Goldman Sachs 2026-06-21

Puig Brands S.A. (PUIGb.MC): Steady trends, H2 launches ahead; Madrid roundtable takeaways

Report Coverage

Broker
Goldman Sachs
Region
Middle East
Report Type
Market Report
Primary Focus
Puig Brands S.A. (PUIGb.MC)

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Report Summary

INCOME STATEMENT DEC YE FY21 FY22 FY23 FY24 FY25 FY26e FY27e FY28e Net revenue €m 2585 3620 4304 4790 5042 5260 5503 5781 - Reported growth % 68.2% 40.0% 18.9% 11.3% 5.3% 4.3% 4.6% 5.0% - Organic growth % 44.3% 28.6% 18.7% 10.9% 7.8% 4.1% 5.5% 5.5% Cost of sales €m (700) (927) (1,089) (1,202) (1,255) (1,322) (1,389) (1,451) - as % of sales % 27.

Key Takeaways

  • No change in the family’s long-term ownership stance M&A Rank: 3
  • Fragrance trends are steady, with more launches in H2 6/25 12/25 6/26E 12/26E
  • Makeup should grow moderately
  • Middle East disruption is tracking as expected, with a different mix
  • Margin expectation unchanged, even as cost pressures build
  • M&A is still high on the agenda

Why This Report Matters

Goldman Sachs's 13-page analysis on "Puig Brands S.A. (PUIGb.MC): Steady trends, H2 launches ahead; Madrid roundtable takeaways" provides institutional-grade insights for investors and professionals seeking to understand current market dynamics and investment implications in this space.

Topics Covered

EV Consumer M&A

Companies Mentioned

Equity Research June Puig Brands Steady Madrid Price Target Price Upside

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