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Equity research of PUMA SE: evaluating the path forward
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This master’s thesis, titled “Equity Research of PUMA SE: Evaluating the Path Forward,” examines the intrinsic value of PUMA SE and assesses its investment attractiveness based on the share price as of 28 October 2025. PUMA SE is a globally recognized sportswear
company operating across footwear, apparel, and accessories, with a strong brand presence and an asset-light business model. The analysis integrates historical financial performance, industry dynamics, and forward-looking assumptions reflecting management’s strategic reset and prevailing macroeconomic conditions. Valuation is conducted using a discounted cash flow approach, complemented by trading comparables and transaction multiples to triangulate value. Scenario and sensitivity analyses are employed to capture uncertainty surrounding growth, profitability, and cost of capital. The results indicate that PUMA’s current market valuation broadly reflects its medium-term fundamentals, with limited valuation-driven upside at prevailing price levels. Consequently, the thesis concludes with a Hold recommendation, highlighting execution risk and margin recovery as the key determinants of future shareholder returns.
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PUMA SE Footwear Sportswear Apparel Sporting goods industry