Renta 4 | By the lows of last April, it had accumulated a 49% drop from its IPO highs. Since May, supply and demand have stabilised in a tedious range, with support at €15.7 and resistance at €17.45. Although this range could break downwards, we would be paying particular attention to the upper end, which is the transition zone of the main downtrend and a tactical turning point upwards. The…
Link Securities | As explained on Monday by Marc Puig, president and CEO of fragrance company Puig Brands (PUIG), in an interview with Bloomberg, Puig does not rule out a share buyback to boost its stock market value. ‘Over time, we will consider whether it is appropriate to take measures to help investors who have invested in the shares to obtain the value they believe they deserve,’ said Marc Puig,…
Link Securities | Marc Puig, president and CEO of Puig Brands, attributed the 31% loss of its share price since its IPO on 3 May 2024 to market doubts about the evolution of the sector, and not to the operation of the business, Expansión reports today. He believes this is due to the market’s assumption that the sector will be affected by increased uncertainty, something that was not foreseen last…
Norbolsa | On Friday the company reported results below expectations for the first half of the year, with sales 2% below expectations, net profit falling 26% and an operating margin of 14.4% vs. 15.3% previously. The company justified this, among other reasons, by higher IPO costs and higher employee bonuses. It is worth highlighting the poor performance of its make-up division, affected by the Asian markets. The company maintains its…
Norbolsa | Citi, in addition to the company itself, launches an ADR program through which Puig will be listed on Wall Street to satisfy the interest of American investors in the company. The programme is equivalent to 25 million shares of the company. As it is an unsponsored ADR programme, i.e. the company has not been involved in the programme, the company has no additional regulatory needs due to its…
Link Securities | The US fund manager MilleniumGroup Management has emerged, along with CriteriaCaixa, as one of the institutional investors that have entered with most force in the capital of Puig Brands (PUIG), as reported last Friday by Expansión. Through the purchase of class B shares, the only ones traded on the stock exchange, the firm has acquired 1.459% of the total voting rights of the fragrances, cosmetics, fashion and…
Bankinter: Trading starts this Friday at 12.00h. The placement price has been €24.5/share. The group, valued at €14,000 M, has placed 32% of its capital among qualified investors. Preliminarily, based on available information, we estimate that the exit price represents a discount of 15.6% versus the sector average (L’Oreal, Estee Lauder, Shiseido, Coty, Interparfums) in terms of EV/EBITDA 2023 and -34.4% versus the sector leader, L’Oreal. We believe that a…
Puig Brands – the group that owns Carolina Herrera, Paco Rabanne, Jean Paul Gaultier, Nina Ricci and Charlotte Tilbury – will go public on 3 May at a price of between €22 and €24.5 per share. That means a valuation of between €12.7 and €13.9 billion. And although it has not yet approved a shareholder remuneration policy, it says it expects to pay out 40% of its profits in dividends….
Alphavalue/DIVACONS Leading US banks are assessing investor interest in Puig’s IPO. The company is seeking a valuation of between €10 billion and €12 billion, with the aim of raising €1.25 billion in an initial public offering for subscription and a similar amount in an initial public offering for sale. The National Securities Market Commission (CNMV) is expected to approve the IPO prospectus next week, which will kick off the road…