| Summary: | This dissertation was made with the aim of presenting a valuation of one of the biggest players in the sportswear industry - PUMA Group. The main goal was to propose a Fair Value for PUMA’s share in a way of giving a recommendation of buy, hold or sell to the investor comparing with the market value as 30th December 2017. Consequently, it is provided a brief introduction of all the methods and concepts which are commonly used in equity valuation models such as the one presented in this dissertation. Therefore, it is presented a short company review as well as afterwards the industry overview, where is explained not only macro but also microeconomic factors which PUMA Group relies on, to succeed in this competitive industry and then clearly figured out why the company is following a good path as assigned by them. Lastly, follows the valuation models in which the dissertation was based on. The first model accomplished was a DCF approach to value the share of PUMA Group and last but not the least, this valuation was finished with a relative valuation approach. Bringing up rear, the last chapter run through what are the main topics to retain. The current dissertation presents a BUY recommendation with a 29% upside deviation from the market value of the share as 30th December 2017, with a Fair Value of €468.18 per share even though there are some divergences invoked regarding the JP Morgan Cazenove’s analyst investment notes.
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