Financials PUMA SE

Equities

PUM

DE0006969603

Footwear

Market Closed - Xetra Other stock markets 16:35:10 26/04/2024 BST			5-day change	1st Jan Change
43.71 ^EUR	+3.82%		+2.70%	-13.48%

04-22	PUMA SE : UBS reaffirms its Neutral rating	ZD
04-19	PUMA SE : Barclays remains 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	6,550	-	-
Enterprise Value (EV) ¹	10,457	14,198	16,415	9,126	8,605	7,201	7,198	7,047
P/E ratio	38.8 x	174 x	51.9 x	24 x	24.9 x	18.5 x	14.7 x	12.7 x
Yield	0.73%	0.17%	0.67%	1.45%	1.62%	1.93%	2.5%	2.91%
Capitalization / Revenue	1.86 x	2.64 x	2.36 x	1 x	0.88 x	0.74 x	0.68 x	0.64 x
EV / Revenue	1.9 x	2.71 x	2.41 x	1.08 x	1 x	0.81 x	0.75 x	0.69 x
EV / EBITDA	15.2 x	28.2 x	19 x	9.13 x	8.9 x	6.96 x	6.13 x	5.45 x
EV / FCF	31.6 x	51.4 x	63.7 x	59 x	24.4 x	16 x	13.5 x	12.1 x
FCF Yield	3.16%	1.94%	1.57%	1.7%	4.1%	6.25%	7.43%	8.28%
Price to Book	5.46 x	8.01 x	7.27 x	3.44 x	2.96 x	2.35 x	2.15 x	1.95 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	43.71	43.71	43.71
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	8,884	9,587	10,280
EBITDA ¹	686.6	502.9	862.8	999.3	967.1	1,034	1,175	1,294
EBIT ¹	440.2	209.2	557.1	640.6	621.6	656.4	767.7	869.1
Operating Margin	8%	4%	8.19%	7.57%	7.23%	7.39%	8.01%	8.45%
Earnings before Tax (EBT) ¹	417.6	162.3	505.3	551.7	478.3	553.7	678.6	754.4
Net income ¹	262.4	78.9	309.6	353.5	304.9	353.9	441.1	504.2
Net margin	4.77%	1.51%	4.55%	4.18%	3.54%	3.98%	4.6%	4.9%
EPS ²	1.760	0.5300	2.070	2.360	2.030	2.367	2.974	3.429
Free Cash Flow ¹	330.4	276	257.7	154.7	353.2	450.3	534.8	583.6
FCF margin	6%	5.27%	3.79%	1.83%	4.11%	5.07%	5.58%	5.68%
FCF Conversion (EBITDA)	48.12%	54.88%	29.87%	15.48%	36.52%	43.55%	45.54%	45.11%
FCF Conversion (Net income)	125.91%	349.81%	83.24%	43.76%	115.84%	127.25%	121.26%	115.75%
Dividend per Share ²	0.5000	0.1600	0.7200	0.8200	0.8200	0.8440	1.092	1.271
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 Q3	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 Q3	2024 Q4	2025 Q1
Net sales ¹	2,956	2,131	3,104	3,138	1,900	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	2,082	2,108	2,426	2,249	2,300
EBITDA ¹	-	-	-	-	254.7	90.7	270.8	230	-	343.4	155.1	-	260.6	195	-	324.5	187	-	259.9	223.8	363.5	204.6	297.5
EBIT ¹	217.4	-43.6	252.8	263.2	228.9	65	196	146.3	342.4	257.7	40.5	298.2	175.5	115.3	290.9	236.3	94	330.7	149.8	124.2	263.9	105	195
Operating Margin	7.35%	-2.05%	8.15%	8.39%	12.04%	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%	7.2%	5.89%	10.88%	4.67%	8.48%
Earnings before Tax (EBT) ¹	-	-64.7	227	-	218.3	45	183	133.4	-	220.8	14.5	235.3	167.7	92.4	-	190.9	27.3	-	118.6	84.48	245.7	84.81	172.3
Net income ¹	-	-59.4	138.3	-	143.8	7.9	121.4	84.3	205.6	146.4	1.4	147.8	117.3	55	172.3	131.7	0.9	-	75.5	48.25	168.2	46.43	113.5
Net margin	-	-2.79%	4.46%	-	7.57%	0.45%	6.35%	4.21%	5.25%	6.22%	0.06%	3.25%	5.36%	2.59%	4%	5.7%	0.05%	-	3.63%	2.29%	6.93%	2.06%	4.94%
EPS ²	-	-0.4000	-	-	0.9600	0.0500	0.8100	0.5600	-	0.9800	0.0100	-	0.7800	0.3700	-	0.8800	-	0.8800	0.5041	0.3255	1.125	0.3100	0.7597
Dividend per Share ²	-	-	-	-	-	0.7200	-	-	-	-	0.8200	-	-	-	-	-	-	-	0.2116	0.2116	0.5158	0.2116	0.2616
Announcement Date	19/02/20	29/07/20	24/02/21	29/07/21	27/10/21	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	-	-	-	-	-

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	651	649	498
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.3458 x	0.7898 x	0.3876 x	0.6436 x	1.074 x	0.6298 x	0.5522 x	0.3847 x
Free Cash Flow ¹	330	276	258	155	353	450	535	584
ROE (net income / shareholders' equity)	14.7%	4.39%	15.7%	15.1%	12.1%	13.3%	15.4%	16.1%
ROA (Net income/ Total Assets)	6.92%	1.74%	5.95%	5.66%	4.55%	4.86%	6.15%	6.82%
Assets ¹	3,793	4,531	5,206	6,251	6,707	7,276	7,177	7,394
Book Value Per Share ²	12.50	11.50	14.80	16.50	17.00	18.60	20.30	22.40
Cash Flow per Share ²	3.670	3.500	5.490	6.140	4.360	3.750	4.040	3.950
Capex ¹	218	151	202	264	300	302	324	336
Capex / Sales	3.97%	2.88%	2.97%	3.11%	3.49%	3.4%	3.38%	3.27%
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

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

43.71 EUR

Average target price

50.79 EUR

Spread / Average Target

+16.19%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Footwear

	1st Jan change	Capi.
PUMA SE	-13.48%	6.99B
DECKERS OUTDOOR CORPORATION	+24.69%	21.39B
HUALI INDUSTRIAL GROUP COMPANY LIMITED	+21.58%	10.31B
SKECHERS U.S.A., INC.	+4.92%	10.21B
BIRKENSTOCK HOLDING PLC	-6.73%	8.54B
CROCS, INC.	+34.25%	7.61B
POU CHEN CORPORATION	+16.67%	3.26B
YUE YUEN INDUSTRIAL (HOLDINGS) LIMITED	+65.97%	2.95B
RELAXO FOOTWEARS LIMITED	-8.00%	2.48B
BATA INDIA LIMITED	-17.43%	2.1B

Other Footwear