Puig Brands SA Ordinary Shares - Class B

PUIG: XMAD (ESP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€46.00	Jhg	Wqnnfpfk

Puig: Premium Focus Bodes Well for Growth, but Shares of No-Moat Firm Strike Us As Expensive

Dan Su

Jun 26, 2024

We initiate coverage on Puig with a fair value estimate of EUR 23 per share, which implies a 23 times multiple against our 2024 adjusted earnings estimate and an enterprise value to adjusted EBITDA multiple of 15 times. Shares look overvalued, trading at a 15% premium to our intrinsic valuation.

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