Buy Or Sell Opportunity • May 06
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 8.2% to €24.92. The fair value is estimated to be €20.65, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 6.2% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to decline by 1.5% in a year. Earnings are forecast to grow by 75% in the next year. Reported Earnings • May 02
First quarter 2026 earnings released: EPS: €0.18 (vs €0.003 in 1Q 2025) 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 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. Buy Or Sell Opportunity • Apr 17
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 18% to €25.92. The fair value is estimated to be €21.40, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 2.8% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to decline by 5.4% in a year. Earnings are forecast to grow by 61% in the next year. Aankondiging • 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. Reported Earnings • Feb 27
Full year 2025 earnings released: €4.57 loss per share (vs €1.89 profit in FY 2024) 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 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 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 17% to €18.41. The fair value is estimated to be €23.01, 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 23% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to €22.61. The fair value is estimated to be €18.33, 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. Aankondiging • 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. New Risk • Oct 31
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.9x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.9x net interest cover). Share price has been highly volatile over the past 3 months (7.4% average weekly change). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 331% Reported Earnings • Oct 31
Third quarter 2025 earnings released: €0.42 loss per share (vs €0.85 profit in 3Q 2024) 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 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. Aankondiging • Sep 22
PUMA SE(XTRA:PUM) dropped from FTSE All-World Index (USD) PUMA SE(XTRA:PUM) dropped from FTSE All-World Index (USD) Aankondiging • 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. Aankondiging • 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. Reported Earnings • Aug 01
Second quarter 2025 earnings released: €1.67 loss per share (vs €0.28 profit in 2Q 2024) 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 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. New Risk • Aug 01
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 50% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (7.1% average weekly change). 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). Valuation Update With 7 Day Price Move • Jul 30
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to €20.00, the stock trades at a trailing P/E ratio of 14.7x. Average forward P/E is 15x in the Luxury industry in Europe. Total loss to shareholders of 68% over the past three years. 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 Austrian dividend payers (4.9%). Higher than average of industry peers (1.9%). New Risk • May 09
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.2% Last year net profit margin: 3.2% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (9.3% average weekly change). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (2.2% net profit margin). 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 29% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Apr 23
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €23.46, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 16x in the Luxury industry in Europe. Total loss to shareholders of 64% over the past three years. Aankondiging • 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. Aankondiging • Apr 09
PUMA SE Appoints Tara McRae as New North American Head in Somerville PUMA SE has named its new, Somerville-based North American president. Tara McRae was most recently the head of Puma's market and brand strategy for North America. She takes over for Bob Philion, who is leaving the company after 20 years, including eight as president. McRae's promotion was announced Tuesday, almost a month after the German-based company announced layoffs of about 500 employees worldwide. The company said it needed to keep costs from rising faster than revenues but didn't offer any subsequent details on how those cuts may affect the Somerville office. McRae joined Puma last year from Clarks, where she was the global chief marketing officer and digital officer. She had previously worked for Puma from 2006 to 2016 in a series of roles before serving as the first chief marketing officer at TB12, Tom Brady's health and wellness brand. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €18.50, 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 1.8%. 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
Full year 2024 earnings released: EPS: €1.89 (vs €2.04 in FY 2023) Full year 2024 results: EPS: €1.89 (down from €2.04 in FY 2023). Revenue: €8.82b (up 2.5% from FY 2023). Net income: €281.6m (down 7.6% from FY 2023). Profit margin: 3.2% (down from 3.5% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.7% 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 9% per year but the company’s share price has fallen by 33% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Mar 12
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to €22.76, 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. Aankondiging • 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. Valuation Update With 7 Day Price Move • Jan 23
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to €33.14, 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. Aankondiging • 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 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 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. Aankondiging • 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. Aankondiging • 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. Aankondiging • 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 released: EPS: €0.28 (vs €0.37 in 2Q 2023) 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 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 31% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Aug 07
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to €36.89, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 16x in the Luxury industry in Europe. Total loss to shareholders of 64% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €44.80 per share. 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 Austrian dividend payers (5.8%). In line with average of industry peers (1.6%). Valuation Update With 7 Day Price Move • May 15
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €52.46, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 17x in the Luxury industry in Europe. Total loss to shareholders of 41% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €41.94 per share. 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 6.9% 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 increased by 5% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • May 06
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 14% to €45.46. The fair value is estimated to be €37.71, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 18%. For the next 3 years, revenue is forecast to grow by 6.3% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. Reported Earnings • Feb 29
Full year 2023 earnings released: EPS: €2.04 (vs €2.36 in FY 2022) 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 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 21% per year, which means it is significantly lagging earnings. Declared Dividend • Feb 29
Dividend of €0.82 announced Dividend of €0.82 is the same as last year. Ex-date: 23rd May 2024 Payment date: 27th May 2024 Dividend yield will be 1.9%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is well covered by both earnings (40% earnings payout ratio) and cash flows (35% cash payout ratio). The dividend has increased by an average of 32% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 53% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Aankondiging • Feb 08
PUMA Appoints Julie Legrand as Senior Director Global Brand Strategy PUMA SE has appointed Julie Legrand (43) as Senior Director Global Brand Strategy. In this position, she will oversee an important part of PUMA’s strategic priority to elevate the brand. Julie, who will report directly to PUMA’s Vice President Brand & Marketing Richard Teyssier, has 20 years of experience in marketing and brand management. Most recently, she worked as H&M’s Global Brand Director. She also held senior positions in marketing and brand at Procter & Gamble. The appointment of Julie follows the company’s decision taken in June to reorganize its global brand management and marketing operations and relocate them from Boston to PUMA’s headquarters in Herzogenaurach, Germany. At the start of 2023, PUMA sharpened its strategic priorities and defined brand elevation as one of its three top strategic priorities for the company’s future growth. Buying Opportunity • Jan 17
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be €56.88, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 29%. For the next 3 years, revenue is forecast to grow by 7.3% per annum. Earnings is also forecast to grow by 18% per annum over the same time period. Aankondiging • Nov 29
PUMA RE:SUEDE Pilot Project Turns Experimental Sneakers into Compost PUMA showed that it can successfully turn an experimental version of its classic SUEDE sneaker into compost under certain tailor-made industrial conditions, as it announced the results of its two-year-long RE:SUEDE experiment. In 2021, PUMA created 500 pairs of the experimental RE:SUEDE, using Zeology tanned suede, a TPE outsole and hemp fibres. The RE:SUEDEs were worn for half a year by volunteers in Germany to test the comfort and durability of the shoes before PUMA sent them to a specially equipped industrial composting area operated by its partner Ortessa Group in the Netherlands. A special procedure had to be established to turn the shoes into compost. First, they were shredded and mixed with other green household waste and placed into a composting tunnel. They were then spray with leaching-water from earlier composting that contains nutrients and naturally heated due to the biological activity and controlled air circulation in the tunnel. After approximately 3.5 months, the materials that were small enough. Buying Opportunity • Nov 13
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 18%. The fair value is estimated to be €66.97, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 29%. For the next 3 years, revenue is forecast to grow by 8.0% per annum. Earnings is also forecast to grow by 21% per annum over the same time period. Buying Opportunity • Oct 28
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 14%. The fair value is estimated to be €67.03, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 29%. For the next 3 years, revenue is forecast to grow by 8.1% per annum. Earnings is also forecast to grow by 21% per annum over the same time period. Reported Earnings • Oct 25
Third quarter 2023 earnings released: EPS: €0.88 (vs €0.98 in 3Q 2022) Third quarter 2023 results: EPS: €0.88 (down from €0.98 in 3Q 2022). Revenue: €2.31b (down 1.8% from 3Q 2022). Net income: €131.7m (down 10.0% from 3Q 2022). Profit margin: 5.7% (down from 6.2% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 8.1% 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 29% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. New Risk • Jun 16
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 Austrian stocks, typically moving 4.8% 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. This is currently the only risk that has been identified for the company. Upcoming Dividend • May 18
Upcoming dividend of €0.82 per share at 1.7% yield Eligible shareholders must have bought the stock before 25 May 2023. Payment date: 30 May 2023. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of Austrian dividend payers (5.4%). Higher than average of industry peers (1.3%). Buying Opportunity • Apr 27
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 14%. The fair value is estimated to be €65.27, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 41%. For the next 3 years, revenue is forecast to grow by 8.5% per annum. Earnings is also forecast to grow by 18% per annum over the same time period. Buying Opportunity • Apr 06
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 8.3%. The fair value is estimated to be €67.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 35%. For the next 3 years, revenue is forecast to grow by 7.9% per annum. Earnings is also forecast to grow by 15% per annum over the same time period. Buying Opportunity • Mar 06
Now 20% undervalued Over the last 90 days, the stock is up 11%. The fair value is estimated to be €69.50, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 35%. For the next 3 years, revenue is forecast to grow by 7.8% per annum. Earnings is also forecast to grow by 15% per annum over the same time period. Reported Earnings • Mar 06
Full year 2022 earnings released: EPS: €2.36 (vs €2.07 in FY 2021) Full year 2022 results: EPS: €2.36 (up from €2.07 in FY 2021). Revenue: €8.47b (up 24% from FY 2021). Net income: €353.5m (up 14% from FY 2021). Profit margin: 4.2% (down from 4.5% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.7% 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 35% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Aankondiging • Dec 09
PUMA to Appoint Maria Valdes as Chief Product Officer and Member of the Board of Management Effective January 1, 2023 PUMA will appoint Maria Valdes (38) as Chief Product Officer and a Member of the Board of Management effective January 1, 2023. In her new role, Maria, who is currently the General Manager of PUMA's business unit Sportstyle, will be responsible for the business units Sportstyle, Motorsport, Teamsport, Running/Training, Basketball and Accessories. She will also oversee the creative direction of the brand and the go-to-market strategy of the company. Maria has been with PUMA since 2010 and worked as Senior Head of Product Line Management Footwear before becoming General Manager Sportstyle in 2019. Before her time at PUMA, she worked in product development and marketing for both L'Oréal and Inditex. Starting January 1, 2023, PUMA's Board of Management will consist of four members, including Arne Freundt (CEO), Hubert Hinterseher (Chief Financial Officer), and Anne-Laure Descours (Chief Sourcing Officer). Aankondiging • Nov 23
PUMA SE, Annual General Meeting, May 24, 2023 PUMA SE, Annual General Meeting, May 24, 2023. Agenda: Shareholder Meeting 2023. Reported Earnings • Jul 29
Second quarter 2022 earnings released: EPS: €0.56 (vs €0.33 in 2Q 2021) Second quarter 2022 results: EPS: €0.56 (up from €0.33 in 2Q 2021). Revenue: €2.00b (up 26% from 2Q 2021). Net income: €84.3m (up 73% from 2Q 2021). Profit margin: 4.2% (up from 3.1% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 12%, compared to a 12% growth forecast for the industry in Austria. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Aankondiging • May 12
PUMA SE Announces Management Changes PUMA SE has elected Héloïse Temple-Boyer as Chair of the Supervisory Board at its meeting in April. She succeeds Jean-François Palus, who had previously resigned as Chair of the Supervisory Board of PUMA SE, effective at the time the Annual General Meeting on 11 May 2022 ends. Héloïse Temple-Boyer has been a member of the Board since 2019 and is a member of the Audit Committee. Jean-François Palus will keep his mandate as a member of the Supervisory Board to ensure a smooth handover to Héloïse Temple-Boyer. The resignation of his mandate as a full member of the Supervisory Board will follow as soon as the Supervisory Board has found a successor. Jean-François Palus is no longer available for re-election in 2023. He has been a member of the company's Supervisory Board as a shareholder representative since 2007. The Management Board welcomes Héloïse Temple-Boyer as the new Chair of the Supervisory Board and is looking forward to a successful, constructive and trustful cooperation. Upcoming Dividend • May 05
Upcoming dividend of €0.72 per share Eligible shareholders must have bought the stock before 12 May 2022. Payment date: 16 May 2022. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 1.0%. Lower than top quartile of Austrian dividend payers (4.6%). Lower than average of industry peers (1.6%). Reported Earnings • Apr 28
First quarter 2022 earnings released: EPS: €0.81 (vs €0.73 in 1Q 2021) First quarter 2022 results: EPS: €0.81 (up from €0.73 in 1Q 2021). Revenue: €1.91b (up 24% from 1Q 2021). Net income: €121.4m (up 11% from 1Q 2021). Profit margin: 6.3% (down from 7.1% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 11%, compared to a 15% growth forecast for the industry in Austria. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Aankondiging • Mar 05
PUMA Recruits 500 Testers for Next Phase of RE:SUEDE Project Sports company PUMA is looking for 500 people in Germany to join brand ambassadors such as Cara Delevingne and Raphaël Varane to test the RE:SUEDE sneaker and become a part of the company’s experiment to see whether it can make a biodegradable version of its classic SUEDE. With the RE:SUEDE project, PUMA has the ambition to set new standards of sustainability for the iconic SUEDE, as it tests whether the sneaker can biodegrade in the controlled setting of an industrial composting facility. In May, 500 participants will receive a pair of RE:SUEDEs to test. They are expected to wear the sneaker for six months and then send it back to PUMA. To thank them for their participation in the project, they will receive a new pair of RE:SUEDEs. The returned RE:SUEDEs will be tested for biodegradability at an industrial composting facility operated by Dutch waste specialists Ortessa. PUMA will share the results of the RE:SUEDE experiment with its industry peers, to find better solutions for the waste management challenges the whole industry faces. Even though the RE:SUEDE looks like its predecessor, which has been one of PUMA’s most iconic models since the 1960s, biodegradability has been the main focus of the RE:SUEDE program. Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €67.82, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 20x in the Luxury industry in Europe. Total returns to shareholders of 40% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €109 per share. Reported Earnings • Feb 25
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: €2.07 (up from €0.53 in FY 2020). Revenue: €6.81b (up 30% from FY 2020). Net income: €309.6m (up 292% from FY 2020). Profit margin: 4.5% (up from 1.5% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 13%, compared to a 15% growth forecast for the industry in Austria. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Oct 28
Third quarter 2021 earnings released: EPS €0.96 (vs €0.76 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €1.90b (up 20% from 3Q 2020). Net income: €143.8m (up 27% from 3Q 2020). Profit margin: 7.6% (up from 7.2% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 02
Second quarter 2021 earnings released: EPS €0.33 (vs €0.64 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €1.59b (up 91% from 2Q 2020). Net income: €48.7m (up €144.3m from 2Q 2020). Profit margin: 3.1% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 35% per year, which means it is well ahead of earnings. Aankondiging • Jul 16
PUMA SE Updates Earnings Guidance for Full Year 2021 PUMA SE updated earnings guidance for the full year 2021. In light of the strong second-quarter growth in sales and profitability but also taking into consideration the continued uncertainties related to the COVID-19 pandemic, political tensions in key markets and supply chain constraints due to container shortages and port congestion, PUMA expects the currency-adjusted sales to increase by at least 20% (previous outlook: mid-teens currency-adjusted sales growth) in the financial year 2021. Reported Earnings • May 01
First quarter 2021 earnings released: EPS €0.73 (vs €0.24 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: €1.55b (up 19% from 1Q 2020). Net income: €109.2m (up 202% from 1Q 2020). Profit margin: 7.1% (up from 2.8% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 31% per year, which means it is well ahead of earnings. Aankondiging • Apr 29
PUMA SE Provides Financial Outlook for 2021 PUMA SE provided financial Outlook for 2021. The year 2021 started with an all-time high of COVID-19 cases globally and continued restrictions for operations in numerous markets. At the end of April 2021, approximately 30% of the retail stores selling products in Europe and Latin America are still closed due to lockdown measures and the remaining 70% are mostly operating with significant restrictions. With global COVID-19 cases rising again sharply, the company also see new restrictions and lockdowns in other parts of the world such as India, Canada and Turkey. By consequence, the company foresees a continued negative impact of the COVID-19 pandemic on business throughout 2021. In addition, supply chain issues due to container shortages and port congestion especially in North America as well as recent political tensions in key markets are also leading to increased uncertainty in industry. Given a strong first quarter, the company is now in a position to further specify initial outlook of "at least moderate sales (ca) growth with upside potential" to "mid-teens sales (ca) growth" for the full year 2021. Outlook for both the operating result and net earnings has not changed and the company continues to foresee a significant improvement compared to 2020 despite the global uncertainty regarding the COVID-19 pandemic. Upcoming Dividend • Apr 29
Upcoming dividend of €0.16 per share Eligible shareholders must have bought the stock before 06 May 2021. Payment date: 10 May 2021. Trailing yield: 0.2%. Lower than top quartile of Austrian dividend payers (3.2%). Lower than average of industry peers (1.0%). Reported Earnings • Feb 27
Full year 2020 earnings released: EPS €0.53 (vs €1.76 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €5.23b (down 4.9% from FY 2019). Net income: €78.9m (down 70% from FY 2019). Profit margin: 1.5% (down from 4.8% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 37% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Feb 27
Revenue beats expectations Revenue exceeded analyst estimates by 0.1%. Over the next year, revenue is forecast to grow 13%, compared to a 19% growth forecast for the Luxury industry in Austria. Is New 90 Day High Low • Dec 17
New 90-day high: €88.42 The company is up 17% from its price of €75.66 on 18 September 2020. The Austrian market is up 20% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Luxury industry, which is up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €73.97 per share. Is New 90 Day High Low • Nov 14
New 90-day high: €82.20 The company is up 18% from its price of €69.46 on 14 August 2020. The Austrian market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €63.23 per share. 
