Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on PUMA SE. We currently have 8 research reports from 1 professional analysts.
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Management raises full-year guidance
13 Apr 17
Preliminary Q1 17 numbers show an 18% revenue increase to just above €1bn and a 70% EBIT increase to €70m. The revenue growth rate is substantially higher than what we expect for H1 (+5.5%), while the EBIT growth rate is moderately higher (+42%). As Puma is no longer releasing full Q1 and Q3 accounts (i.e. no cash flow statement), we no longer project numbers for these quarters. As a result of the above, management has raised its full-year guidance. Instead of a currency-adjusted sales increase of a ‘high single-digit’ it now expects a ‘low double-digit’ increase. EBIT is now projected to come inbetween €185m and €200m instead of between €170m and €190m. Our current EBIT number for 2017 is €163m.
Sizeable share of net earnings go to minority shareholders
09 Feb 17
Puma’s P&L shows numbers down to the pre-tax level which were very much in line with our expectations. Turnover increased by 7% to €3.63bn and EBIT was up by 3% to €128m. Our forecasts were €3.59bn and €123m. While pre-tax earnings were exactly in line (€119m), net profit after minorities of €62m was clearly lower than our €66m. Instead of a dividend increase from €0.50 to €1.00 as we had anticipated, it is only increased to €0.75.
Reasonable Q3 numbers
11 Nov 16
Revenue and profit growth has accelerated in Q3 compared to H1 16. Puma’s sales were up by 8.3% to €991m in the last quarter which brought the 9M number to €2.67bn (+6.4%). The respective EBIT numbers were +47% to €60m and +33% to €114m and the net profit numbers were +98% to almost €40m and +61% to €67m.
Profitability has finally stabilised
27 Jul 16
Puma’s revenue growth accelerated from Q1 16 (+3.8% to €852m) to Q2 (+6.9% to €826m) and so did profits. EBIT was up by 10% in Q1 (to €41m) and by 75% (to €12m) in Q2 and the bottom line showed an increase of 4% to €26m in the first quarter and a turnaround from a loss of €3.3m in Q2 15 to a profit of €1.6m in the last quarter. While the revenue number is just short of our expectation, the profit numbers are slightly higher.
Q1 16 could have been slightly better
29 Apr 16
Puma shows revenue growth of 3.8% to €852m for the last quarter and the profit numbers are also slightly up (EBIT: +10% to €41.3m, net profit: +4.0% to €25.8m). While the sales number is very much in line with what we had expected, the profit numbers are slightly short.
First negative cash flow from operations in the current century
18 Feb 16
Based on management’s definition, cash from operations was a negative €37m in 2015. This is the first negative number in the current century with the previous low of a positive €44m generated in 2001. As a result, net cash fell from €382m at the end of 2014 to €325m. Puma’s revenue was up by 14% to slightly less than €3.4bn in the last year, while EBIT fell by 25% to €96m. Net profit after minorities was down by 42% to €37m. Management proposes an unchanged dividend of €0.50. While sales were slightly higher than our expected €3.33bn, EBIT (€100m was expected) and net earnings (€41m) fell short. The dividend is in line with our forecast.
19 Apr 17
Lombard Risk Management* (LRM): Beats demanding growth and profit forecasts (CORP) | Frontier Developments* (FDEV): Steaming ahead (CORP) | Tax Systems* (TAX): Right place, right time (CORP) | Acal (ACL): Stronger H2 and brighter outlook (BUY) | Fenner (FENR): Interim results signal upgrades (BUY) | Minds + Machines* (MMX): US and Europe domain sales (CORP)
UK Housebuilding Sector: Q1 2017
10 Apr 17
Baron King of Lothbury, also known as Mervyn King former Governor of the Bank of England, is married to Barbara, a Finnish lady. She was his girlfriend in 1970 but distance and steam-driven telecoms conspired to keep them apart. Barbara went on to marry someone else and divorce - before being reunited with King in the late 1990s. They married in 2007 and King, who had never had children, was presented with two step-children and four grandchildren; and, in a Sunday Times interview, he quoted the Finnish apothegm “Grandchildren are the dessert of life”.
Mature market growth still negative, despite beat in Q1
20 Apr 17
Unilever (ULVR LN, HOLD, T/P 3800p) released their Q1 trading statement this morning – Q1 underlying sales grew 2.9%. Turnover increased 6.1% to €13.3bn, in front of Bloomberg consensus of €13.2bn. Despite trading market conditions being described as tough, Unilever grew pricing by 3.0%, but saw volume declining 0.1%.
Northland Capital Morning Report
02 Dec 15
Divergence looks set to dominate the final month of 2015 and set the tone for 2016. The European Central Bank is widely expected to extend its QE economic stimulus programme and could reduce its overnight deposit rate further in an attempt to boost inflation, and more stimulus could come from Japan and China. Meanwhile the Federal Reserve is now expected to lift rates from historic lows. Higher US rates will impact not only the cost of capital in the US but also emerging markets where growth remains much weaker and leverage high. The move by the ECB is unlikely to have a major impact, however, as it is an extension rather than a new tool and the headlines continue to be dominated by politics rather than financial markets (Isis, the refugee/migrant crisis, tensions between Russia and Turkey etc). The respective moves are likely to further weaken the euro in 2016. The UK sits somewhere in the middle. November’s Autumn Statement saw the Chancellor drop his tax credit reduction plans and benefit from a surprise £27bn improvement in the Office for Budget Responsibility’s five year public finances forecast, based on higher tax revenue and lower debt interest. The general shift away from austerity, the protection of tax credits and increased minimum wage should ensure further economic growth.