Morningstar

Puma SE PUM

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Stock XETR Rating as of
€37.15 −0.44 (1.17%)
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As of Delayed Price Closed

Company Report

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Puma Lacks a Moat, but Is an Established Contender in the Expanding Global Sportswear Market

David Swartz

We view Puma as a leader in global sportswear but do not believe it has achieved a competitive advantage. Since 2014, Puma’s annual sales have risen to more than EUR 8 billion from EUR 3 billion as the company has expanded distribution, introduced new products, and stepped up its marketing. At approximately 2.6%, the brand had the fifth-largest share (by sales) of the fragmented but attractive $396 billion sportswear market in 2023, according to Euromonitor. However, wide-moat Nike and narrow-moat Adidas are the leaders by wide margins in most regions, and we do not expect Puma will gain significant share on either. Moreover, the company faces threats from fast-growing competitors like narrow-moat activewear firms Lululemon, Anta, and Li Ning.

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Price vs Fair Value

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PUM is trading at a 843% premium.
Price
€37.15
Fair Value
€72.50
Uncertainty
High
1-Star Price
€86.59
5-Star Price
€52.80
Economic Moat
Zsrt
Capital Allocation
Bwwtpqk

Bulls Say, Bears Say

Bulls

Boosted by new products and marketing, Puma has increased its market share in key categories in Europe and North America over the past decade.

Bears

Puma is highly dependent on wholesale, which accounts for about 75% of its sales. Wholesale sales tend to bring lower margins than sales through full-price owned channels. Puma also risks losing share to competitors with larger owned e-commerce operations.

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Trading Information

Previous Close Price
€37.59
Day Range
€36.98–37.73
52-Week Range
€34.21–61.04
Bid/Ask
€0.00 / €37.24
Market Cap
€5.54 Bil
Volume/Avg
429,885 / 477,078

Key Statistics

Price/Earnings (Normalized)
18.25
Price/Sales
0.65
Dividend Yield (Trailing)
2.21%
Dividend Yield (Forward)
2.21%
Total Yield
2.21%

Company Profile

Puma designs and markets footwear, apparel, and accessories under its own name and golf clubs and golf accessories under the Cobra Golf name. Footwear (53% of 2023 sales) is its largest category, followed by apparel (32%) and accessories (15%). Puma also licenses its name for fragrances, eyewear, and watches. Most (75% in 2023) of its sales are through wholesale partners, with the rest through approximately 1,000 owned retail and outlet stores and online channels. The company's products are sold in Europe, the Middle East, and Africa (40% of 2023 sales), the Americas (39%), and Asia-Pacific (21%).
Sector
Consumer Cyclical
Industry
Footwear & Accessories
Stock Style Box
Mid Core
Total Number of Employees
18,420
Website
https://www.puma.com

Competitors

Valuation

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Metric
PUM
LULU
UAA
Price/Earnings (Normalized)
 18.2519.2815.34
Price/Book Value
 2.118.002.05
Price/Sales
 0.653.290.69
Price/Cash Flow
 9.4515.1430.74
Price/Earnings
PUM
LULU
UAA

Financial Strength

Metric
PUM
LULU
UAA
Quick Ratio
 0.571.330.91
Current Ratio
 1.462.431.73
Interest Coverage
 6.06——
Quick Ratio
PUM
LULU
UAA

Profitability

Metric
PUM
LULU
UAA
Return on Assets (Normalized)
 4.89%26.84%−0.33%
Return on Equity (Normalized)
 12.75%44.88%−0.79%
Return on Invested Capital (Normalized)
 9.18%33.51%−0.56%
Return on Assets
PUM
LULU
UAA

Footwear & Accessories Industry Comparables

Screen With Investor
1-Day Chart
Name
Price
Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
Nike Inc Class B
NKE
WcgrwwtlkbNcy$124.6 Bil
 adidas AG
ADDDF
CGLTdjqtp$46.9 Bil
 adidas AG ADR
ADDYY
CnpvqppnKpwrtc$46.9 Bil
 Deckers Outdoor Corp
DECK
—Kcxcw$24.0 Bil
 On Holding AG
ONON
—Nhcmby$15.8 Bil
 ASICS Corp ADR
ASCCY
—Xwrgcm$14.4 Bil
 ASICS Corp
ASCCF
—Gntzw$14.4 Bil
 Skechers USA Inc Class A
SKX
TqjjzjtyzQfrthg$10.1 Bil
 Birkenstock Holding PLC
BIRK
—Cnwmksv$8.9 Bil
 Crocs Inc
CROX
—Wpfn$8.4 Bil

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