Puig Brands SA (PUIG) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Puig Brands SA stock €24.28, price €20.10, upside +20.8%, quality 63 out of 100. Rating: undervalued. Calculated from audited financials with 24 of our 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 3, 2026.
How to read this chart
30‑month range €12.84 – €26.31 · fair‑value band €17.00 – €31.56 · the €20.10 price screens below the €24.28 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 3, 2026.
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Puig Brands, S.A. operates in the beauty and fashion industry in Europe, the Middle East, Africa, the Americas, and the Asia-Pacific. The company operates through three segments: Fragrance and Fashion, Makeup, and Skincare.
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The Fragrance and Fashion segment designs, develops, and markets fragrances in various forms, including eau de parfum sprays and colognes, lotions, powders, creams, candles, and soaps, that are based on a particular fragrance, as well as clothing, footwear and accessories under the Carolina Herrera, Jean Paul Gaultier, Nina Ricci, Rabanne, Byredo, Christian Louboutin, Dries Van Noten, L'Artisan Parfumeur, Penhaligon's, Adolfo Domínguez, and Banderas brands.
The Makeup segment engages in the creation, marketing, and sale of a range of cosmetic products, such as foundations, concealers, lipsticks, lip glosses, eyeliners, blushes, mascaras, and eyeshadows under the Carolina Herrera, Charlotte Tilbury, Rabanne, Byredo, Christian Louboutin, and Dries Van Noten brands.
The Skincare segment offers cleansers, toners, moisturizers, serums, body care, exfoliators, acne, and oil correctors, facial masks, and sun care products under the Uriage, Apivita, Dr.Barbara Sturm, Kama Ayurveda, Loto del Sur, and Charlotte Tilbury brands.
It sells its products in department stores, warehouses, pharmacies, drug stores, travel retail, spas, and Puig's own shops through digital channels, brands' own e-commerce, and distributors. The company was incorporated in 1914 and is based in Barcelona, Spain.
Puig Brands, S.A. is a subsidiary of Puig, S.L.
Stock analysis
Puig Brands SA (PUIG) currently trades at €20.10, while our model-based Fair Value estimate is €24.28, implying the stock looks roughly 17% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of €31.87 per share, and 15 of the 24 models we run sit above the €20.10 price.
Bear case: the Dividend Discount group reads lowest at €5.89, and 9 of the 24 models stay below the price. Data coverage for this calculation is high.
Scenario range: €17.00 (bear) to €31.56 (bull), the price of €20.10 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 63/100 (solid quality), in the Consumer Defensive sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Puig Brands SA reported revenue of €5.0B in FY2025 versus €2.6B in FY2021, a compound +18.2%/yr. Reported net income was €594M in FY2025, compounding +28.0%/yr from FY2021.
Key figures
Market cap €11.3B Large · P/E ratio 19.0 · P/S ratio 2.22 · EPS (TTM) €1.03 · Dividend yield 2.1% · Net margin 11.4% · Return on equity 15.6% · Return on assets (EBIT) 8.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 57 out of 100 (low confidence).
What moves the price
The share trades at its 52-week high and 49% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Defensive peers we cover trades at −25% fair-value upside, at 21%, PUIG screens cheaper than that median.
Fair Value models
Bear€17.00Fair Value €24.28Bull€31.56
Price €20.10 · Upside +20.8%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (€0.5147 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+5.3%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.7%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+26.8%
Start year 2020 (pandemic)
Revenue growth 7 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+14.7%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+23.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+21.7%
Dividend (yield on the price)2.1%
Profit margin 2021 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.14% → 16%
Growth Forecast
Price in line with expectations
The price assumes less growth than the company has delivered so far and about what analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+3.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+5.3%
Yearly sales growth analysts expect, extended to five years.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +1.3% a year for the price and +3.0% for the forecasts.
AI conclusion: Decent margins and cash flow stand as the main strength while few durable moat signals across categories remain the chief weakness amid sparse public data.
Main risk: Beauty groups such as L’Oréal Luxe, Estée Lauder and Coty with niche and D2C brands could capture more shelf space and online share in prestige fragrances and makeup, forcing Puig to cut prices or accept lower margins on core lines.
Bull case: By integrating acquired dermocosmetics brands like ISDIN and scaling Charlotte Tilbury into fragrances Puig could diversify away from fragrance concentration and use its platform synergies to outpace rivals in premium skincare and makeup.
Bear case: If larger rivals and D2C entrants continue gaining share while counterfeits proliferate Puig might see sustained pressure on fragrance volumes and margins with slower growth in new categories failing to offset the losses.
Puig's latest results show makeup brands delivering strong growth that offsets a cooling in core fragrances after the post-pandemic surge. Our models see the stock as undervalued. Will the expansion into dermocosmetics sustain the momentum, or will fragrance trends reassert themselves as the main driver?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Household & Personal Products · 234 stocks
Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score63 · Above median
Fair Value upside+20.8% · Above median
Profitability
Return on equity (12 months)15.6% · Above median
Return on assets7.0% · Above median
Net margin (12 months)11.4% · Top 25%
Operating margin (12 months)14.4% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)2.4% · Below median
Dividend yield (12 months)2.1% · Below median
Balance sheet
Debt / equity0.18× · Above median
Valuation Multiplesvs Household & Personal Products median · lower = cheaper
P/E (12 months)19.0× · Pricier than median
P/B2.90× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Puig Brands SA Fair Value". https://www.fairvalue-calculator.com/stock/PUIG
Frequently asked questions
Is Puig Brands SA (PUIG) overvalued or undervalued?
As of Nov 3, 2026, our model estimates a fair value of €24.28 versus a price of €20.10, about +21% upside (undervalued).
What is the fair value of PUIG?
Our model-based fair value for Puig Brands SA is €24.28 (as of Nov 3, 2026), built from audited fundamentals. The current price: €20.10.
What is the quality score of PUIG?
Puig Brands SA has a Quality Score of 63/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Puig Brands SA (PUIG)?
Our model-based price target is the fair value of €24.28 (as of Nov 3, 2026) from 24 valuation models. Cautious scenario €17.00, optimistic scenario €31.56. It is a calculation from audited fundamentals, not an analyst target.
What is the Puig Brands SA stock forecast for 2026?
Our models put fair value at €24.28, about +21% upside versus a price of €20.10 (undervalued). Cautious scenario €17.00, optimistic scenario €31.56. The calculation is refreshed regularly with new filings.
What is the revenue of Puig Brands SA (PUIG)?
Puig Brands SA reported trailing-twelve-month revenue of about €5.1B (latest available figure, as of Nov 3, 2026).
Does Puig Brands SA pay a dividend?
Puig Brands SA currently shows a dividend yield of 2.10% relative to its recent price (as of Nov 3, 2026).
What growth is priced into Puig Brands SA (PUIG)?
For today's price to be fair in a discounted-cash-flow model, Puig Brands SA would have to grow free cash flow by +3.5 % per year for five years (discount rate 9.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +26.8 % per year. As of Nov 3, 2026.
What discount rate (WACC) does the fair value of PUIG use?
Our models discount Puig Brands SA at 9.2 %: a base by market capitalisation (large), damped by beta 0.38, country premium for Spain. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Puig Brands SA that is +3.5 % per year a year over ten years, using the same discount rate (9.2 %) and the same formula as our fair value.
How much growth has Puig Brands SA (PUIG) delivered so far?
Over the past 5 years revenue at Puig Brands SA grew +26.8 % a year. The price currently implies +3.5 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Puig Brands SA (PUIG) growing?
The median revenue growth in the sector is +2.0 % a year. That is the yardstick for the growth priced into Puig Brands SA (+3.5 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Puig Brands SA (PUIG)?
The free-cash-flow yield on the price is 6.69 %: that much free cash flow Puig Brands SA produces per unit of market value. When it exceeds the discount rate of our models (9.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Puig Brands SA (PUIG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Puig Brands SA it is €24.28 per share (as of Nov 3, 2026), against a price of €20.10. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Puig Brands SA stock overvalued or undervalued in 2026?
As of Nov 3, 2026, PUIG trades below its calculated fair value: price €20.10, fair value €24.28, a gap of about +21% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of PUIG?
No. The price is what the market pays today (€20.10); the fair value is what the company's own numbers justify (€24.28). For Puig Brands SA the two are €4.18 per share apart. That gap is exactly why we show both numbers side by side.
How much is Puig Brands SA worth?
The market values Puig Brands SA at about €11.3B (market capitalisation, as of Nov 3, 2026). Per share that is €20.10; our models calculate a fair value of €24.28 per share.
What do the bullish and bearish scenarios say about PUIG?
Our models span a range for Puig Brands SA: cautious scenario €17.00, base €24.28, optimistic €31.56 per share (as of Nov 3, 2026, price €20.10). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of PUIG?
Puig Brands SA trades at a price-to-earnings ratio of 19.0 (as of Nov 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €24.28 is built from several models across several years. Other multiples: PEG 2.8, P/B 2.9, P/S 2.2, EV/EBITDA 11.3.
What is the PEG ratio of PUIG?
The PEG ratio of Puig Brands SA is 2.78 (P/E divided by earnings growth, as of Nov 3, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Puig Brands SA (PUIG)?
Balance-sheet figures for Puig Brands SA (as of Nov 3, 2026): return on equity 15.6%, debt of 0.18 per unit of equity. They feed the Quality Score of 63/100, which measures business quality independently of the share price.
How far is PUIG from its 52-week high?
Puig Brands SA trades at €20.10, at its 52-week high of €20.10 and 49% above the low of €13.48 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of €24.28 is for.
Which stocks are comparable to Puig Brands SA?
From the same area (Consumer Defensive) we also value Colgate-Palmolive Company, Hindustan Unilever Limited, The Estée Lauder Companies Inc, Kimberly-Clark Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Puig Brands SA stock attractive at the current price?
The data as of Nov 3, 2026: price €20.10, calculated fair value €24.28 (+21%), Quality Score 63/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of PUIG calculated?
We run Puig Brands SA through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €24.28, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.0% above its aggregate fair value. Puig Brands SA currently trades 17% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Puig Brands SA (PUIG)?
The closing price on Nov 5, 2026 was €20.10. Our model-based fair value is €24.28, about +21% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Puig Brands SA right now?
Solid quality (63/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (€17.00 to €31.56) leaves room in how you read the outcome.
Key figures of Puig Brands SA
How large is the market capitalisation of Puig Brands SA (PUIG)?
The market capitalisation of Puig Brands SA is €11.3B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Puig Brands SA (PUIG)?
The price-to-sales ratio of Puig Brands SA is 2.22 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Puig Brands SA (PUIG)?
Earnings per share at Puig Brands SA are €1.03 (price ÷ EPS = P/E 19.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Puig Brands SA (PUIG)?
The dividend yield of Puig Brands SA is 2.1% (payout 41.0%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Puig Brands SA (PUIG)?
The net margin of Puig Brands SA is 11.4% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Puig Brands SA (PUIG)?
The return on equity (ROE) of Puig Brands SA is 15.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Puig Brands SA (PUIG)?
On an EBIT basis the return on assets of Puig Brands SA is 8.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Puig Brands SA (PUIG)?
The operating margin of Puig Brands SA is 14.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Puig Brands SA (PUIG)?
Revenue at Puig Brands SA is growing +2.4% versus a year earlier (3y avg +11.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Puig Brands SA (PUIG)?
Earnings per share at Puig Brands SA are growing −4.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Puig Brands SA (PUIG) carry?
The net debt of Puig Brands SA is €1.0B (fiscal year 2025, ≈ 1.4 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 3, 2026