It is true that the group -- formerly a Finnish conglomerate whose main business segment was tobacco -- has posted meteoric growth: its revenue has doubled in five years, while its operating profit has tripled and its profitability has reached that of a comparable company such as Levi's.

In the past, Amer borrowed aggressively to finance this expansion. Until 2021, its interest expense exceeded its operating profit, and at its peak in 2021, its debt approached $7bn. A capital increase was therefore necessary to make the whole thing viable.

The situation has now been stabilized, with net debt of $1.1bn, which by the end of 2025 should represent under two years of cash profits or free cash flow. This acceleration in commercial performance has pushed the stock's valuation to a multiple of almost 30x EBITDA -- the same as Lululemon during its expansion phase.

Amer's shareholders include Dennis Wilson, the founder of Lululemon, who is the second-largest shareholder behind China's Anta Sports. The latter is using its three flagship brands, Arc'teryx, Salomon, and Wilson, to pursue a truly global expansion strategy in Asia, Europe, and the US.

This star valuation is akin to investors betting on a repeat of the success of Deckers Outdoors, owner of running shoe brands On and Hoka, amongst others. At this stage, Amer even enjoys a better EBITDA multiple than Deckers, despite having half the margins and a much less comfortable financial position than the latter.

The last four quarters have seen average sales growth of 20%, which has been positive on all continents but particularly spectacular in China, where Amer's brands are a huge hit.