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SRH AlsterResearch AG Initiation: Puma AG - Back on track, but potential valued too high – Initiated with SELL

SRH AlsterResearch AG Initiation: Puma AG - Back on track, but potential valued too high – Initiated with SELL

Nachrichtenquelle: AlsterResearch AG
02.03.2021, 14:36  |  147   |   |   

Last quarter, Puma surprised with better than expected sales growth driven by high demand from Eastern Europe, China and Latin America. After the removal of state aid, Puma is likely to resume dividend payments again.

Puma AG
Personal & Household Goods

Market Cap EUR 13.3bn

SELL, PT EUR 75.00 (downside 16%)
Puma SE_initiation

Last quarter, Puma surprised with better than expected sales growth driven by high demand from Eastern Europe, China and Latin America. After the removal of state aid, Puma is likely to resume dividend payments again. In 2021, the group should return to positive growth rates again mainly due to the low base effect of the previous year. Again, strong impulses are expected from online trade. Thus, the outlook for 2021 has brightened in our view with EPS expected to increase 3- fold (eAR), but still far from levels seen back in 2019. However, with a P/E 2021E of over 50x, the expected rebound seems to be too richly priced. Against this backdrop, we initiate coverage with a price target of EUR 75.00. That said, the current valuation seems high even considering the strong competitive positioning of Puma in its markets. We therefore initiate with a SELL recommendation.

Please note that AlsterResearch publishes MiFID II compliant research only. For a detailed discussion on MiFID II, please visit https://www.research-hub.de

PUMA Aktie jetzt über den Testsieger (Finanztest 11/2020) handeln, ab 0 € auf Smartbroker.de

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SRH AlsterResearch AG Initiation: Puma AG - Back on track, but potential valued too high – Initiated with SELL Last quarter, Puma surprised with better than expected sales growth driven by high demand from Eastern Europe, China and Latin America. After the removal of state aid, Puma is likely to resume dividend payments again. In 2021, the group should return to positive growth rates again mainly due to the low base effect of the previous year. However, with a P/E 2021E of over 50x, the expected rebound seems to be too richly priced.

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