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.
24 Mar 17
We note the share transaction yesterday, and think the stock will benefit from the increased liquidity. We continue to believe there is good valuation upside to the shares. However, we are terminating coverage of Watkins Jones from this morning and withdrawing our forecasts from the market.
Outperformance in the bag
24 Mar 17
IG Design has had a very good second half trading and has issued a year-end update indicating that numbers will exceed market estimates. We have lifted our FY17 and FY18 numbers by 8-10% at the pre-tax and EPS levels, following an 11% uplift to earnings with the interims. Particularly notable is the comment on strong cash flow, with the group reaching its target of average leverage less than 2.5x EBITDA two years ahead of plan. With the earnings and cash flow momentum, strong balance sheet and progressive dividend, there is good potential for further share price upside.
Panmure Morning Note 20-03-2017
20 Mar 17
Today’s strong H1FY17 trading statement is encouraging on multiple levels; (1) H1FY17’s revenue growth of c.+23% to £32m indicates revenue growth running well above our forecast assumption of +15% for FY17 (August 2017); (2) the revenue growth continues to be broad-based across the two main brand groups (Focusrite and Novation) and all of TUNE’s global regions (USA, Europe, and RoW); (3) H1FY17’s constant currency revenue growth of c.+12% is a sequential acceleration from the c.+9.5% of H2FY16 and c.+5.5% of H1FY16; and (4) H1FY17’s net cash of £9.4m is well ahead of our forecast of £7.7m by August 2017, reflecting strong revenue/profit conversion combined with much improved w/c control. In short, we think there is excellent scope for our FY17 forecasts to be raised at the time of the H1FY17 results on May 3. We maintain our BUY.
20 Mar 17
Focusrite has positioned itself in a way that makes its shares a particularly attractive investment: leadership in a niche product area protected from general consumer swings; an international market structure that makes it relatively currency agnostic; a habit of profit over delivery; a strong and further strengthening balance sheet; and an undemanding valuation. This first half trading statement confirms every one of those points.