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Puma's push to regain momentum – a competitive benchmark of profitability trends
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| 5.5 MB | Adobe PDF |
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This Equity Research paper assesses Puma SE amid its transformation and a challenging macroeconomic environment. The valuation yields a BUY recommendation, with the analyst model (WACC 8.56%, terminal growth rate 3.25%) implying an intrinsic value of €26.06 by
31 December 2026. A difficult reset year in 2025, marked by negative EBIT, high inventories and declining sales, is expected to give way to stabilisation in 2026 and renewed growth from 2027. Despite margin pressure from weak global growth and US tariffs, a 4.58% CAGR
sportswear market offers long-term upside, contingent on successful execution of Puma’s strategic transformation.
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Puma SE Sportswear industry Equity research Corporate valuation