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Research Tree provides access to ongoing research coverage, media content and regulatory news on PUMA SE. We currently have 6 research reports from 1 professional analysts.
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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.
Profits continue to fall and cash generation was highly negative
06 Nov 15
Puma’s revenue growth moderated somewhat in Q3 (to +8.5% to €915m) which has brought the ytd number to €2.5bn (+13%). All of the group’s profit numbers continued falling in Q3. As a result, 9M EBIT came in at €85m (-27%) and net earnings at €42m (-40%). Even worse, cash from operations (based on management’s definition) was a negative €202m compared to -€44m a year ago. In fact, 9M positive cash from operations was generated through to 2010, but, ever since, it has been negative after nine months. The latest number is clearly the worst presented up to now. All of Puma’s numbers are short of our expectations.
Puma generated a net loss in Q2 15
24 Jul 15
The company generated revenue of almost €1.6bn (+16%) in H1 15 whereas EBIT fell by 38% to €44m and net profit by 46% to €22m. In fact, revenue growth accelerated in Q2 to 19%, but the profit development deteriorated. Consequently, Puma suffered albeit a small net loss of €3m in Q2, the first loss ever in a second quarter since the beginning of this century. While revenue is just ahead of our expected number of €1.57bn, the two profit numbers are clearly worse.
Panmure Morning Note 01-12-16
01 Dec 16
Consistent with the FY16 trading update/pre-close on September 14, today’s FY16 results are in line with our and consensus underlying PBT expectations of £12.5m (+22.5% YoY). The total FY16 dividend is up 36%, covered 3.4x, whilst net cash is £6.9m (+53%). FY16 represented another good year of execution, and FY17 has started well. The company's business mix is now more diverse across geographies (International accounted for 26% of total sales vs 21% in FY15) and we see CCT’s increasing diversity in retail distribution as both a further risk-mitigation and opportunity driver. We make no changes to our FY17 and FY18 PBT forecasts of £13.5m and £14.5m (albeit, we make some changes to the constituent parts) and introduce a FY19 PBT of £15.5m. We maintain our BUY and TP of 635p.
Strong H2 expected
30 Nov 16
H1 results were in line with expectations with PBT of £9.0m, EPS of 9.9p and DPS of 7.2p. The NAV / share is 253p. We expect the company to have a strong H2 based on its forward sales position and the timing of developments coming through. Telford has a strong balance sheet, a large development pipeline and impressive forward sales position, as well as good levels of demand for its product and geography from a diverse group of buyers. No change to forecasts at this stage.
US$500m to be invested in start-ups by 2026
28 Nov 16
BMW started a venture capital fund in 2011 with an initial investment of $100m. This is now to be expanded to $500m within the next ten years. The fund, called ‘BMW i Ventures’, has been moved from NYC to Mountain View, CA, to have closer access to the technology developed in the Silicon Valley. The investment focus will be on Enabling Technology and Digital Vehicle Technology, Mobility and Digital Services, Customer Experience, and Advanced Production Technology. According to BMW, the fund has closed 15 deals in ‘mobility-related’ technologies so far. It typically acquires a minority stake in start-ups which allows it to gain access to external innovations (so-called ‘outside-in’) that secure the company’s role as a technology pioneer. Simultaneously, it provides support for start-ups by offering internal resources (so-called ‘inside-out’) such as technical expertise and access to its own network of an established car producer.
N+1 Singer - Morning Song 29-11-2016
29 Nov 16
Vp has reported another impressive set of interims, confirming strong growth in most markets and a positive outlook. Recent acquisitions are bedding in well and the full year outturn is set to exceed previous expectations (5%/6% EPS upgrades in FY17/FY18). The recent Capital Markets Day provided a reminder of Vp’s qualities (specialist focus, high returns, strong cash generation) and its growth potential, which in our view are not reflected in a modest <11x P/E rating. We firmly believe the shares are due a re-rating and see intrinsic value in excess of 800p.
Small Cap Breakfast
29 Nov 16
Asia Pacific Investment Partner - the research-driven emerging and frontier markets real estate development business intends to float on AIM and conduct a placing in December RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m Diversified Oil & Gas— Schedule One now out. $60m to be raised. Expected admission 6 December. Creo Medical Group —UK based medical device company focused on surgical endoscopy, a recent development in minimally invasive surgery. Admission due 7 December. Fundraising details TBA.
Joy of Techs
21 Nov 16
ICT evolution is driven by technological development as advances are made which both meet and shape customer requirements. Our 2011 note No such thing as a telco described the modern reality in that former ‘telcos’ now deliver varying elements of a range of managed services. We built on this theme last year, exploring in further detail their evolutionary paths, operating fundamentals, and cashflow yield similarities. In the consumer environment, demand for bundles of technology is complemented by demand for content. Across the pond, the mooted combination of AT&T and Time Warner typifies the bundled need of ‘pipe’ and content, since unbundled alternatives such as FaceTime and WhatsApp can be easier and clearer to chat over, and Amazon and Netflix are easier to watch anywhere. In the UK, BT’s defensive actions cover delivery, content and capabilities, acquiring EE yet also buying football rights. While TV was long ago added to triple play to become quad play, voice is now merely an app, and fixed and mobile seen as just dumb pipes: it's the content that will influence consumer choices. Growth of TV and film as well as music and gaming over IP leads to UK small cap opportunities. In context of the drive to maximise value from pipes and access by offering content and data, we look at some amongst the potential tech small cap beneficiaries: Amino*, Keyword Studios, ZOO Digital*, 7digital*, KCOM* and CityFibre*.