Puma Share Distribution to Shareholders Is Moat-Accretive, Valuation-Neutral
We regard Kering’s distribution of its 70% stake in Puma to shareholders as moat-accretive. We do not make any changes to our fair value estimate, given that shareholders’ economic interests in the two entities will not change. The proposal is open for a vote at the company’s annual meeting in April. After the transaction, Kering will be focused on luxury brands, which we see as more competitively advantaged. Puma and other sports brands contributed 30% to revenue in 2016 but are return-dilutive...
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