Adidas (ADDYY), Entain (GMVHY), and Carlsberg are attracting fresh investor interest as the 2026 World Cup generates widespread market attention.
However, analysts at Panmure Liberum are warning that chasing simple tournament-themed stock baskets could seriously mislead investors looking for genuine opportunities.
Strategists Joachim Klement and Francisca Reis conducted a review of nine World Cups dating back to 1990 to assess whether soccer-themed investing actually delivers reliable returns.
Their research found that the strongest performers during those tournaments often had little obvious connection to soccer at all.
Among the surprise outperformers identified in the study were Sagax AB, Man Group Plc, and Fresnillo Plc (FRES.L), none of which carries an obvious World Cup narrative.
Klement and Reis described many World Cup stock baskets as noise dressed up as thematic investing, a pointed critique of a popular approach during major sporting events.
Rather than chasing tournament themes, the analysts pointed to stocks that may look attractive beyond the World Cup based on valuation, profitability, and growth fundamentals.
Adidas (ADDYY) stands out among their picks, trading at a forward price-to-earnings ratio of around 18, approximately 40% below its 10-year average.
Analysts expect Adidas earnings to grow by more than 15% annually over the next three years, making the valuation case particularly compelling regardless of World Cup outcomes.
Entain (GMVHY), which owns more than 35 betting and gaming brands including Ladbrokes, Bwin, and BetMGM, trades at roughly 10 times forward earnings with double-digit profit growth expected.
Both Adidas and Entain are experiencing positive earnings revisions, which could partly reflect the World Cup’s familiarity effect as consumers engage with major brands.
Klement and Reis noted, however, that some of this optimism may fade once the tournament concludes, creating a risk of modest earnings downgrades in the aftermath.
For investors seeking a more defensive position, the Panmure Liberum analysts highlighted Carlsberg A/S (CARL-B.CO) as a stock worth considering on its own merits.
Carlsberg trades at roughly 13 times forward earnings, around 20% below its 10-year historical average, with earnings expected to grow at approximately 10% per year.
The broader message from Klement and Reis is that tournament-themed investing is a shaky foundation, and that underlying business quality should remain the primary driver of any investment decision.
