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Fundamental pairs trade of Adidas and Puma - macroeconomic and industry analyses
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This thesis explores a fundamental pairs trade strategy of adidas and PUMA.
Macroeconomic and industry analyses highlight regional economic trends, inflation, and
demographic shifts impacting both companies. The expanding global sportswear market, driven
by Emerging Markets, athleisure demand, and sustainability trends, faces external and sector specific challenges, requiring strategic adaptation to maintain competitiveness. 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 Global economy Macroeconomic indicators Global sporting goods industry Market drivers and trends Competition Product segmentation Athleisure Company valuation Discounted cash flow Scenario analysis Risk management Investment proposition