속보 • May 12
Mike Ashley Takes 5.77% Stake in Puma and Confirms Role in JD Sports Shakeup Frasers Group founder Mike Ashley has become Puma’s second largest shareholder with a 5.77% stake, according to a March stock-exchange filing.
In a rare interview, Ashley openly acknowledged that he aimed to unseat former JD Sports chair Peter Cowgill, confirming his active involvement in UK sports retail power dynamics.
Ashley’s move into Puma comes against the backdrop of his long-running rivalry with JD Sports and its leadership.
This new stake brings a high-profile, highly competitive retail investor into Puma’s shareholder base, which could influence how the company thinks about wholesale relationships, distribution and brand positioning over time.
For investors, a key watchpoint is whether Ashley seeks greater influence or collaboration with Puma’s management, since shifts in governance or distribution strategy can affect the balance of risks and opportunities around the brand. Reported Earnings • May 02
First quarter 2026 earnings: EPS and revenues exceed analyst expectations First quarter 2026 results: EPS: €0.18 (up from €0.003 in 1Q 2025). Revenue: €1.86b (down 10% from 1Q 2025). Net income: €26.5m (up €26.0m from 1Q 2025). Profit margin: 1.4% (up from 0% in 1Q 2025). Revenue exceeded analyst estimates by 2.7%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Luxury industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 79 percentage points per year, which is a significant difference in performance. 공시 • Apr 10
PUMA SE, Annual General Meeting, May 19, 2026 PUMA SE, Annual General Meeting, May 19, 2026, at 11:00 W. Europe Standard Time. Major Estimate Revision • Mar 01
Consensus EPS estimates fall by 37% The consensus outlook for fiscal year 2026 has been updated. 2026 expected loss increased from -€1.24 to -€1.70 per share. Revenue forecast unchanged at €6.98b. Luxury industry in Germany expected to see average net income growth of 18% next year. Consensus price target up from €24.38 to €26.28. Share price rose 2.2% to €23.76 over the past week. Buy Or Sell Opportunity • Feb 28
Now 36% undervalued Over the last 90 days, the stock has risen 18% to €23.57. The fair value is estimated to be €37.03, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 2.6% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to decline by 4.3% in a year. Earnings are forecast to grow by 63% in the next year. Price Target Changed • Feb 27
Price target increased by 7.8% to €26.28 Up from €24.38, the current price target is an average from 17 analysts. New target price is 12% above last closing price of €23.57. Stock is down 18% over the past year. The company is forecast to post a net loss per share of €1.79 next year compared to a net loss per share of €4.57 last year. Reported Earnings • Feb 27
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: €4.57 loss per share (down from €1.89 profit in FY 2024). Revenue: €7.30b (down 17% from FY 2024). Net loss: €673.9m (down 339% from profit in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 14%. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Luxury industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 57 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Jan 25
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to €18.50. The fair value is estimated to be €23.65, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to decline by 13% in a year. Earnings are forecast to grow by 25% in the next year. Buy Or Sell Opportunity • Dec 15
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to €22.60. The fair value is estimated to be €18.63, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to decline by 11% in a year. Earnings are forecast to grow by 39% in the next year. 공시 • Nov 27
Anta Sports Reportedly Exploring Bid for Puma Chinese sportswear maker ANTA Sports Products Limited (SEHK:2020) is among firms exploring a potential takeover of German sportswear brand PUMA SE (XTRA:PUM), Bloomberg News reported on November 27, 2025. Hong Kong-listed Anta has been working with an adviser to evaluate a bid for Puma, and the company may team up with a private equity firm if it decides to move forward with an offer, the Bloomberg report said, citing people familiar with the matter. Other potential bidders could include Chinese sportswear group Li Ning Company Limited (SEHK:2331), which has been discussing financing options with banks as it takes an early look at Puma, according to the report. Puma may also attract interest from Japanese sportswear company ASICS Corporation (TSE:7936), the report said. Anta Sports, Puma, and Asics did not immediately respond to Reuters‘ requests for comment. Li-Ning said in an emailed statement to Reuters that the company “has not engaged in any substantive negotiations or evaluations regarding the transaction mentioned in the news”, adding that the company continues to focus on the growth and development of its brand. Puma’s biggest shareholder Artemis, the privately-owned holding company that controls Gucci owner Kering, has said it is considering all options for its 29% stake, though a source close to the firm told Reuters in September it would not sell at the market value then. Puma’s market valuation is currently at EUR 2,520 million ($2,920 million), according to LSEG data. The Pinault family, which controls Artemis, acquired its Puma stake in 2018 from Kering when the luxury group transformed into a pure luxury player focused on brands like Gucci and Saint Laurent. Reported Earnings • Oct 31
Third quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2025 results: €0.42 loss per share (down from €0.85 profit in 3Q 2024). Revenue: €1.96b (down 15% from 3Q 2024). Net loss: €62.3m (down 149% from profit in 3Q 2024). Revenue missed analyst estimates by 2.3%. Earnings per share (EPS) exceeded analyst estimates by 34%. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Luxury industry in Europe. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 26% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Oct 02
Consensus EPS estimates fall by 13% The consensus outlook for fiscal year 2025 has been updated. 2025 expected loss increased from -€3.05 to -€3.46 per share. Revenue forecast unchanged at €7.54b. Luxury industry in Germany expected to see average net income growth of 16% next year. Consensus price target broadly unchanged at €24.27. Share price rose 2.2% to €21.55 over the past week. 공시 • Sep 22
PUMA SE(XTRA:PUM) dropped from FTSE All-World Index (USD) PUMA SE(XTRA:PUM) dropped from FTSE All-World Index (USD) 공시 • Sep 08
PUMA Unveils The Future of Fast for Tokyo World Athletics Championships 2025 PUMA has revealed The Future of Fast - a bold vision for innovation that will be brought to life through a series of athlete events and cutting-edge experiences in the Japanese capital. Featuring unique testimony from the fastest athletes in the world, and data-backed product analysis from the PUMA Innovation team, these moments will celebrate the athletes trailblazing their sports, and evidence how PUMA is collaborating with them to pioneer The Future of Fast. The NITRO™? LAB is home to a futuristic lineup of road running, and track & field concept cars, a fully functioning running economy lab, as well as newly released colourways of PUMA's fastest racingay products - including the most talked about racingay shoe of the year, Fast-R NITRO™? Elite 3. The NITRO®? LAB will open on Saturday, 13 September from 10:00 to 16:00. Address: 5-chome-4-48 Minamiaoyama, Minato City, Tokyo 107-0062, Japan. Fans will also be able to witness The Future of Fast in real time, as more than 140 PUMA athletes get set to compete in Tokyo. They include the reigning women's 100m Olympic Champion Julien Alfred, men's 400m hurdles world record holder Karsten Warholm, 13-time pole vault world record holder Mondo Duplantis, Japanese print-sensation Hakim Sani-Brown and reigning women's high jump world champion Yaroslava Mahuchikh. There will also be significant PUMA representation on the road, with German national record holder Amanal Petros leading the charge in the marathon, reaffirming PUMA's commitment to speed and performance across multiple disciplines. Since 1948, PUMA has been driven by innovation--working with athletes to develop new technologies and products that push the limits of speed and help them achieve their personal bests, on the world's biggest stages. This heritage has a significant connection to Japan, as the location of PUMA's first world record matching 100m print by Heinz Futterer (1954), and where the legendary Abebe Bikila became the first person to win back-to-back Olympic marathons (1960 & 1964). PUMA continues to build a legacy of firsts, shaping sports culture, and creating iconic moments in sports history - of which are certain to witness more over the coming weeks in Tokyo. 공시 • Aug 26
Pinault Family Reportedly Seeks Potential Buyers for Puma The Pinault family has reached out to potential buyers of PUMA SE (XTRA:PUM) after the German sports brand lost about half of its market value in the past year, according to people familiar with the matter. The billionaire family, which owns a 29% stake in Frankfurt-listed Puma through Artemis, is working with advisers, possibly with a view to triggering a sale of the company, the people said, asking not to be identified because the deliberations are private. They have reached out to prospective bidders including ANTA Sports Products Limited (SEHK:2020) and Li Ning Company Limited (SEHK:2331) to gauge interest in buying Puma, the people said, adding they have also sounded out other sportswear firms in the US, as well as sovereign wealth funds in the Middle East. Puma shares surged as much as 20% in German trading following the report, the most since October 2001. It has a market value of about EUR 3.3 billion. The family is likely to seek a sizable premium in any deal, the people said. Artemis is also the controlling shareholder of Kering. Deliberations are ongoing and there is no guarantee a transaction will happen, the people said. A spokesperson for Puma declined to comment, while representatives for Artemis, Anta and Li Ning didn't respond to requests seeking comment. New Risk • Aug 25
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 8.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 331% Minor Risks High level of debt (50% net debt to equity). Share price has been volatile over the past 3 months (8.1% average weekly change). Buy Or Sell Opportunity • Aug 11
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 29% to €17.25. The fair value is estimated to be €21.70, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to decline by 10% in a year. Earnings are forecast to decline by 30% in the next year. New Risk • Aug 01
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. The company is paying a dividend despite being loss-making. Cash payout ratio: 335% Dividend yield: 3.3% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 335% Minor Risk High level of debt (50% net debt to equity). Reported Earnings • Aug 01
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: €1.67 loss per share (down from €0.28 profit in 2Q 2024). Revenue: €1.94b (down 8.3% from 2Q 2024). Net loss: €247.0m (down €288.9m from profit in 2Q 2024). Revenue missed analyst estimates by 5.7%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Luxury industry in Europe. Over the last 3 years on average, earnings per share has fallen by 33% per year whereas the company’s share price has fallen by 35% per year. Valuation Update With 7 Day Price Move • Jul 30
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to €19.42, the stock trades at a trailing P/E ratio of 14.7x. Average forward P/E is 15x in the Luxury industry in Germany. Total loss to shareholders of 69% over the past three years. Price Target Changed • Jul 29
Price target decreased by 9.4% to €26.85 Down from €29.65, the current price target is an average from 21 analysts. New target price is 34% above last closing price of €20.10. Stock is down 57% over the past year. The company is forecast to post a net loss per share of €2.53 compared to earnings per share of €1.89 last year. Major Estimate Revision • Jul 29
Consensus revenue estimates fall by 15% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from €8.81b to €7.48b. Forecast loss of -€2.53, down from profit of €1.17 per share profit previously. Luxury industry in Germany expected to see average net income growth of 16% next year. Consensus price target of €26.40 unchanged from last update. Share price fell 13% to €20.10 over the past week. Upcoming Dividend • May 15
Upcoming dividend of €0.61 per share Eligible shareholders must have bought the stock before 22 May 2025. Payment date: 26 May 2025. Payout ratio is a comfortable 47% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of German dividend payers (4.4%). Higher than average of industry peers (1.2%). Reported Earnings • May 09
First quarter 2025 earnings released: EPS: €0.003 (vs €0.58 in 1Q 2024) First quarter 2025 results: EPS: €0.003 (down from €0.58 in 1Q 2024). Revenue: €2.08b (down 1.3% from 1Q 2024). Net income: €500.0k (down 99% from 1Q 2024). Profit margin: 0% (down from 4.2% in 1Q 2024). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Luxury industry in Europe. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has fallen by 30% per year, which means it is performing significantly worse than earnings. 공시 • Apr 14
PUMA SE, Annual General Meeting, May 21, 2025 PUMA SE, Annual General Meeting, May 21, 2025, at 11:00 W. Europe Standard Time. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €18.70, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 14x in the Luxury industry in Europe. Total loss to shareholders of 73% over the past three years. Declared Dividend • Mar 14
Dividend reduced to €0.61 Dividend of €0.61 is 26% lower than last year. Ex-date: 22nd May 2025 Payment date: 26th May 2025 Dividend yield will be 2.7%, which is higher than the industry average of 0.8%. Sustainability & Growth Dividend is well covered by both earnings (32% earnings payout ratio) and cash flows (21% cash payout ratio). The dividend has increased by an average of 28% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 47% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 13
Third quarter 2024 earnings released: EPS: €0.85 (vs €0.88 in 3Q 2023) Third quarter 2024 results: EPS: €0.85 (down from €0.88 in 3Q 2023). Revenue: €2.31b (flat on 3Q 2023). Net income: €127.8m (down 3.0% from 3Q 2023). Profit margin: 5.5% (down from 5.7% in 3Q 2023). Revenue is forecast to grow 5.0% p.a. on average during the next 4 years, compared to a 7.5% growth forecast for the Luxury industry in Europe. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 34% per year, which means it is performing significantly worse than earnings. 공시 • Mar 13
PUMA SE Proposes Dividend for the Financial Year 2024 The Management Board and the Supervisory Board of PUMA SE to propose to the Annual General Meeting on 21 May 2025 the distribution of a dividend of €0.61 per share for the financial year 2024 (FY 2023: €0.82). This corresponds to a dividend payout ratio of 32.2% (FY 2023: 40.3%) of the Group’s net income and is in line with the dividend policy payout ratio of 25% – 40%. The payment of the dividend is scheduled for the days following the Annual General Meeting when the dividend will be approved. Major Estimate Revision • Mar 13
Consensus EPS estimates fall by 32% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from €9.42b to €9.16b. EPS estimate also fell from €2.38 per share to €1.62 per share. Net income forecast to grow 3.1% next year vs 17% growth forecast for Luxury industry in Germany. Consensus price target down from €44.47 to €35.04. Share price fell 25% to €22.12 over the past week. 공시 • Mar 13
Puma Se Provides Earnings Guidance for the Year 2025 PUMA SE provided earnings guidance for the year 2025. For the year, currency-adjusted sales growth at low- to mid-single digit percentage rate. Price Target Changed • Mar 13
Price target decreased by 9.0% to €40.47 Down from €44.47, the current price target is an average from 21 analysts. New target price is 78% above last closing price of €22.75. Stock is down 46% over the past year. The company is forecast to post earnings per share of €1.91 for next year compared to €2.03 last year. Valuation Update With 7 Day Price Move • Mar 12
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to €22.75, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 16x in the Luxury industry in Europe. Total loss to shareholders of 69% over the past three years. 공시 • Mar 01
PUMA Hoops & RJ Barrett Release Latest All-Pro Nitro™? PE PUMA announced the release of the highly anticipated RJ Barrett All-Pro Nitro™? Player Edition, designed in collaboration with NBA star RJ Barrett. This player exclusive shoe embodies Barrett's explosive playing style and dedication to his city, combining cutting-edge technology with a design that pays homage to his roots. The RJ Barrett All-Pro Nitra™? PE features NITRO™? SQD foam technology, providing a perfect balance of cushioning and responsiveness. The innovative dual-layer foam system features a soft inner layer for comfort and impact absorption, while a firm outer layer delivers targeted lateral stability for quick cuts and multi-directional movements. The shoe's engineered mesh upper offers breathability and support, ensuring comfort during intense gameplay. Aord lock-down lacing system in the forefoot enhances lateral stability, extending down to the midsole for targeted support. The high-abrasion outsole provides exceptional traction for quick cuts and explosive movements, giving players the confidence to dominate on the court. This PE edition is packed with details meaningful to RJ Barrett, including a colorway that nods to his home team's retro jerseys. Price Target Changed • Jan 28
Price target decreased by 12% to €46.14 Down from €52.20, the current price target is an average from 21 analysts. New target price is 45% above last closing price of €31.83. Stock is down 16% over the past year. The company is forecast to post earnings per share of €1.89 for next year compared to €2.03 last year. Major Estimate Revision • Jan 27
Consensus EPS estimates fall by 10% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from €2.11 to €1.89 per share. Revenue forecast steady at €8.82b. Net income forecast to grow 36% next year vs 13% growth forecast for Luxury industry in Germany. Consensus price target down from €52.20 to €48.81. Share price fell 21% to €31.75 over the past week. New Risk • Jan 23
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 4.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (4.4% average weekly change). Valuation Update With 7 Day Price Move • Jan 23
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to €32.31, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 15x in the Luxury industry in Europe. Total loss to shareholders of 63% over the past three years. 공시 • Nov 26
PUMA SE to Report Q2, 2025 Results on Jul 31, 2025 PUMA SE announced that they will report Q2, 2025 results on Jul 31, 2025 Reported Earnings • Nov 07
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: €0.85 (down from €0.88 in 3Q 2023). Revenue: €2.31b (flat on 3Q 2023). Net income: €127.8m (down 3.0% from 3Q 2023). Profit margin: 5.5% (down from 5.7% in 3Q 2023). Revenue missed analyst estimates by 2.6%. Earnings per share (EPS) also missed analyst estimates by 4.8%. Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Luxury industry in Europe. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 25% per year, which means it is performing significantly worse than earnings. 공시 • Sep 26
PUMA SE Announces CFO Changes PUMA SE named Markus Neubrand as its new chief financial officer and member of its management board. Neubrand begins his new role effective October 1 and will succeed Hubert Hinterseher, who has mutually agreed with the company to step down from his role on September 30. Hinterseher's contract will end on December 31, it said. Starting on October 1, PUMA's management board will consist of chief executive officer Arne Freundt, Neubrand, chief product officer Maria Valdes and chief security officer Anne-Laure Descours. Neubrand most recently held the chief financial position at GUESS Inc. and before that for the luxury fashion brand MCM Worldwide. Previously, he was chief operating and chief financial officer at premium fashion company HUGO BOSS for its key region Americas. 공시 • Aug 28
PUMA SE Announces Executive Changes PUMA has appointed Indrajeet Sen (38) as Senior Vice President PUMA Group Sourcing, taking over the operational responsibilities of the Chief Sourcing Officer role. PUMA’s Chief Sourcing Officer Anne-Laure Descours has decided not to extend her board contract and will support the company as an external advisor in the field of sustainability. In his new position, Indy will oversee the global sourcing and development of footwear, apparel, and accessories, as well as operations and sustainability, reporting directly to PUMA Chief Product Officer Maria Valdes. He will be based in Xiamen, China. Indy has been with PUMA since 2016, most recently working as Vice President of Sourcing and Development Footwear. Before joining PUMA, he worked as Global Quality Manager for German footwear retailer Deichmann. Anne-Laure Descours has decided after more than 12 years with PUMA that she will not extend her services as a Board Member of PUMA SE. After more than 35 years in the industry, she intends to dedicate more time to her personal interests and continue her professional focus in the fields of sustainability. In this capacity, she will continue to support PUMA as external advisor and sustainability consultant to ensure continuity and a seamless transition. With Anne-Laure’s departure at the end of 2024, the number of members of the management board will be reduced from four to three. The board will consist of Arne Freundt, CEO, Hubert Hinterseher, Chief Financial Officer and Maria Valdes, Chief Product Officer. Price Target Changed • Aug 16
Price target decreased by 7.4% to €50.05 Down from €54.05, the current price target is an average from 21 analysts. New target price is 35% above last closing price of €37.14. Stock is down 40% over the past year. The company is forecast to post earnings per share of €2.18 for next year compared to €2.03 last year. 공시 • Aug 16
PUMA Appoints Johan Kuhlo as Managing Director GCC PUMA has appointed Johan Kuhlo (43) as the Managing Director GCC. Starting September 1, he will oversee the major markets UAE and Saudi Arabia, as well as Qatar, Kuwait and Oman. He will report directly to PUMA CEO Arne Freundt. Johan, who has been with PUMA since 2015, has held various positions in the company including Head of Corporate Strategy and Investor Relations. Most recently, he worked as Managing Director EEMEA Distribution, where he oversaw more than 40 Markets in Eastern Europe, the Middle East and Africa. Reported Earnings • Aug 08
Second quarter 2024 earnings: EPS misses analyst expectations Second quarter 2024 results: EPS: €0.28 (down from €0.37 in 2Q 2023). Revenue: €2.12b (flat on 2Q 2023). Net income: €41.9m (down 24% from 2Q 2023). Profit margin: 2.0% (down from 2.6% in 2Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 15%. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Luxury industry in Europe. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 30% per year, which means it is performing significantly worse than earnings. Price Target Changed • May 16
Price target increased by 7.4% to €54.55 Up from €50.79, the current price target is an average from 21 analysts. New target price is 5.4% above last closing price of €51.74. Stock is up 4.6% over the past year. The company is forecast to post earnings per share of €2.41 for next year compared to €2.03 last year. Upcoming Dividend • May 16
Upcoming dividend of €0.82 per share Eligible shareholders must have bought the stock before 23 May 2024. Payment date: 27 May 2024. Payout ratio is a comfortable 45% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of German dividend payers (4.6%). Higher than average of industry peers (0.7%). Reported Earnings • May 09
First quarter 2024 earnings released: EPS: €0.58 (vs €0.78 in 1Q 2023) First quarter 2024 results: EPS: €0.58 (down from €0.78 in 1Q 2023). Revenue: €2.10b (down 3.9% from 1Q 2023). Net income: €87.3m (down 26% from 1Q 2023). Profit margin: 4.2% (down from 5.4% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Luxury industry in Europe. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • May 09
Now 32% overvalued after recent price rise Over the last 90 days, the stock has risen 23% to €50.14. The fair value is estimated to be €37.91, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 5.5%. For the next 3 years, revenue is forecast to grow by 6.8% per annum. Earnings are also forecast to grow by 18% per annum over the same time period. Reported Earnings • Feb 29
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: €2.04 (down from €2.36 in FY 2022). Revenue: €8.60b (up 1.6% from FY 2022). Net income: €304.9m (down 14% from FY 2022). Profit margin: 3.5% (down from 4.2% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.0%. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Luxury industry in Europe. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. 
