| Valuation method | Value, CHF | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 93.20 | 326 |
| Intrinsic value (DCF) | 44.88 | 105 |
| Graham-Dodd Method | 13.50 | -38 |
| Graham Formula | 18.70 | -15 |
PUMA SE is a global leader in the design, development, and marketing of athletic and lifestyle footwear, apparel, and accessories. Headquartered in Herzogenaurach, Germany, the company operates across Europe, the Middle East, Africa, the Americas, Greater China, and the Asia Pacific. PUMA offers performance and sport-inspired lifestyle products under its flagship PUMA brand and Cobra Golf, catering to categories such as football, running, training, golf, and motorsports. The company distributes its products through PUMA retail stores, factory outlets, and e-commerce platforms, while also licensing third-party manufacturers for accessories like watches and gaming gear. With a heritage dating back to 1924, PUMA has established itself as a key player in the competitive sportswear industry, leveraging innovation, brand partnerships, and a strong digital presence to maintain relevance in the fast-evolving consumer cyclical sector.
PUMA SE presents a compelling investment case with its strong brand equity, diversified product portfolio, and global market presence. The company reported CHF 8.82 billion in revenue and CHF 281.6 million in net income for the latest fiscal period, supported by robust operating cash flow of CHF 694.8 million. However, its total debt of CHF 1.72 billion and moderate beta of 0.891 suggest some financial leverage and market sensitivity. The sportswear industry remains highly competitive, with Nike and Adidas dominating market share, but PUMA’s focus on lifestyle segments and strategic collaborations (e.g., with celebrities and athletes) provides differentiation. Investors should weigh its growth potential in emerging markets against margin pressures from rising input costs and supply chain disruptions.
PUMA operates in a fiercely competitive landscape dominated by Nike and Adidas, which hold significantly larger market shares and resources. However, PUMA has carved a niche by blending performance and lifestyle appeal, particularly in football, running, and motorsports. Its collaborations with high-profile figures like Rihanna (Fenty) and Lewis Hamilton enhance brand visibility among younger demographics. Unlike Nike and Adidas, which prioritize mass-market dominance, PUMA focuses on agility and trend-driven designs, allowing it to adapt quickly to fashion shifts. Financially, PUMA’s margins are narrower than its larger peers, reflecting its smaller scale and higher relative marketing spend. Its direct-to-consumer (DTC) strategy, including e-commerce growth, is a strength but lags behind Nike’s digital ecosystem. In regional markets, PUMA outperforms in Europe but faces stiff competition in North America and China, where Nike and local players like Anta hold sway. The company’s licensing model for accessories diversifies revenue but contributes less to profitability compared to core segments.