Brief Consumer: PUMA and more
In this briefing: PUMA CIE Automotive India Ltd - Operational Moderation Near Term PICK OF THE WEEK: Varun Beverages Ltd - 21st February, 2026 Primer: Minor International (MINT TB) - Feb 2026 YETI: International Strength Drives 4Q EPS Beat; Modestly Raising 2026 EPS Estimate 1. PUMA The consideration is €35 per share in cash, an over 60% premium to the previous days close. You can buy Puma stock for €23 per share currently. That’s a crazy discount! Now to be clear, Anta is not launching a takeover. 2. CIE Automotive India Ltd - Operational Moderation Near Term European Operation - Weak Demand Environment but Consolidation Opportunities: The European forging market remained subdued during Q3FY26, impacted by competitive pressures from low-cost regions and the ongoing transition toward EV platforms, with CY25 sales declining 6% in Euro terms. However, with regional vehicle production expected to remain largely stagnant at 16-17 Mn units through 2030, management anticipates accelerated consolidation among weaker suppliers, positioning the company to gain market share as one of the region's more efficient manufacturers.