Report published August 27, 2026
Puma (PUMG.DE): Updating Forecasts for Gross Margin and Opex Phasing – Goldman Sachs Research
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- August 27, 2026
- Analysis as of
- August 26, 2026
Authors / editors: Richard Edwards, Ben Williams, Hamish Bogdan
Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Goldman Sachs updates its gross margin and SG&A phasing forecasts for Puma (PUMG.DE) to reflect stronger channel mix and tariff refunds alongside reinvestment plans. The 12-month price target remains unchanged at €33.00 with a reiterated Buy rating.
Key Takeaways
- 1.Goldman Sachs reiterates a Buy rating on Puma with an unchanged 12-month price target of €33.00, implying 32.0% upside from the current share price of €25.00.
- 2.Forecast updates include higher gross margin assumptions driven by channel mix and US tariff refunds, counterbalanced by higher SG&A costs from group investment plans.
- 3.For 3Q26E, the gross margin estimate increases to 48.4% (from 46.2%) and adj. EBIT rises to €0mn (from -€1.7mn); for FY26, gross margin rises to 48.0% (from 47.5%) while EBIT is adjusted to -€110mn (from -€90mn).
Table of Contents
- Key Data
- GS Forecast
- GS Factor Profile
- Ratios & Valuation
- Growth & Margins (%)
- Price Performance
- Income Statement (€ mn)
- Balance Sheet (€ mn)
- Cash Flow (€ mn)
- Financials
- Cash flow and valuation
- Disclosure Appendix
Report data
Exhibit 1: Puma - Quarterly P&L, FY25-26E — as of August 26, 2026.
| Metric | Estimate | Context |
|---|---|---|
| 12-month Price Target | 33.00 EUR | Maintained 12-month target price for Puma (PUMG.DE). |
| Closing Share Price | 25.00 EUR | Puma current share price at time of publication. |
| Expected Upside | 32.0% | Total return upside potential to the €33 price target. |
| 3Q26E Gross Margin Forecast | 48.4% | Gross margin estimate revision for 3Q26E. |
| FY26 Gross Margin Forecast | 48.0% | Full-year 2026 gross margin forecast revision. |
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Authors / Editors
Reported Data Context
- 12-month Price Target: 33.00 EUR (12-month forward) · Source: Goldman Sachs Global Investment Research
- Closing Share Price: 25.00 EUR (2026-08-26) · Source: FactSet
- Expected Upside: 32.0 % (12-month forward) · Source: Goldman Sachs Global Investment Research
- 3Q26E Gross Margin Forecast: 48.4 % (3Q26E) · Source: Goldman Sachs Research estimates
- FY26 Gross Margin Forecast: 48.0 % (FY26) · Source: Goldman Sachs Research estimates
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