鲨客忍者（SN）：商标排名Sip Perfect和PowerFins在4月实现了大幅增长

2024A2025E5,528.66,269.05,528.66,266.0951.21,103.0951.21,130.01.8M3.5MSharkNinja 2026E7,102.06,988.01,258.01,310.02.4M Carlos Gallagher * | Equity Associate+1 (786) 535-2025 | cgallagher1@jefferies.comTy-Lynn Johnson * | Equity Associate+1 (212) 778-8339 | tjohnson2@jefferies.comMina Solujic * | Equity Associate+1 (212) 444-4298 | msolujic@jefferies.comMantero Moreno-Cheek * | Equity Associate(212) 778-8407 | mmorenocheek@jefferies.comCorey Tarlowe * | Equity Analyst(212) 323-7541 | ctarlowe@jefferies.comKylie Cohu * | Equity Analyst(212) 778-8701 | kcohu@jefferies.com The Long View: SharkNinjaInvestment Thesis / Where We DifferSharkNinjais a high-growth product design and technology companyspecializing in household and lifestyle appliances under the Shark and Ninjabrands. SN plans to continue leveraging its brand strength and productdevelopment expertise to drive market share gains in existing categoriesand enter new and adjacent categories, with a robust pipeline of ideas thatare constantly being evaluated. Additionally, a proven international playbookshould accelerate top-line growth in the long term. Lastly, the company'ssustainable margins and healthy FCF should experience modest growth astop-line expansion increases operating leverage.Base Case,$175, +74%•11%+ growth in 2023 and 7%+ growth in both2024and 2025,driven by strength acrossthewhole portfolio of products,as brandpenetration rises and product offerings expand.•Adj. EBITDA margin expands modestly in 2024and 2025, as the company invests in productlaunchesand benefits from incrementaloperating leverage.•F'26E Adj. EBITDA of $1,310M; $175 PT using~19x EV/EBITDA.Sustainability MattersTop material issue(s): 1) Product Design & Lifecycle Management.SN remains focused on designingsafe products that contribute meaningfully to the environment, society, and its customers.2) SupplyChain Management.SN does not manufacture any of its own products. With the majority of its third-partysuppliers based in China (and SE Asia), ethical sourcing (particularly ethical labor) is a key consideration.3) Diversity & Inclusion.SN is committed to fostering an inclusive culture across communities andgeographies.Company Target(s): 1)While not targets, SN highlights its eight affinity groups and two DEI groups asplatforms and channels that encourage communication and idea generation.Qs to mgmt: 1)From an ESG perspective, what targets are you looking to achieve in the next 5-10 years?2)As it pertains to your product offering, what is the impact on revenue and margins, respectively, ofusing sustainable materials?3)Are there any challenges you foresee when it comes to achieving thegoals presented in your ESG framework?Multiline and Specialty Retailers & Distributors ESG Integration RefreshPlease see important disclosure information on pages 6 - 11 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Upside Scenario,$200, +99%•Stronger-than-expectedinternationalsales are more robust thanpreviouslyanticipated and extensions intoadjacent product categories gain scale morerapidly than anticipated.•Better-than-expected operating leverage,asreturn on advertisement spend is more robustthan previously anticipated and cost headwindsabate more quickly than previously modeled.•Incrementalinternational growth drive upside.•F'26E Adj. EBITDA of $1,506M; $200 PT using~19x EV/EBITDA. product Downside Scenario,$73, -28%•Growth decelerates as new product innovationfaltersand category spend experiences adowntick.•Costheadwindsextendpressuring margins.•Company has trouble with separation.•F'26E Adj. EBITDA of $1,179M; $73 PT using~9x EV/EBITDA.Catalysts•Growing share in existing categories•Entering new and adjacent categories•International expansion growth,asexpansionsand through2025,2 Chart 1 - LTM Ninja Trademark Search Volume RankingsMonthly Average Volume.18.7K21.6K24.4K53.9K60.4K63.5K63.6K118.6K131.0KCombiBlastSpeediWoodfireCrispiSwirlThirstiSLUSHiFoodiCREAMiSource: SimilarWeb, JefferiesLTM Period: May-24 to Apr-25Chart 3 - MoM Ninja Trademark Growth Rankings.43.2%51.6%53.9%87.2%89.5%117.9%157.7%177.4%203.1%DetectMegaZoneWoodfireCrispiPower MixerSmartLidSizzleArtisanFrostVaultSip PerfectSource: SimilarWeb, Jefferiesperiod ended Apr-25Please see important disclosure information on pages 6 - 11 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Chart 5 - SN Product Trademarks Tracked by Brand.SharkShark 360 RobotShark AI UltraShark CarpetXpertShark Clean SenseShark CryoGlowShark CycloneShark Detect ProShark DuoCleanShark FlexBreezeShark FlexFusionShark FlexStyleShark FrizzFighterShark HairProShark HydroDuoShark HydroGoShark HydroVacShark HyperAIRShark HyperVelocityShark IONShark Lift-AwayShark MatrixShark MessMasterShark NavigatorShark NeverChangeShark NeverTouchShark PowerDetectShark PowerFinsShark PowerProShark QuadCleanShark RapidGlossShark RocketShark RotatorShark Smo