Puig Brands S.A. (PUIG.MC) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-34.4%

€12.82

vs €19.56 price

Levered DCF

€17.03

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.16

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	14.16×	18.2×	29.88×	35×	62.82×	-204.17×	61.25×	56.98×
P/B	2.15×	2.73×	14.62×	14.7×	13.35×	0×	0×	0×
P/S	3.57×	2.01×	3.22×	3.84×	5.37×	9.04×	6.85×	7.19×
EV / EBITDA	8.99×	11.04×	17.68×	23.03×	28.68×	0×	0×	0×
Gross margin	36.5%	74.9%	74.8%	70.5%	68.8%	66.9%	71.9%	72.9%
Operating margin	34.6%	12.8%	16.0%	14.8%	13.6%	66.9%	16.4%	19.8%
Net margin	25.3%	11.1%	10.8%	11.0%	8.6%	-4.6%	11.1%	12.5%
Current ratio	1.12×	1.36×	1.4×	1.64×	1.57×	0×	0×	0×
Debt / equity	0.53×	0.58×	2.59×	2.21×	1.13×	0×	0×	0×
Interest coverage	13.17×	7.97×	8.08×	8.35×	4.99×	0×	0×	0×
Dividend yield	2.5%	2.0%	1.3%	1.0%	0.1%	0.0%	0.0%	0.0%
Payout ratio	35.8%	36.3%	39.0%	33.0%	9.3%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	15.2%	15.0%	49.0%	42.3%	21.2%	0.0%	0.0%	0.0%
Return on invested capital	1.2%	6.5%	8.4%	7.0%	4.6%	0.0%	0.0%	0.0%
Return on assets	6.9%	6.2%	6.0%	5.6%	4.3%	0.0%	0.0%	0.0%
Free cash flow yield	9.0%	5.7%	2.7%	1.9%	3.1%	0.0%	0.0%	0.0%
Earnings yield	7.1%	5.5%	3.3%	2.9%	1.6%	-0.5%	1.6%	1.7%
Enterprise value	€9.4B	€10.8B	€15.5B	€15.3B	€14.4B	€0	€0	€0
Net debt / EBITDA	1×	1.2×	1.83×	2.08×	0.97×	0×	0×	0×
Cash conversion cycle (days)	227	199	246	181	142	0	0	0