Puig Brands SA Ordinary Shares - Class B

PUIG: XMAD (ESP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Puig: Fragrance Strength Fuels Sales Expansion but Skincare and Makeup Growth Still in Early Stages

Dan Su

Jan 31, 2025

No-moat beauty product maker Puig posted a solid 2024 sales update that slightly exceeded our expectations. Full-year revenue of EUR 4.79 billion was up 11% like for like, edging our EUR 4.75 billion forecast, which we attribute to outperformance in its core fragrance category (sales up 14% versus our 10% estimate). The strong sales report gives us confidence that our 2024 projection for 12% adjusted EBITDA growth remains on track, and we plan to maintain our EUR 23 fair value estimate, rendering shares attractive. The company is scheduled to release full results on Feb. 27.

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Puig Brands SA Ordinary Shares - Class B

Puig: Fragrance Strength Fuels Sales Expansion but Skincare and Makeup Growth Still in Early Stages

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