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After a few months since our last update and ahead of the Q1 2023 results on April 26th, here at the Lab, we decide to make some modest changes to Puma (OTCPK:PMMAF) forecasts and reiterate our
Puma: Long-Term Story Intact
Summary
- Puma brand momentum is a positive catalyst and better supports the company's inventory management.
- In China, the company managed to outperform Adidas as well as Nike.
- Puma is still trading at a depressed valuation vs its closest peers. Our buy rating is then confirmed.
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