Puig Brands S.A.

PUIG.MC

Household & Personal Products · Consumer Defensive

Price

€16.74

-0.10 (-0.59%)

Market Cap

€9.43B

Exchange

Madrid Stock Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Puig Brands is a Spanish company that makes perfumes, cosmetics, and fashion products. Its portfolio includes well-known fragrance brands such as Carolina Herrera, Rabanne, Jean Paul Gaultier, and Charlotte Tilbury, as well as skincare lines. The company sells mainly to consumers who shop at department stores, beauty retailers, and luxury boutiques around the world.

Puig earns money by selling its products directly and through wholesale partnerships with retailers. It operates globally, with a strong presence in Europe and the Americas, and generated roughly €4 billion in annual revenue in recent years. The company went public on the Madrid Stock Exchange in 2024, remaining largely family-controlled, which gives it a long-term ownership mindset. Its moat comes from owning recognizable luxury and prestige brands that command premium pricing. The key risk is that consumer spending on luxury beauty products can slow during economic downturns, and competition from larger rivals like L'Oréal and Estée Lauder is intense.

Winston Score History

Share count broadly stable

−0.6% over 4y

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

Diluted shares outstanding: 567.0M (2021) → 563.3M (2025)

Score breakdown

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Quality

Gross Margin

36.9%

Modest — 36.9% gross margin

Operating Margin

36.9%

Excellent — 36.9% operating margin

ROCE

8.5%

Below par — 8.5% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

N/A

—

Data not available

EPS YoY

N/A

—

Data not available

EPS Consistency

N/A

—

Data not available

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Cash Flow

Cash Conversion

146%

Turns 146% of profit into real cash

FCF Margin

15.3%

Converts sales into free cash efficiently (15.3%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.45

Conservative — low debt load (0.45)

Interest Cover

12.01x

Comfortably covers interest (12.0x)

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

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Valuation

P/E Ratio (TTM)

8.4x

Attractive valuation — P/E 8.4

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

-4.9

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield

2.04%

Moderate income — 2.04% yield

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

Dividend Growth

N/A

no trend

Data not available

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