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Fundamental pairs trade of Adidas and PUMA: financial analysis and forecasting
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| 3.5 MB | Adobe PDF |
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This thesis explores a fundamental pairs trade strategy of adidas and PUMA. Adidas’ volatile unlevered free cash flows, caused by inefficiencies and higher leverage, contrast with PUMA’s stable growth, cost efficiency, and conservative capital structure. Forecasts highlight PUMA’s focus on Emerging Markets and adidas’ reliance on mature markets, providing key insights for the investment proposition. The valuation emphasizes PUMA’s undervaluation and
growth potential versus adidas’ overvaluation and higher risk. The long PUMA, short adidas strategy proves robust, offering investors a promising opportunity for risk reduction and relative returns.
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Fundamental pairs trade Adidas PUMA Financial analysis Profitability Cash flow management Capital structure Income statement Balance sheet Company valuation Discounted cash flow Scenario analysis Risk management Investment proposition