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Papoutsanis S.A.

PAP.AT
54
Household & Personal Products · Consumer Defensive
Price
€3.50
+0.02 (+0.57%)
Market Cap
€94.8M
Exchange
Athens Stock Exchange
Winston Score
54
Winston is curious
Mixed quality — meaningful strengths and weaknesses.
Data as of Jul 28, 2026 · filings through Mar 31, 2026

Papoutsanis S.A., established in Chalcis, Greece, in 1870 (originally Plias SA), stands as a significant manufacturer and supplier of a wide array of soaps and liquid cosmetics. Their comprehensive product line includes personal care essentials such as shower gels, shampoos, hand washes, facial cleansers, body lotions and oils, hair conditioners, masks and oils, hand creams, and an assortment of soaps ranging from bar soaps to liquid soaps, foam baths, and shaving foams. The company also produces antiseptic hand gels and disinfectants. In addition to finished goods, Papoutsanis manufactures bulk materials like soap noodles, syndets, and melt and pour items. Beyond personal care, they offer a diverse collection of accessories and hotel amenities, including dental and shaving kits, shower caps, sewing kits, vanity sets, combs, amenity trays, glass caps, shoe-shine sponges, shoe horns, mitts, bath sponges, slippers, and display stands. These products are marketed under a variety of distinct brands, namely AHAVA, Aromatics, Eau De Grece, Glycerine Soap, Good to declare, Karavaki, Natura, Olive Care, Olive Soap, Olivia, Olivia Fusion, Olivia Thinks, Papoutsanis, Papoutsanis For Kids, Sarbacane, and Skin Essentials. Although headquartered in Greece, the company boasts a robust international presence, distributing its goods across Europe, the United States, Asia, Oceania, and other global markets.

Winston Score History

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-4.1% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-6.5% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$996,593/ year

Flat (+2% vs prior year)

1.2% of revenue

Below sector average (2%)

Steady R&D investment year-over-year

Cash Runway

~4 months

$3M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Short runway — potential dilution ahead through share issuance

Cash watch

Papoutsanis S.A. has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

0.7% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 27.0M (2021) → 26.8M (2025)

Score breakdown

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Quality

Gross Margin
33.5%
Modest — 33.5% gross margin
Operating Margin
8.1%
Modest — 8.1% operating margin
ROCE
2.2%
Weak — 2.2% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY
+14.4%
Fast-growing sales (14.4% YoY)
EPS YoY
+6.2%
Modest earnings growth (6.2% YoY)

Single-digit earnings growth — steady but not exciting.

EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion
176%
Turns 176% of profit into real cash
FCF Margin
6.2%
Modest free cash flow (6.2%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity
0.65
Moderate — manageable debt (0.65)
Interest Cover
8.51x
Comfortably covers interest (8.5x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)
15.3x
Fair value — P/E 15.3

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward
+3.7
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (15.3 → 11.7)

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Dividends

Dividend Yield
2.60%
Moderate income — 2.60% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth
+38.3%
Dividend growing fast (38.3% YoY)

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