ADIDAS - Conviction BUY | EUR325(+9%) Managing expectations in an uncertain world and ahead of the CMD is… challenging! Q3 sales in line but EBIT ahead of expectations Q4 outlook: ADS deliberately cautious China back to growth in Q4 Normalisation of inventory levels progressing according to plan Share buyback programme to dividend payment to resume next year FY20 estimates nudged down by 2%, MT stance confirmed