Puma SE

PUM: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€24.40	Ltpmq	Ygmxxts

Puma Earnings: Shares Undervalued After Negative Reaction to Largely In-Line Quarter

David Swartz

Aug 7, 2024

Puma’s shares fell 11% on Aug. 7 as investors reacted to weakness in footwear and Europe and a small guidance change. Specifically, the firm lowered the midpoint of its 2024 EBIT guidance range by about 2% to EUR 645 million as demand for sportswear remains generally soft. However, our estimates are in alignment with the results and outlook, and we are not changing our EUR 47.50 fair value estimate, leaving shares as undervalued after the drop. Although we rate Puma as a no-moat company, we believe it has strengths, including its exposure to football and other major sports and its global distribution.

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