Back in September of 2015 I wrote an article titled: "Under Armour: Great Goal, But The Valuation Is Still A Drag." The idea was straightforward: Under Armour (NYSE:UA) had been growing exceptionally fast and this robust pace was (is) expected to continue. Yet at the time, shares were trading hands at a split-adjusted price just over $50, equating to an earnings multiple close to 100.

When you get up to 100 times earnings for a company already selling billions worth of goods, it's a hard sell that this sort of valuation is going to make sense down the line. That was the crux of that article now 15 months ago.

By the end of January of 2016, shares had declined to a split-adjusted price of about $43 - representing nearly a 20% decline in a relatively short amount of time. Normally this sort of decline makes a security more interesting. For Under Armour it was a good start, but I didn't believe we were to "reasonable" quite yet.

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