Puma (PUM GR) Germany
Consumer Discretionary
Firing on all cylinders - PUM has outperformed its peers over recent quarters through a successful relaunch strategy leveraging on running, performance and lifestyle wear. The company is making strong progress in building up more brand desirability and product heat. It has continued to gain momentum, thanks to its commitment to quality, innovation and the right collaborations with leading athletes and fashion icons. Despite the progress (PUM continues to be well on track for 10% EBIT margin by 2025), the valuation gap vs. adidas has widened on an EV/Sales basis to 31%, which Alex Dwek believes is unjustified. TP €80 (40% upside).
Edition: 174
- 24 November, 2023
Analysing share transactions made by directors & senior employees
Identifying ‘Smart Insiders’ enables clients to generate alpha. Recent highlighted transactions include…
Puma (PUM GR) - Bjorn Gulden (CEO) purchases €512,000 at €63.99, taking advantage of recent share price weakness - he is a rare buyer and previous purchases have been timely.
Watches of Switzerland (WOSG LN) - Two directors make their largest purchases. Teresa Colaianni increases her stake by 56% and Robert Moorhead by 42%.
Kezar Life Sciences (KZR US) - Franklin Berger purchases $1.3m of stock at $16.25. He has a great record in Essa Pharma, another company where he is a director. Interesting to see him making this large purchase given the stock has more than doubled in a year.
Edition: 132
- 01 April, 2022