Conclusion: air jordan 4 Bad news priced into the stock. We expect the rerating to Air Jordanbe driven by bottom line recovery in 2010. We reiterate our valuation range of 2009 results: Sales down 2.5% to down 3.7% like for like (9% in Q4). Net earnings, including restructuring charges, down to (vs 2008). Guidance 2010: Improvement in net result. Sales decreased by 3.7% excluding forex, implying a sharp 10% decline in Q4. The decline was more pronounced in Europe, but air jordan 11 legend blue for sale also in Asia, while the US market resisted quite well with sales down air jordan 11 for saleonly 1%. We expect Bulls Over Broadway 10s sales growth in 2010 to be slightly positive, helped by Easier comps in H2. According to management, stores closures had a 4% Air Jordans For Sale negative impact on sales last year. 2010 will be again affected, but to a lesser extent (low single digit). Better visibility on the cost side. Despite lower sales, Puma lost only 50bp gross margin in 2009 (51.3%), while EBIT margin eroded by 90bp to 13% of sales. Interestingly, Q4 reported more than 400bp and 300bp gain in Gross and EBIT margin. Puma identified additional initiatives in Q4 leading to total cost of (65% cash35% non cash) in order to optimize the retail portfolio (18% of sales), jordan xx9 shoes the organizational structure and the reengineering of operational processes. As a result, we expect sales and net earnings to reach and respectively, slightly exceeding 2008 profits. Positive cash management to allow share Jordans For Sale buy back. Puma trades at 13.6xP/E and 7.2xEV/EBITDA based on 2010 estimates (vs 14.8x and 8.2x respectively for Adidas). FCF yield amounts to 8%. Our DCF suggests a valuation of per share. 
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