Added to YB: 2026-04-14
Pitch date: 2026-04-11
PUM.DE [bullish]
PUMA SE
-0.7%
current return
Author Info
Company Info
PUMA SE, together with its subsidiaries, engages in the development and sale of sports and sports lifestyle products in Europe, Middle East, Africa, India, North America, Latin America, Greater China, Rest of Asia-Pacific, and internationally.
Market Cap
EUR 3.6B
Pitch Price
EUR 24.28
Price Target
N/A
Dividend
N/A
EV/EBITDA
25.38
P/E
-5.41
EV/Sales
0.81
Sector
Textiles, Apparel and Luxury Goods
Category
turnaround
Markets in turmoil: Anyone wants a PUMA Speedcat? (ETR:PUM)
PUM.DE: Fashion cycle thesis plays out - up 9.8% on bad earnings as ANTA (bought 29% stake at €35, 62% prem) & Frasers (5.8%) validate turnaround. FY25 reset: took back wholesale inventory, wrote down €530M FCF burn. Speedcat grew in Q4 despite declines elsewhere. ANTA playbook (Arc'teryx, Salomon success: 52.6%→62.2% GM, 17.6%→24% NI margin) targets China DTC expansion. Trades 0.8x EV/S vs ADDYY 1-1.1x, NKE 1.3-1.4x. Guides neg €50-150M EBIT FY26 vs neg €357M FY25. Balance sheet tight but €1.2B undrawn credit, Dec 2029 maturity. Recovery 2027+.
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