Puig Brand SA (Cosmetics)
AlphaValue
Different by nature : because we have neither investment banking nor execution, our research is totally unconflicted.
Note: This is a daily stock update and the information stands true as of 16/12/24, 09:00 CET.
Company Update:We initiate Puig brands at BUY with a target price of €28.5 leaving c 50% upside. Puig Brands offers a compelling growth profile on selected niches within the fast growing fragrance market. The group diversified in skin care (10% of sales) and Makeup (18%). The company strong growth profile is based on both organic growth and smart acquisitions that complements its offer. Puig has little exposure to Asia market (c10% o w less than 7% comes from China). This means that the company is less impacted by current lackluster environment in China with a strong focus on the high end, here again making it more resilient than its peers L’Oréal or Estée Lauder.??
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