Ge Long Hui·2026-01-27 20:45Core Viewpoint - Anta Sports announced its intention to acquire a 29.06% stake in PUMA SE for €1.506 billion, translating to approximately ¥12.28 billion, with a price per share of €35, representing a 62% premium over PUMA's closing price on January 26 [1] Group 1: Acquisition Details - The acquisition will make Anta a minority shareholder in PUMA, allowing it to recognize investment gains and losses [1] - The transaction is based on PUMA's projected net profit for 2024, which implies a price-to-earnings (PE) ratio of 15 times [1] Group 2: PUMA's Current Performance - PUMA faced challenges in 2025, with a revenue decline of 8.5% year-on-year to €5.97 billion and a net loss of €310 million [2] - The management has initiated a series of reform plans, including category focus, channel transformation, and layoffs, aiming for inventory normalization by the end of 2026 and a return to growth in 2027 [2] Group 3: Strategic Importance of the Acquisition - This acquisition marks a significant milestone in Anta's multi-brand globalization strategy, enhancing its brand portfolio alongside existing brands like Fila and Amer Sports [2][3] - PUMA's strong brand presence and historical significance will complement Anta's diverse sports offerings, including football, athletics, and basketball [3] - The acquisition is expected to enhance Anta's market influence and collaboration opportunities with international sports brands, particularly in the Chinese market where PUMA's sales are currently low [3] Group 4: Future Outlook - Anta maintains a positive outlook on its multi-brand and globalization strategy, with earnings per share (EPS) forecasts of ¥4.69, ¥5.10, and ¥5.67 for 2025 to 2027, respectively, and a low valuation PE of 15, 13, and 12 times [4]