Puig Brands, S.A. (ES:PUIG)
BME:PUIG
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Puig Brands, S.A.
(BME:PUIG)
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Rating:71Outperform
Price Target:
€19.50
▲(11.56% Upside)
Action:ReiteratedDate:03/25/26
The score is driven primarily by solid fundamentals—strong growth, resilient profitability, and improving cash generation—tempered by balance-sheet leverage history. Valuation is supportive at a mid-range P/E with a modest dividend, while technical signals are positive on trend (price above DMAs) but lack strong momentum (negative MACD).
Positive Factors
Revenue growth & cash generation
Puig has delivered multi-year revenue expansion alongside rising operating and free cash flow in 2024–2025. Sustained top-line growth plus stronger cash conversion supports ongoing brand investment, new launches, and steadier funding of capex/dividends without relying on fresh debt.
Negative Factors
Historical high leverage
Puig's recent improvement masks a recent episode of aggressive gearing (debt-to-equity >2x in 2022–2023). That history shows the capital structure can re-lever quickly and amplifies downside risk if revenue or cash flow weaken, limiting margin for error.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue growth & cash generation
Puig has delivered multi-year revenue expansion alongside rising operating and free cash flow in 2024–2025. Sustained top-line growth plus stronger cash conversion supports ongoing brand investment, new launches, and steadier funding of capex/dividends without relying on fresh debt.
Read all positive factors
Puig Brands, S.A. (PUIG) vs. iShares MSCI Spain ETF (EWP)
Market Cap
€9.85B
Dividend YieldN/A
Average Volume (3M)1.29M
Price to Earnings (P/E)14.1
Beta (1Y)0.55
Revenue GrowthN/A
EPS GrowthN/A
CountryES
Employees10,685
SectorConsumer Defensive
Sector Strength42
IndustryPersonal Products & Services
Share Statistics
EPS (TTM)0.67
Shares Outstanding174,819,670
10 Day Avg. Volume1,184,934
30 Day Avg. Volume1,290,930
Financial Highlights & Ratios
PEG Ratio1.98
Price to Book (P/B)2.15
Price to Sales (P/S)1.66
P/FCF Ratio11.06
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€19.28Price Target Upside10.30% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering4
EPS Forecast (FY)1.11
Revenue Forecast (FY)€5.22B
Puig Brands, S.A. Business Overview & Revenue Model
Company Description
Puig Brands SA is a holding company, which engages in the manufacturing and sale of fragrance, fashion, and beauty products. It operates through the following segments: Fragrance and Fashion, Make-up, and Skincare. The Fragrance and Fashion segmen...
How the Company Makes Money
Puig makes money mainly by selling branded prestige products—especially fragrances—into global beauty distribution networks. Its revenue model is built on (1) wholesale sales to distributors, department stores, specialty beauty retailers, and othe...
Puig Brands, S.A. Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
66
Positive
Cash Flow
78
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 5.04B | 4.79B | 4.30B | 3.62B | 2.59B |
| Gross Profit | 3.55B | 3.59B | 3.22B | 2.55B | 1.78B |
| EBITDA | 1.05B | 979.81M | 876.69M | 663.21M | 500.81M |
| Net Income | 593.70M | 530.65M | 465.21M | 399.49M | 221.04M |
Balance Sheet | |||||
| Total Assets | 8.55B | 8.60B | 7.71B | 7.12B | 5.09B |
| Cash, Cash Equivalents and Short-Term Investments | 1.04B | 884.43M | 852.90M | 710.05M | 692.66M |
| Total Debt | 2.08B | 2.05B | 2.46B | 2.09B | 1.18B |
| Total Liabilities | 4.64B | 5.07B | 6.75B | 6.16B | 4.04B |
| Stockholders Equity | 3.90B | 3.53B | 949.91M | 944.85M | 1.04B |
Cash Flow | |||||
| Free Cash Flow | 757.49M | 548.77M | 378.56M | 268.15M | 433.81M |
| Operating Cash Flow | 902.60M | 739.69M | 556.47M | 419.73M | 511.02M |
| Investing Cash Flow | -89.64M | -1.24B | -286.65M | -1.05B | -144.99M |
| Financing Cash Flow | -653.54M | 538.35M | -98.01M | 644.54M | -342.25M |
Puig Brands, S.A. Technical Analysis
Positive
17.48
Price Trends
16.29
Positive
15.69
Positive
15.49
Positive
Market Momentum
0.43
Negative
61.03
Neutral
57.70
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ES:PUIG, the sentiment is Positive. The current price of 17.48 is above the 20-day moving average (MA) of 16.28, above the 50-day MA of 16.29, and above the 200-day MA of 15.49, indicating a bullish trend. The MACD of 0.43 indicates Negative momentum. The RSI at 61.03 is Neutral, neither overbought nor oversold. The STOCH value of 57.70 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ES:PUIG.
Puig Brands, S.A. Peers Comparison
UnderperformOutperform
Sector (62)
ES:PUIG
Puig Brands, S.A.
17.48
3.34
23.62%
ES:HBX
Hbx Group International Plc
6.87
-0.61
-8.16%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.