What does it take for a great brand to become merely good? The latest issue of Grant’s asks this is critical question, citing Under Armour as an example. Under Armour’s growth during the past five years has been nothing short of impressive. For 20 consecutive quarters, the company has managed to achieve earnings growth in excess of 20% per annum. During the first quarter of this year, growth jumped to 25%. For full-year 2014 earnings rose a cool 32%. But after this run, Under Armour’s stock has been left looking pricey. At 84 times trailing net income and 75 times…
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