Economic and financial analysis of Puig Brands, S.A. In the context of its stock market listing (2021-2024)

Identifier:  TFG:10307

Handle: https://hdl.handle.net/20.500.11797/TFG10307

Authors:  Prats Mir, Enric

Abstract:
Puig Brands went public in May 2024 at €24.50. Eight months later, it was trading at €17.84—a 27% decline. This analysis examines whether such a drop is justified, given the following figures: revenue up 11.3%, adjusted EBITDA up 14.1%, free cash flow up 39.5%, and a leverage ratio of 1.1x. It is not justified. The EV/EBITDA multiple fell from 17.7x to 11.8x—not because the business deteriorated, but due to a dual-class share structure, a trading history of less than eight months, and non-recurring IPO costs that led to misleading headlines. The fundamentals are growing; the share price is not keeping pace.