PUMA SE (PUMG.DE): We revisit gross margin analysis and summarize investor feedback post our recent upgrade to Buy

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PUMA SE (PUMG.DE): We revisit gross margin analysis and summarize investor feedback post our recent upgrade to Buy

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19 Jun 2026 00:00:00 ET │ 18 pages

PUMA SE (PUMG.DE)

We revisit gross margin analysis and summarize investor feedback post

our recent upgrade to Buy

CITI'S TAKE

Updating to reflect further analysis following investor meetings on our PUM Buy

upgrade. Conversations with investors focused on three areas: (1) Feasibility of

our China growth assumptions; (2) Upside risk to our FY26e gross margin Price (18 Jun 26 09:44) €27.63

forecast from clearance activity; (3) Concern around the potential for PUM to Target price €35.00

undertake a dilutive equity raise, given Amer’s track record. In this context, we Expected share price return 26.7%revisit our gross margin bridge and update our analysis of potential tailwind

from clearance based on new assumptions on takebacks, resulting in our Expected dividend yield 0.0%

FY26e GM forecast rising +70bps to 48.0% (VA cons 46.7%). Elsewhere, we Expected total return 26.7%

trim our 2Q26e cc growth forecast to -7.8% (cons -4.7%) reflecting the Market Cap €4,089Mreduction of undesirable business in NAM. In reality our forecasts are broadly

unchanged, with FY26e adj. EBIT from -€58m to -€37m and FY27e EBIT from US$4,745M

€217m to €241m. However, our FY26e/27e EPS moves materially (+5%/+39%)

on these small changes. Buy with unchanged €35 TP.

APAC investor base most comfortable with China upside — Based on our Price Performance

conversations, we noted that investors based in APAC (who were most familiar with (RIC: PUMG.DE, BB: PUM GR)

Anta’s very strong operational execution in China) were most confident in PUM’s China

growth potential. For these clients, we believe it is a question of when the European