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Fundamental pairs trade of Adidas and PUMA - strategic analysis
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| 1.64 MB | Adobe PDF |
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This thesis explores a fundamental pairs trade strategy of adidas and PUMA. The
strategic analysis highlights their shared strengths in global reach, sustainability, and women’s
sportswear, with both relying on Asian sourcing. Adidas focuses on innovation and dominance
in Europe and Greater China, while PUMA’s agility and youth focus drive growth, particularly
in Emerging Markets. 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 Strategic analysis Product portfolio Regional differentiation Sourcing and production Sustainability strategy Company valuation Discounted cash flow Scenario analysis Risk management Investment proposition