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PUMA SE NPV (DE:PUM)
XETRA:PUM
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PUMA SE NPV
(XETRA:PUM)
Rating:64Neutral
Price Target:
€23.50
▲(3.21%Upside)
Positive Factors
Geographic Expansion
PUMA has delivered steady growth across its key geographic regions, with growth led by EEMEA, Europe, Greater China, and Other APAC regions.
Product Innovation
The company is focused on reviving its Speedcat shoes series, with recent launches in Speedcat Ballet, hoping to replicate successes similar to Adidas' Samba.
Negative Factors
Earnings Miss
In 2024, PUMA reflected a miss in earnings due to higher net interest expenses and higher non-controlling interests.
Market Expectations
Shares sank 23% only seven weeks ago when management warned on January prelims incorporated an adjusted 2027 EBIT margin of only 8.5% with no 2025 guide.
Profitability Concerns
4Q24 results evidenced a structural cost issue that the announced FY25 restructuring plan will only partially address.
PUMA SE NPV (PUM) vs. iShares MSCI Germany ETF (EWG)
Market Cap
$3.38B
Dividend Yield2.3%
Average Volume (3M)1.09M
Price to Earnings (P/E)17.5
Beta (1Y)1.06
Revenue Growth3.22%
EPS Growth-28.92%
CountryDE
Employees22,000
SectorConsumer Cyclical
Sector Strength59
IndustryApparel - Footwear & Accessories
Share Statistics
EPS (TTM)0.00
Shares Outstanding149,698,200
10 Day Avg. Volume790,523
30 Day Avg. Volume1,085,731
Financial Highlights & Ratios
PEG Ratio-1.78
Price to Book (P/B)2.96
Price to Sales (P/S)0.00
P/FCF Ratio21.43
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$30.19Price Target Upside32.59% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering14
PUMA SE NPV Business Overview & Revenue Model
Company DescriptionPUMA SE, together with its subsidiaries, designs, develops, sells, and markets footwear, apparel, and accessories for men, women, and kids in Europe, the Middle East, Africa, the Americas, Greater China, and the Asia Pacific. The company offers performance and sport-inspired lifestyle products in categories, such as football, cricket, handball, rugby, volleyball, running, training and fitness, golf, and motorsports. It also issues licenses to independent partners to design, develop, manufacture, and sell watches, glasses, safety shoes, and gaming accessories, such as the Playseat. The company sells its products through PUMA retail stores and factory outlets, as well as through online stores. It offers its products primarily under the PUMA and Cobra Golf brand names. The company was founded in 1924 and is headquartered in Herzogenaurach, Germany.
How the Company Makes MoneyPUMA SE generates revenue primarily through the sale of its sportswear products, including footwear, apparel, and accessories. The company's revenue model is centered on direct sales through its own retail stores and e-commerce platforms, as well as wholesale distribution to a network of third-party retailers. Key revenue streams include its performance and lifestyle product lines, with footwear being the largest segment. PUMA also benefits from strategic partnerships and collaborations with athletes, celebrities, and designers, which enhance brand visibility and consumer engagement. Additionally, PUMA has licensing agreements that allow third parties to produce and sell products using its brand, further contributing to its earnings.
PUMA SE NPV Earnings Call Summary
Earnings Call Date:May 08, 2025
(Q1-2025)
| % Change Since: 0.05%|
Next Earnings Date:Jul 31, 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 fluctuations in net profit margins and low return on equity indicate challenges in profitability. The equity ratio is strong, indicating a solid capital structure.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 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 8.82B | 8.60B | 8.47B | 6.81B | 5.23B |
| Gross Profit | 4.18B | 3.99B | 3.90B | 3.26B | 2.46B |
| EBITDA | 977.60M | 934.00M | 952.30M | 837.00M | 499.50M |
| Net Income | 281.60M | 304.90M | 353.50M | 309.60M | 123.10M |
Balance Sheet | |||||
| Total Assets | 7.14B | 6.64B | 6.77B | 5.73B | 4.68B |
| Cash, Cash Equivalents and Short-Term Investments | 537.00M | 552.90M | 484.70M | 787.70M | 685.20M |
| Total Debt | 1.72B | 1.80B | 1.31B | 1.09B | 931.70M |
| Total Liabilities | 4.31B | 4.06B | 4.23B | 3.45B | 2.92B |
| Stockholders Equity | 2.83B | 2.55B | 2.47B | 2.21B | 1.72B |
Cash Flow | |||||
| Free Cash Flow | 431.80M | 353.20M | 154.70M | 257.70M | 270.50M |
| Operating Cash Flow | 694.80M | 653.60M | 418.30M | 460.10M | 421.50M |
| Investing Cash Flow | -230.50M | -284.60M | -240.80M | -183.80M | -145.50M |
| Financing Cash Flow | -697.80M | -277.10M | -476.40M | -164.00M | -129.20M |
PUMA SE NPV Technical Analysis
Positive
22.77
Price Trends
22.27
Positive
23.57
Negative
31.76
Negative
Market Momentum
-0.13
Negative
55.87
Neutral
74.63
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:PUM, the sentiment is Positive. The current price of 22.77 is above the 20-day moving average (MA) of 21.93, above the 50-day MA of 22.27, and below the 200-day MA of 31.76, indicating a neutral trend. The MACD of -0.13 indicates Negative momentum. The RSI at 55.87 is Neutral, neither overbought nor oversold. The STOCH value of 74.63 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for DE:PUM.
PUMA SE NPV Peers Comparison
Overall Rating
UnderperformOutperform
Sector (62)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | €3.71B | 6.96 | 92.28% | ― | 9.56% | 4.49% | |
64 Neutral | $3.38B | 17.46 | 7.25% | 2.30% | 3.22% | -28.92% | |
62 Neutral | $16.72B | 10.85 | -7.48% | 3.11% | 1.66% | -24.52% | |
| €35.64B | 34.72 | 19.28% | 0.86% | ― | ― | ||
| €2.68B | 12.71 | 15.00% | 3.10% | ― | ― | ||
| €7.04B | 26.05 | 10.57% | ― | ― | ― | ||
51 Neutral | €6.59B | ― | -41.57% | ― | 23.67% | 63.04% |
* Consumer Cyclical Sector Average
Performance Comparison
DE:PUM
PUMA SE NPV
22.77
-19.78
-46.48%
DE:TUI1
TUI AG
7.30
0.68
10.27%
GB:0OLD
adidas AG
198.72
-21.75
-9.87%
GB:0Q8F
Hugo Boss
38.77
-2.04
-5.00%
GB:0QXN
Zalando
27.11
4.13
17.97%
DE:DHER
Delivery Hero SE
22.42
-0.05
-0.22%
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.