Adidas (ADDYY), Entain (GMVHY) and Carlsberg are drawing fresh investor attention ahead of the 2026 World Cup, but Panmure Liberum analysts warned that chasing simple tournament-themed stock baskets could be misleading. Strategists Joachim Klement and Francisca Reis reviewed nine World Cups dating back to 1990 and found that the strongest performers often had little obvious link to soccer, including Sagax AB, Man Group Plc and Fresnillo Plc. The analysts described many World Cup baskets as noise dressed up as thematic investing.

Instead, the analysts pointed to stocks that may look attractive beyond the tournament because of valuation, profitability and growth. Adidas stands out with a forward price-to-earnings ratio of around 18, about 40% below its 10-year average, while analysts expect earnings to grow by more than 15% annually over the next three years. Entain, which owns more than 35 betting and gaming brands including Ladbrokes, Bwin and BetMGM, trades at about 10 times forward earnings, with annual profits estimated to rise at a double-digit pace over the next three years.

Both Adidas and Entain are also seeing positive earnings revisions, which could possibly be helped by the World Cup's familiarity effect as investors get repeated exposure to major consumer brands. Still, Klement and Reis noted that some optimism may fade after the tournament, creating a risk of modest downgrades. For investors seeking a more defensive play, the analysts highlighted Carlsberg A/S, which trades at about 13 times forward earnings, around 20% below its 10-year average, with earnings expected to grow by roughly 10% a year.