Under Armour is on track for its worst year ever, but one portfolio manager is saying that the sports apparel maker could actually still be a long-term value play.

“In the long run, looking at three to five years, if you are an investor, the fundamentals are so neutral and the stock is so low at this point that we would look at this as more of a value play,” Chad Morganlander said Wednesday on a “Trading Nation” segment on CNBC’s “Power Lunch.”

“They don’t have a lot of debt, so you want to look at this company and perhaps over the next three to five years,” added the Washington Crossing Advisors portfolio manager. “You can get a better-than-market return with a little less volatility.”

Under Armour’s stock has plunged 55 percent this year, making it the worst performer in the S&P 500 this year. Despite losing half its value, Under Armour is still trading at a premium to its peers. The company currently has a multiple of 41 times earnings, compared rival Nike, which is actually up 16 percent this year and currently has a forward price-earnings ratio of 25.

Boris Schlossberg, managing director of FX strategy at BK Asset Management, believes that Under Armour will actually succumb to competitors like Nike, and he pointed to the departure of its footwear chief on Tuesday as indicative of the company’s operational problems.

“They really have to stabilize operations, they have to stabilize brand,” he said on “Power Lunch.” The executive’s departure this week marks the company’s fifth c-suite exit since October. “They may be facing very, very stiff competition from Nike from above, from Adidas from below, and possibly even Amazon coming into the sports apparel business, which would destroy them from the sidelines.”

“I think it’s a classic falling knife, palm wide open trap right now. If anything, it’s a value trap,” he said.

Shares of Under Armour, however, climbed nearly 3 percent on Wednesday, keeping the stock close to $12.

Disclosure: Washington Crossing Advisors holds no position in Under Armour.

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