Rankings Food, drinks & restaurants Puig
Puig
75
15070100
A view of the same findings, not a new score. How it works
A strong score: the model found few serious problems, but analysts see limited upside from here.
Biggest deductions
- Quality of growth−3
- Governance and control−3
- ROIC−2
Strengths
- Growth in Asia+1
- Pricing power+1
How the score is built
From 100 to 75, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 19.52 EUR
- Median analyst target
- 21.55 EUR
- Upside to median
- +10.4%
- Analysts
- 16
- Target range
- 16.00 – 24.40 EUR
- 52-week change
- +31%
- P/E (trailing)
- 18.9
- Forward P/E
- 16.9
- PEG
- 2.17
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−8 of −30
- −3Quality of growthRevenue growth has fallen from 18.9% (2023) and 11.3% (2024) to 5.3% in 2025 and only 1.1% reported TTM; H1 2026 +4.4% comparable, but −2.1 pp in currency. Analysts expect only 3.7% growth in 2026 and operating profit on a par with 2025.
- −2ROICROIC has fallen from 21.8–22.3% in 2022–2023 to 16.1% (2024), 13.5% (2025) and 10.9% TTM, after acquisitions (Charlotte Tilbury, Byredo and others) have filled the balance sheet with goodwill; tangible equity is negative (P/TBV n/a).
- −1MarginOperating margin 16.6% TTM – better than Beiersdorf but below L'Oréal's 20–21%; the net margin of 11.4% has risen only slightly from 11.0% in 2022.
- −2Capital allocationBought a further 6.5% of Charlotte Tilbury for EUR 260m (ownership 85%) in the middle of a reformulation of the brand; acquisitions of EUR 372m TTM have lifted net debt to EUR 1.59bn and net debt/EBITDA to 1.6x from 0.75x at year-end.
Price
Today's multiples against the company's own history and its peers. · 2 findings−3 of −35
- −2Multiples vs own historyTrailing P/E 17.3 vs. 14.1–18.9 and forward P/E 15.6 vs. 13.5–16.2 in 2024–2025; EV/EBITDA 10.5 vs. 10.3–13.5. Mid-range of a short interval (only two years as a listed company) after +26% over a year.
- −1FCF yieldFCF after leases of about EUR 487m gives a yield of about 4.8% of the market cap of EUR 10.1bn; EV/FCF 20 due to net debt, and FCF fell 11% TTM.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−8 of −35
- −3Governance and controlOnly the B shares (about 170m of 563m shares) are listed, and free float is about 141m shares; the Puig family has control via A shares with enhanced voting rights, so minority shareholders effectively have no influence.
- −2Strategic unrestMerger talks with Estée Lauder (confirmed in March) collapsed on 21 May 2026 without a deal, partly due to disagreement over price and a change-of-control clause at Charlotte Tilbury; the stock fell 15% – its largest drop since the IPO.
- −2Execution in skincareSkin care fell 0.3% like-for-like in Q2 due to weaker premium skin care and reformulations at Charlotte Tilbury, which temporarily disrupted sales.
- −1Currency and the Middle EastThe weak dollar took 2.1 pp off reported revenue in H1, and the situation in the Middle East cost about EUR 14m in revenue; net profit fell even though sales rose.
Plus
Only documented strengths. · 2 findings+2 of +15
- +1Growth in AsiaAsia-Pacific grew 20.9% like-for-like in H1 2026, and makeup rose 9.1%; Puig gained market share in fragrance, makeup and skincare.
- +1Pricing powerGross margin has risen every year from 72.9% (2021) to 75.1% (2025), and the adjusted EBITDA margin rose 15 bp to 19.5% in H1 despite currency headwinds.
Caveats
What the score does not capture, or where the data is weak.
Listed in May 2024, so the multiple history covers only 2024–2025. The share price was lifted by the merger talks with Estée Lauder (confirmed 23 March 2026) and fell 15% at the break-up on 21–22 May; the current price is no longer bid-driven, but the 52-week change (+26.5%) is affected by the course of events. Reported net profit in H1 (EUR 263m) is affected by transaction costs; adjusted net profit 260m (+5.2%) – calculations at stockanalysis are on reported figures. FCF after leases (EUR 97m) is about EUR 487m. The share count is unchanged; no plus for buybacks. Industry: no cosmetics/consumer goods category – nearest chosen (like L'Oréal and Beiersdorf).
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