Anjos, FernandoMüchler, Clara-Sophia2025-08-112025-08-112025-01-132025-01-13http://hdl.handle.net/10362/186310This 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.engFundamental pairs tradeAdidasPUMAStrategic analysisProduct portfolioRegional differentiationSourcing and productionSustainability strategyCompany valuationDiscounted cash flowScenario analysisRisk managementInvestment propositionmaster thesis203961366