Puma SE

PUM: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€56.20	Hrjs	Xtwrjkzx

Puma: Soft Outlook for 2024 Is Bigger Issue Than Argentina Devaluation; Shares Slightly Undervalued

David Swartz

Jan 24, 2024

No-moat Puma issued preliminary 2023 fourth-quarter results and initial 2024 guidance below our forecast, sending its shares down 10% on Jan. 24. The fourth-quarter results were negatively affected by the 54% devaluation of the Argentine peso in December, while the 2024 outlook disappointed because of depressed consumer demand and macroeconomic challenges. We expect to reduce our fair value estimate of EUR 49 on Puma’s shares by a mid-single-digit percentage but now view them as slightly undervalued after their roughly 30% drop over the past month.

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