Financials PUMA SE Deutsche Boerse AG

Equities

PUM

DE0006969603

Footwear

Market Closed - Deutsche Boerse AG Other stock markets 19:31:17 16/07/2024 BST			5-day change	1st Jan Change
43.85 ^EUR	-1.15%		+3.06%	-13.10%

07-09	Adidas set to benefit as Nike struggles	RE
07-05	PUMA SE : RBC sticks Neutral	ZD

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	10,219	13,801	16,080	8,483	7,566	6,514	-	-
Enterprise Value (EV) ¹	10,457	14,198	16,415	9,126	8,605	7,037	6,991	6,875
P/E ratio	38.8 x	174 x	51.9 x	24 x	24.9 x	18.2 x	14.5 x	12.3 x
Yield	0.73%	0.17%	0.67%	1.45%	1.62%	1.96%	2.55%	2.97%
Capitalization / Revenue	1.86 x	2.64 x	2.36 x	1 x	0.88 x	0.73 x	0.68 x	0.63 x
EV / Revenue	1.9 x	2.71 x	2.41 x	1.08 x	1 x	0.79 x	0.73 x	0.67 x
EV / EBITDA	15.2 x	28.2 x	19 x	9.13 x	8.9 x	6.79 x	5.91 x	5.24 x
EV / FCF	31.6 x	51.4 x	63.7 x	59 x	24.4 x	16.7 x	13.4 x	11.5 x
FCF Yield	3.16%	1.94%	1.57%	1.7%	4.1%	5.97%	7.47%	8.71%
Price to Book	5.46 x	8.01 x	7.27 x	3.44 x	2.96 x	2.36 x	2.17 x	1.97 x
Nbr of stocks (in thousands)	149,515	149,554	149,584	149,606	149,767	149,845	-	-
Reference price ²	68.35	92.28	107.5	56.70	50.52	43.47	43.47	43.47
Announcement Date	19/02/20	24/02/21	23/02/22	01/03/23	09/02/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	5,502	5,234	6,805	8,465	8,602	8,897	9,608	10,299
EBITDA ¹	686.6	502.9	862.8	999.3	967.1	1,037	1,183	1,312
EBIT ¹	440.2	209.2	557.1	640.6	621.6	661.1	779.2	880.1
Operating Margin	8%	4%	8.19%	7.57%	7.23%	7.43%	8.11%	8.55%
Earnings before Tax (EBT) ¹	417.6	162.3	505.3	551.7	478.3	555.7	689.3	790.1
Net income ¹	262.4	78.9	309.6	353.5	304.9	357	447.5	524.3
Net margin	4.77%	1.51%	4.55%	4.18%	3.54%	4.01%	4.66%	5.09%
EPS ²	1.760	0.5300	2.070	2.360	2.030	2.387	3.005	3.531
Free Cash Flow ¹	330.4	276	257.7	154.7	353.2	420.3	522.3	598.7
FCF margin	6%	5.27%	3.79%	1.83%	4.11%	4.72%	5.44%	5.81%
FCF Conversion (EBITDA)	48.12%	54.88%	29.87%	15.48%	36.52%	40.53%	44.13%	45.64%
FCF Conversion (Net income)	125.91%	349.81%	83.24%	43.76%	115.84%	117.73%	116.72%	114.19%
Dividend per Share ²	0.5000	0.1600	0.7200	0.8200	0.8200	0.8503	1.109	1.289
Announcement Date	19/02/20	24/02/21	23/02/22	01/03/23	09/02/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2
Net sales ¹	2,956	2,131	3,104	3,138	1,767	1,912	2,002	3,914	2,354	2,197	4,551	2,188	2,121	4,308	2,311	1,982	4,293	2,102	2,164	4,231	2,419	2,174	4,614	2,288	2,244
EBITDA ¹	-	-	-	-	90.7	270.8	230	-	343.4	155.1	-	260.6	195	-	324.5	187	-	-	220.9	-	367.6	192.3	-	286.8	1,156
EBIT ¹	217.4	-43.6	252.8	263.2	65	196	146.3	342.4	257.7	40.5	298.2	175.5	115.3	290.9	236.3	94	330.7	159	139.9	283.5	269.3	96.23	370	184.3	1,053
Operating Margin	7.35%	-2.05%	8.15%	8.39%	3.68%	10.25%	7.31%	8.75%	10.95%	1.84%	6.55%	8.02%	5.44%	6.75%	10.22%	4.74%	7.7%	7.56%	6.47%	6.7%	11.13%	4.43%	8.02%	8.05%	46.91%
Earnings before Tax (EBT) ¹	-	-64.7	227	-	45	183	133.4	-	220.8	14.5	235.3	167.7	92.4	-	190.9	27.3	-	132.2	108.6	-	235.3	62.29	-	161.6	1,046
Net income ¹	-	-59.4	138.3	-	7.9	121.4	84.3	205.6	146.4	1.4	147.8	117.3	55	172.3	131.7	0.9	-	87.3	68.78	-	161.7	30.07	-	105.3	980.9
Net margin	-	-2.79%	4.46%	-	0.45%	6.35%	4.21%	5.25%	6.22%	0.06%	3.25%	5.36%	2.59%	4%	5.7%	0.05%	-	4.15%	3.18%	-	6.68%	1.38%	-	4.6%	43.7%
EPS ²	-	-0.4000	-	-	0.0500	0.8100	0.5600	-	0.9800	0.0100	-	0.7800	0.3700	-	0.8800	-	0.8800	0.5800	0.4572	1.010	1.103	0.1999	1.360	0.7062	6.559
Dividend per Share ²	-	-	-	-	0.7200	-	-	-	-	0.8200	-	-	-	-	-	-	-	-	0.2056	-	0.5128	0.2056	-	0.2551	0.2551
Announcement Date	19/02/20	29/07/20	24/02/21	29/07/21	23/02/22	27/04/22	28/07/22	28/07/22	26/10/22	01/03/23	01/03/23	26/04/23	26/07/23	26/07/23	24/10/23	09/02/24	09/02/24	08/05/24	-	-	-	-	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	237	397	334	643	1,039	523	477	361
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.3458 x	0.7898 x	0.3876 x	0.6436 x	1.074 x	0.5041 x	0.4029 x	0.2754 x
Free Cash Flow ¹	330	276	258	155	353	420	522	599
ROE (net income / shareholders' equity)	14.7%	4.39%	15.7%	15.1%	12.1%	13.5%	15.9%	16.8%
ROA (Net income/ Total Assets)	6.92%	1.74%	5.95%	5.66%	4.55%	5.06%	6.34%	6.98%
Assets ¹	3,793	4,531	5,206	6,251	6,707	7,053	7,058	7,517
Book Value Per Share ²	12.50	11.50	14.80	16.50	17.00	18.40	20.00	22.10
Cash Flow per Share ²	3.670	3.500	5.490	6.140	4.360	3.650	4.040	4.060
Capex ¹	218	151	202	264	300	302	322	334
Capex / Sales	3.97%	2.88%	2.97%	3.11%	3.49%	3.4%	3.36%	3.24%
Announcement Date	19/02/20	24/02/21	23/02/22	01/03/23	09/02/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for PUMA SE

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

43.47 EUR

Average target price

54.19 EUR

Spread / Average Target

+24.66%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Footwear

	1st Jan change	Capi.
DECKERS OUTDOOR CORPORATION	+36.57%	22.86B
BIRKENSTOCK HOLDING PLC	+13.03%	10.27B
SKECHERS U.S.A., INC.	+7.84%	10.08B
HUALI INDUSTRIAL GROUP COMPANY LIMITED	+13.98%	9.81B
CROCS, INC.	+45.70%	8.25B
POU CHEN CORPORATION	+11.33%	3.11B
YUE YUEN INDUSTRIAL (HOLDINGS) LIMITED	+46.06%	2.63B
RELAXO FOOTWEARS LIMITED	-7.27%	2.43B
BATA INDIA LIMITED	-7.33%	2.35B

Other Footwear