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In the last month the stock markets saw their biggest sell off since the 1987 crash.There were two distinct trends driving the recent continued sell-off. Firstly, the increasing number of Coronavirus cases across the world is causing mounting concerns of a global economic slowdown. Secondly, crude oil prices plummeted by more than 20% after Saudi Arabia increased production.Adobe (NASDAQ:ADBE) stock fell 10.6% since March 8, 2020 and is down by a total of 14.2% since early February, considering the impact that the outbreak and a broader economic slowdown could have on technology industry.Moreover, Adobe has a presence all over the globe including regions worst hit by the outbreak.However, going by the trends seen during the 2008 economic slowdown, it's likely that Adobe would perform positively as the crisis winds down.In this analysis, we take a look at how the company’s stock reacted to the economic crisis of 2008 and compare its performance with the S&P 500.
2020 Coronavirus/ Oil Price War Crisis
Timeline of 2020 Crisis So Far
12/12/2019: Coronavirus cases first reported in China1/31/2020: WHO declares global health emergency.2/3/2020 to 4/01/2020: S&P 500 sees ~20% drop as COVID-19 cases accelerate outside China. Doesn't help that oil prices crash in mid-March amid Saudi-led price war
Adobe Systems Performance During 2020 Coronavirus/Oil Price War Crisis
ADBE Stock: Key Values During 2020 Crisis
% Change for Key Dates: 2020 Crisis
S&P 500 Index Performance During 2020 Coronavirus/Oil Price War Crisis
S&P 500 Index: Key Values During 2020 Crisis
% Change for Key Dates: 2020 Crisis
2007-08 Financial Crisis
Timeline of 2007-08 Crisis
10/1/2007: Approximate pre-crisis peak in S&P 500 index9/1/2008 - 10/1/2008: Accelerated market decline corresponding to Lehman bankruptcy filing (9/15/08)3/1/2009: Approximate bottoming out of S&P 500 index1/1/2010: Initial recovery to levels before accelerated decline (around 9/1/2008)
Adobe Systems Stock Performance Over 2007-08 Financial Crisis
Adobe's stock declined from levels of around $44 in October 2007 (the pre-crisis peak) to levels of around $17 in March 2009 (as the markets bottomed out) and recovered to levels of about $37 in early 2010.Through the crisis, Adobe's stock declined by as much as 62% from its approximate pre-crisis peak. This marked a higher decline than the S&P which fell by as much as 51%.Further, the stock recovered strongly, rising by 120% between March 2009 and January 2010. In comparison, the S&P rose by about 48% over the same period.
ADBE Stock: Key Values During 2007-08 Crisis
% Change for Key Dates: 2007-08 Crisis
ADBE Stock: Cumulative % Change from 10/1/2007
It will recover - however, a final check: Can Adobe Systems in fact stay solvent through the Coronavirus crisis?
Are cash from operations going to cover for interest expense and investments needed?
ADBE Interest Expense
ADBE Cash from Investments (-ve is Cash Used)
ADBE Cash from operations
While Adobe's stock has declined due to the Coronavirus/Oil Price War crisis, going by trends seen during the 2008 slowdown, it is likely that it could bounce back and potentially have an upside of about 10% as the crisis winds down.
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