Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on PUMA SE. We currently have 7 research reports from 1 professional analysts.
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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.
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.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
Share & share alike
14 Feb 17
The rally in the last fortnight, highlighted in the table, reflects a continued flow of positive updates and economic news. The FTSE 250, Small cap and Fledgling indices have reached record highs. We are in the lull ahead of results for those companies with a December year end, a welter of economic data regarding the UK economy, the State of the Union address in the US on 28 February and the UK Budget on Wednesday 8 March. We will learn at that stage the latest forecasts from the Office of Budget Responsibility. As highlighted previously, the reaction to corporate updates will continue to set the tone.
Small Cap Breakfast
16 Feb 17
Saffron Energy—Schedule One update. Raising £2.5m, expected Mkt Cap £7.7m. Admission due 24 Feb. Italian Oil & Gas Play Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Issue closing 23 Feb. Arix Bioscience — Intention to float on the main market from the global healthcare and life science Company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management
13 Feb 17
Surface Transforms* (SCE): H1 results confirm operational progress (CORP) | Premaitha Health* (NIPT): European diagnostics partnership (CORP) | Lok'nStore* (LOK): Filling existing stores, developing new ones (CORP) | Victoria* (VCP): Entry into the European flooring market (CORP) | eg solutions* (EGS): Exceptional H2 performance (CORP)