彪马se：等待明确前景

Restricted - External PUMG.DE/PUM GYEQUAL WEIGHTUnchangedEuropean Luxury Goods &Specialty RetailNEUTRALUnchangedPrice TargetEUR 25.00UnchangedPrice (20-May-25)EUR 23.98Potential Upside/Downside+4.3%Source: Bloomberg, Barclays ResearchMarket Cap (EUR mn)3589Shares Outstanding (mn)149.70Free Float (%)68.2952 Wk Avg Daily Volume (mn)0.8Dividend Yield (%)2.55Return on Equity TTM (%)7.19Current BVPS (EUR)17.73Source: BloombergPrice PerformanceExchange-GER52 Week rangeEUR 51.72-18.07Source: IDCLink to Barclays Live for interactive chartingEuropean Luxury Goods & SpecialtyRetailCarole Madjo+44 (0)20 3134 3168carole.madjo@barclays.comBarclays, UKFilippo Croce+44 (0)20 3555 2994filippo.croce1@barclays.comBarclays, UKAnchal Agarwal+91 (0)22 6175 1912anchal.agarwal@barclays.comBarclays, UK Puma Old vs NewFIGURE 1. Puma quarterly regional estimates Old vs NewPuma 2025eActualRevenue (€m)Q1EMEA892Organic growth %5.1%Americas754Organic growth %-2.7%APAC431Organic growth %-4.7%Total Revenue2,076Organic growth %0.1%Source: Company Data, Barclays ResearchFIGURE 2. Puma quarterly P&L Old vs NewPuma 2025eActualRevenue (€m)Q1Sales2,076% growth-1.3%% growth organic0.1%Gross profit975Gross margin %47.0%EBIT58EBIT margin %2.8%Net financial result-42PBT16Tax rate %26.6%Net profit12Minority Interests11Net profit to shareholders0EPS (adj, diluted)0.00Source: Company Data, Barclays Research22 May 2025 Google TrendsFIGURE 6. Puma vs adidas vs NikeSource: Google Trends, Barclays Research22 May 2025 Source: Google Trends, Barclays ResearchFIGURE 10. Puma Palermo6068768492100May-24Jul-24Oct-24Source: Google Trends, Barclays ResearchFIGURE 12. Fenty x Puma by Rihanna4052647688100May-24Jul-24Oct-24Source: Google Trends, Barclays Research22 May 2025 Analyst(s) Certification(s):I, Carole Madjo, hereby certify (1) that the views expressed in this research report accurately reflect my personal views about any or all of the subjectsecurities or issuers referred to in this research report and (2) no part of my compensation was, is or will be directly or indirectly related to the specificrecommendations or views expressed in this research report.Important Disclosures:Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays"). Allauthors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflects thelocal time where the report was produced and maydifferfrom the release date provided in GMT.Availability of Disclosures:Where any companies are the subject of this research report, for current important disclosures regarding those companies please refer to https://publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY10019 or call +1-212-526-1072.The analysts responsible for preparing this research report have received compensation based upon various factors including the firm's total revenues,a portion of which is generated by investment banking activities, the profitability and revenues of the Markets business and the potential interest of thefirm's investing clients in research with respect to the asset class covered by the analyst.Research analysts employed outside the US byaffiliatesof Barclays Capital Inc. are not registered/qualified as research analysts with FINRA. Such non-US research analysts may not be associated persons of Barclays Capital Inc., which is a FINRA member, and therefore may not be subject to FINRA Rule2241 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst’s account.Analysts regularly conduct site visits to view the material operations of covered companies, but Barclays policy prohibits them from accepting paymentor reimbursement by any covered company of their travel expenses for such visits.Barclays Research Department produces various types of research including, but not limited to, fundamental analysis, equity-linked analysis,quantitative analysis, and trade ideas. Recommendations contained in one type of Barclays Research maydifferfrom those contained in other types ofBarclays Research, whether as a result ofdifferingtime horizons, methodologies, or otherwise.In order to access Barclays Statement regarding Research Dissemination Policies and Procedures, please refer to https://publicresearch.barclays.com/S/RD.htm. In order to access Barclays Research Conflict Management Policy Statement, please refer to: https://publicresearch.barclays.com/S/CM.htm.Primary Stocks (Ticker, Date, Price)Puma SE(PUMG.DE, 20-May-2025, EUR 23.98), Equal Weight/Neutral, J/K/NUnless otherwise indicated, prices are sourced from Bloomberg and reflect the closing price in the relevant trading market, which may not be the lastavailable closing price at the time of publication.Disclosure Legend:A:Barclays Bank PLC and/or anaf