Former T - Trustee
● Current Ratio: Current Assets / Current Liabilities GC - General Counsel UT - Unknown
● Debt-to-Capital: Total Debt / Total Capital H - Officer / Director / Owner VP - Vice President
● Interest Funding: Interest Expense / Operating Cash Flow
● Interest Coverage: (Pre-Tax Income + Interest Expense) / Interest Expense
VERUS ANALYTICS
Dividend
● Dividend Growth Rate: (Dividends per Share – Previous Dividends per Share) / Verus Analytics, Inc is a private firm specializing in engineering rating systems for
Previous Dividends per Share institutional clients, wealth managers and self-directed investors. They also provide
● Dividend Funding: Dividends / Operating Cash Flow proprietary ratings of earnings quality, fundamental and valuation elements directly
● Dividend Coverage: (Pre-Tax Income + Interest Expense) / (Interest Expense + to institutional clients. Verus Analytics (previously Camelback Research Alliance, Inc
Dividends) and the quantitative business unit of Gradient Analytics, Inc) was founded in 1996
● Dividend Yield: Annual Dividends per Share / Current Market Price per Share by two former tenured professors, Dr. Carr Bettis and Dr. Donn Vickrey. Today the
core team consists of financial engineers, business analysts and technology
Relative Valuation personnel. Verus Analytics does not engage in investment banking services.
A discount occurs when the company’s ratio is valued more favorably (lower) than
that to which it is compared. DISCLAIMER
Valuation Averages
Negative values are excluded when calculating the averages. A maximum value of © 2020 Refinitiv. Republication or redistribution of Refinitiv content, including by
100 is placed on Trailing P/E and Forward P/E, and a maximum value of 5 is placed framing or similar means, is prohibited without the prior written consent of Refinitiv.
on Forward PEG when calculating the averages. All information in this report is assumed to be accurate to the best of our ability.
Refinitiv is not liable for any errors or delays in this content, or for any actions taken
Risk in reliance on such content. Any forward-looking statements included in the Refinitiv
Magnitude of Returns content are based on assumptions and are subject to a number of risks and
The best / worst daily returns in the past 90 days and the best / worst monthly uncertainties that could cause actual results to differ materially from current
returns in the past 60 months. expectations. There is no assurance that any forward-looking statements will
materialize. The content in this Refinitiv report does not constitute investment
Volatility advice or a recommendation to buy or sell securities of any kind. Past performance
The standard deviation of the stock price over the last 90 days and last 60 months, is not a guarantee of future results. Investors should consider this report as only a
along with the average and largest intra-day stock swing. single factor when making an investment decision. Verus Analytics Inc. is a private
independent research firm, unaffiliated with Refinitiv, and is solely responsible for
Beta the Verus Opinion. The Verus Opinion contained herein is solely attributable to
Measures the tendency of a security’s returns to respond to swings in the market, Verus Analytics Inc. and is not endorsed or approved by Refinitiv.
based on the beta of the company versus the relevant index.

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