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Fundamental pairs trade of Adidas and Puma - macroeconomic and industry analyses

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Summary:This thesis explores a fundamental pairs trade strategy of adidas and PUMA. Macroeconomic and industry analyses highlight regional economic trends, inflation, and demographic shifts impacting both companies. The expanding global sportswear market, driven by Emerging Markets, athleisure demand, and sustainability trends, faces external and sector specific challenges, requiring strategic adaptation to maintain competitiveness. The valuation emphasizes PUMA’s undervaluation and growth potential versus adidas’ overvaluation and higher risk. The long PUMA, short adidas strategy proves robust, offering investors a promising opportunity for risk reduction and relative returns.
Main Authors:Kreitz, Laura
Subject:Fundamental Pairs Trade Adidas PUMA Global economy Macroeconomic indicators Global sporting goods industry Market drivers and trends Competition Product segmentation Athleisure Company valuation Discounted cash flow Scenario analysis Risk management Investment proposition
Year:2025
Country:Portugal
Document type:master thesis
Access type:open access
Associated institution:Universidade Nova de Lisboa
Language:English
Origin:Repositório Institucional da UNL

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