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PUMA SE NPV (DE:PUM)
XETRA:PUM
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PUMA SE NPV
(XETRA:PUM)
Rating:60Neutral
Price Target:
€19.00
▲(9.57% Upside)
Positive Factors
Digital Sales Growth
Direct-to-consumer sales experienced significant growth, driven by a strong increase in e-commerce performance.
Negative Factors
Financial Outlook Doubts
The 2025 outlook falls below market expectations, casting doubt on the reliability of the 2027 target.
Operating Model Challenges
Investors express concerns over the need for changes to the operating model due to increasing competition and tariffs in the U.S.
Profitability Concerns
The profit pool in the athletic apparel and footwear space is at a low, affecting major brands like Puma, Nike, Adidas, VF, and Under Armour.
Structural Cost Issues
4Q24 results reveal a structural cost issue that the FY25 restructuring plan will only partially address.
PUMA SE NPV (PUM) vs. iShares MSCI Germany ETF (EWG)
Market Cap
$2.54B
Dividend Yield3.52%
Average Volume (3M)1.41M
Price to Earnings (P/E)18.5
Beta (1Y)1.07
Revenue Growth1.21%
EPS Growth-136.95%
CountryDE
Employees22,000
SectorConsumer Cyclical
Sector Strength75
IndustryApparel - Footwear & Accessories
Share Statistics
EPS (TTM)-1.39
Shares Outstanding148,007,920
10 Day Avg. Volume1,577,678
30 Day Avg. Volume1,409,815
Financial Highlights & Ratios
PEG Ratio-3.39
Price to Book (P/B)2.33
Price to Sales (P/S)0.75
P/FCF Ratio15.27
Enterprise Value/Market Cap2.25
Enterprise Value/Revenue0.65
Enterprise Value/Gross Profit1.28
Enterprise Value/Ebitda11.01
Forecast
1Y Price Target
$22.89Price Target Upside32.01% Upside
Rating ConsensusHold
Number of Analyst Covering16
PUMA SE NPV Business Overview & Revenue Model
Company DescriptionPUMA SE NPV (PUM) is a global athletic and lifestyle brand headquartered in Herzogenaurach, Germany. Established in 1948, PUMA designs and manufactures a wide range of footwear, apparel, and accessories for sports and casual wear. The company operates across multiple sectors, including performance sportswear, lifestyle collections, and collaborations with various designers and celebrities. PUMA is recognized for its innovative products that enhance athletic performance and its stylish designs that resonate with fashion-conscious consumers.
How the Company Makes MoneyPUMA generates revenue primarily through the sale of its products, which include footwear, apparel, and accessories for various sports and lifestyle applications. The company operates through multiple distribution channels, including branded retail stores, e-commerce platforms, and third-party retailers. Key revenue streams include direct-to-consumer sales, wholesale partnerships, and licensing agreements. Significant partnerships with athletes, teams, and fashion influencers help enhance brand visibility and drive sales. Additionally, PUMA focuses on expanding its global presence, particularly in emerging markets, to reach a broader customer base and increase its market share.
PUMA SE NPV Earnings Call Summary
Earnings Call Date:Jul 31, 2025
(Q1-2025)
| % Change Since: -10.69%|
Next Earnings Date:Oct 30, 2025
Earnings Call Sentiment Neutral
The earnings call presented a mixed picture with strong growth in the Direct to Consumer segment and successful brand campaigns, contrasted by declines in wholesale sales, a drop in EBIT and net income, and challenges with inventory and working capital. The company is maintaining its outlook for 2025 despite uncertainties around US tariffs.Q1-2025 Updates
Positive Updates
Direct to Consumer (DTC) Growth
PUMA's DTC business grew by 12%, led by e-commerce at 17.3%, with robust participation from all regions.
Successful Brand Campaign Launch
Launched 'Go Wild', the biggest brand campaign to date, focusing on running, which has received millions of views and strong visibility globally.
Product Innovation
Introduced new products such as the PUMA Deviate NITRO Elite 3 and PUMA FUTURE 8, contributing to positive brand momentum.
EMEA and Emerging Markets Growth
EMEA sales grew by 5.1% and emerging markets EEMEA and Latin America showed double-digit growth rates.
Negative Updates
Wholesale Sales Decline
Wholesale business was down by 4%, with significant declines in the US and China.
Decreased EBIT and Net Income
Adjusted EBIT decreased by 52% to EUR 76 million, and net income was significantly lower at EUR 0.5 million.
Gross Profit Margin Decrease
Gross profit margin decreased by 60 basis points to 47%, due to currency headwinds and absence of last year's positive inventory valuation effects.
Inventory and Working Capital Increase
Inventories increased by 21% currency adjusted, and working capital increased by 13%.
Company Guidance
During the Q1 2025 earnings call for PUMA SE, guidance was provided for several key metrics. Sales remained flat year-over-year on a currency-adjusted basis at EUR 2.1 billion, with direct-to-consumer (DTC) business growing by 12%, driven by a 17.3% increase in e-commerce, while wholesale declined by 3.6%. The adjusted EBIT decreased by 52% to EUR 76 million, impacted by a 60 basis points reduction in gross profit margin, primarily due to the absence of last year's positive inventory valuation effects. Operating expenses rose by 7.1%, influenced by growth in DTC business and higher marketing activity. Net income was reported at EUR 0.5 million. Inventory levels increased by 21% currency-adjusted, partly due to accelerated deliveries to the US ahead of new tariffs. PUMA maintained its full-year 2025 outlook, expecting low to mid-single-digit currency-adjusted sales growth and adjusted EBIT between EUR 520 million and EUR 600 million, excluding potential impacts from the new US tariffs. The company is also executing the nextlevel cost efficiency programme, targeting an EBIT contribution of up to EUR 100 million in 2025.PUMA SE NPV Financial Statement Overview
Summary
PUMA SE shows strong revenue growth and stable operational efficiency, but faces challenges with fluctuating profit margins and a moderate debt-to-equity ratio. Cash flow remains robust, supporting potential growth despite pressures on profitability.Income Statement
PUMA SE has demonstrated strong revenue growth over the years, with a consistent increase from €5.23 billion in 2020 to €8.82 billion in 2024. The gross profit margin has remained robust, indicating efficient cost management, with 2024 showing a margin of 47.4%. However, net profit margins have experienced some fluctuations, with a decrease observed in 2024 to 3.2% from 3.5% in 2023, suggesting potential challenges in converting revenue into profit. EBIT and EBITDA margins have remained stable, reflecting good operational efficiency.80
Positive
Balance Sheet
PUMA SE's balance sheet shows a moderate debt-to-equity ratio of 0.61 in 2024, reflecting a balanced approach to leveraging. The return on equity is somewhat low at 9.96%, indicating limited growth in shareholder value relative to equity. However, the equity ratio remains strong at 39.6%, demonstrating a solid capital structure with a good proportion of assets financed by equity.75
Positive
Cash Flow
Cash flow analysis reveals steady growth in operating cash flow, with a notable increase from €653.6 million in 2023 to €694.8 million in 2024. The free cash flow has also increased, although the free cash flow to net income ratio suggests a need for improvement in turning profits into cash. The operating cash flow to net income ratio is strong, indicating efficient cash generation from operations.70
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 8.79B | 8.82B | 8.60B | 8.47B | 6.81B | 5.23B |
| Gross Profit | 4.48B | 4.18B | 3.99B | 3.90B | 3.26B | 2.46B |
| EBITDA | 520.90M | 977.60M | 934.00M | 952.30M | 837.00M | 499.50M |
| Net Income | 194.70M | 281.60M | 304.90M | 353.50M | 309.60M | 123.10M |
Balance Sheet | ||||||
| Total Assets | 7.40B | 7.14B | 6.64B | 6.77B | 5.73B | 4.68B |
| Cash, Cash Equivalents and Short-Term Investments | 283.90M | 537.00M | 552.90M | 484.70M | 787.70M | 685.20M |
| Total Debt | 2.59B | 1.72B | 1.80B | 1.31B | 1.09B | 931.70M |
| Total Liabilities | 4.75B | 4.31B | 4.06B | 4.23B | 3.45B | 2.92B |
| Stockholders Equity | 2.65B | 2.83B | 2.55B | 2.47B | 2.21B | 1.72B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 431.80M | 353.20M | 154.70M | 257.70M | 270.50M |
| Operating Cash Flow | 0.00 | 694.80M | 653.60M | 418.30M | 460.10M | 421.50M |
| Investing Cash Flow | 0.00 | -230.50M | -284.60M | -240.80M | -183.80M | -145.50M |
| Financing Cash Flow | 0.00 | -697.80M | -277.10M | -476.40M | -164.00M | -129.20M |
PUMA SE NPV Technical Analysis
Negative
17.34
Price Trends
21.28
Negative
21.56
Negative
29.01
Negative
Market Momentum
-1.31
Positive
31.63
Neutral
19.21
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:PUM, the sentiment is Negative. The current price of 17.34 is below the 20-day moving average (MA) of 19.64, below the 50-day MA of 21.28, and below the 200-day MA of 29.01, indicating a bearish trend. The MACD of -1.31 indicates Positive momentum. The RSI at 31.63 is Neutral, neither overbought nor oversold. The STOCH value of 19.21 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for DE:PUM.
PUMA SE NPV Peers Comparison
Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | €4.01B | 8.16 | 92.28% | ― | 8.95% | 22.94% | |
71 Outperform | €2.85B | 12.93 | 16.69% | 3.36% | 1.08% | -1.30% | |
61 Neutral | €5.97B | 22.60 | 10.35% | ― | 7.12% | 78.28% | |
61 Neutral | $17.22B | 11.49 | -5.97% | 3.08% | 1.37% | -15.54% | |
60 Neutral | $2.54B | 18.55 | -4.30% | 3.52% | 1.21% | -136.95% | |
56 Neutral | €29.75B | 24.77 | 23.35% | 1.19% | 10.95% | 400.40% | |
56 Neutral | €7.05B | ― | -41.57% | ― | 23.67% | 63.04% |
* Consumer Cyclical Sector Average
Performance Comparison
DE:PUM
PUMA SE NPV
17.34
-18.83
-52.07%
DE:ZAL
Zalando
23.47
0.52
2.27%
DE:ADS
adidas AG
167.85
-48.56
-22.44%
DE:TUI1
TUI AG
9.08
3.42
60.42%
DE:DHER
Delivery Hero SE
23.30
1.75
8.12%
DE:BOSS
Hugo Boss
41.29
4.54
12.36%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.