Puma Earnings: Preliminary Results and Disappointing 2024 Outlook Confirmed; Shares Attractive

No-moat Puma’s fourth-quarter results and soft 2024 guidance were unchanged from its announcement on Jan. 24 (see our note). As we revised our financial model after that report, we do not expect to make any material changes to our forecast or our EUR 46.50 fair value estimate, leaving shares slightly undervalued. Although the year is off to a slow start, we are encouraged by Puma’s product release plans and the boost it should get from the upcoming UEFA European Championship in its home country of Germany. The firm will provide more details on its strategy at an upcoming investor event.