Puma shares fall in Frankfurt as the commercial director’s resignation takes its toll

(Il Sole 24 Ore Radiocor) - Puma stumbles again on the Frankfurt Stock Exchange at the close of a week of falls. The sports goods manufacturer’s share price has fallen by 9 per cent over five trading sessions. The sell-off in the final session of the week was triggered by the announcement of the resignation of the commercial director Matthias Baumer, who has decided to step down from his role and his position on the management board on 30 September for personal reasons. The Chairman of the Board of Directors, Arne Freundt, will take on the role of Head of Sales and Retail Outlets for the group on an interim basis.

Baumer, who has been with the company for 20 years, will remain with the group as an adviser and will continue to represent Puma on the supervisory board of Borussia Dortmund. “I would like to thank Matthias for his commitment to the brand, demonstrated through various roles within the company, as well as for his contribution to our three-year transformation process. I am delighted that he has agreed to continue supporting us as an adviser,” said Freundt.

In recent days, the share price has been affected by analysts’ comments. HSBC believes that Puma, like its competitors, will be affected by the challenging economic environment, which has already led to second-quarter profits falling short of expectations. The bank’s analysts have therefore revised downwards their revenue and operating profit forecasts for 2026, bringing them into line with the average of the targets set by management, whereas previously they had been targeting the upper end of the range.

HSBC forecasts a 3.5 per cent fall in turnover at constant exchange rates this year, in line with the group’s target of a decline of between 0 per cent and 5 per cent (excluding 5 per cent), along with an operating loss of €100 million, a figure also in line with the official target of a loss of between €50 million and €150 million. Consequently, the bank has lowered its target price from 35 to 34 euros, whilst reiterating its ‘buy’ recommendation on the share, remaining convinced, however, of the prospect of a gradual improvement in the company’s performance in the second half of 2026, before a return to growth expected in 2027.

There is also anticipation regarding a possible meeting with investors , perhaps in early 2027, which could help define the strategic direction following the acquisition of a 29 per cent stake by the Chinese group Anta, which bought the stake from the Pinault family. UBS has confirmed its ‘Neutral’ recommendation on the share with an unchanged target price of €25.50. On the shareholder front, an announcement was made on Thursday 10 September stating that, as of 4 September, Morgan Stanley holds 5.09 per cent of the group’s voting rights, compared with 4.9 per cent in the previous announcement.