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…