The puma is still struck

Advertising. Do you know Ruda? That was how Rudolf Dassler actually wanted to call his company, founded in 1948. With his two years younger brother Adolf, called Adi, he had overthrown himself and now both went their own business and divided their family and their place of birth, Herzogenaurach, into two camps. Some followed Adi Dassler into his new company Adidas. The others followed Rudolf Dassler, who, instead of Ruda, remembered his nickname when he was a teenager and then made it his company name: Puma. Legends such as Armin Hary, Pelé, Eusébio, Johan Cruyff, Guillermo Vilas, Diego Maradona, Boris Becker and of course Lothar Matthäus, whose parents were employed by Puma, achieved great success in the brand.

At the beginning of the nineties, Puma experienced a deep crisis, which was successfully overcome thanks to Jochen Zeitz, who was appointed in 1993 and was just 30 years old at the time. The main success factor was the broadening to the fashion and lifestyle sector. Because sports shoes have become more than just a means of physical exercise, customers use them as fashion accessories and lifestyle statements, making the brand an important competitive factor.

After a few strategic changes at the beginning of the 2010s, since Björn Gulden took over as CEO in 2013, the focus has been on four core areas: football, running and training, golf and motorsport. With 46%, shoes are still the most important source of sales in the group. Clothing accounts for 38% and accessories for 16%. Although lifestyle products remain an important factor, their share of sales in the individual divisions are neither specified in the Annual Report 2019 nor in the investor presentation for the first quarter of 2020. But you have to admit that a topic has appeared on the agenda that will have a strong influence on the previous and the rest of 2020: Corona.

With a 1.5 percent decline in sales in the first quarter of 2020, Puma was still relatively unaffected by the pandemic. In the second quarter, however, a significant decline in sales of around 40 percent is expected and a loss has become much more likely. Nevertheless, the company has started to be more optimistic again after its dividend suspension and the securing of an additional 900 million euro credit line. The stock exchange newspaper CEO Björn Gulden quotes when presenting the figures for the first quarter at the beginning of May with the words: “We will go through three phases: survive the crisis, recover and grow again.”

Puma will still be in phase 1 until the final Q2 figures are presented on July 29th. The necessary homework has been done, but the global end of lockdowns and the resumption of the economy are still pending . In addition, particularly in the important US market, high unemployment and the lack of success in combating the pandemic have hindered expansion there in subsequent quarters. The upside potential of the Puma share in the coming months therefore appears to be limited.

5.0 percent p.a. Fixed interest rate and 15 percent final buffer after one year

The DekaBank 5.0% PUMA Reverse Convertible 08/2021 (WKN DK0XM9) pays a fixed interest rate of 5.0% p.a. based on the nominal amount (EUR 1,000.00). In order for the repayment to be made at the nominal amount, the Puma share on the valuation day (08/12/2021) must be at least at or above the base price (85.00 percent of the starting value).

Otherwise, there is a risk of repayment losses because, instead of the nominal amount, Puma shares with a lower value are transferred to the investor at 85% of the starting value. In addition, the Reverse Convertible, like any other bond, is exposed to the total issuer risk. Accordingly, especially in the event of DekaBank’s insolvency, there could be losses up to the total loss of the invested nominal amount.

The subscription runs from July 27, 2020 to August 14, 2020, subject to an extension or shortening.

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Disclaimer: The information contained herein does not constitute a recommendation to buy or sell the financial instrument and cannot replace individual advice. This promotional information does not contain all relevant information about this financial instrument. Before making an investment decision in certificates, potential investors are advised to read the prospectus in order to fully understand the potential risks and opportunities of the investment decision. Approval of the prospectus by the competent authority should not be understood as an endorsement of the securities offered. The securities prospectus and any supplements can be found at under the tab “EPIHS-I-20”, the final conditions under can be downloaded. All securities information and the current basic information sheet are also available from your Sparkasse or DekaBank Deutsche Girozentrale (, 60625 Frankfurt available free of charge. You are about to purchase a product that is not easy and can be difficult to understand.

If courses / prices are mentioned, these are subject to change and do not serve as an indication of tradable courses / prices. The values ​​mentioned here serve to explain the payment profile of this financial instrument. The values ​​are not a reliable indicator of future performance.

Sales restriction: Reference is made to special sales restrictions and sales regulations in the various legal systems. In particular, the financial instruments described herein may not be offered for purchase or sale within the United States or to or in favor of U.S. persons.


Rating from 25.09.2019, more information at

As head of the Deka Group’s Private Banking, Product Management and Product Sales unit, Hussam Masri is responsible for the product development and product management of mutual funds, asset management and pension products, certificates and private banking.

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