Spain's Puig targets over €8 bln in revenue under Vision 2032 plan

By Marta Serafinko

Oct 28 (Reuters) - Spain's Puig Brands PUIGb.MC aims to exceed €8 billion ($8.90 billion) in annual revenue by 2032, primarily through organic growth, the beauty group said at its first Capital Markets Day on Wednesday.

The strategic roadmap comes as Puig, private equity firms CVC Capital Partners CVC.AS and Cinven are among the suitors for Advent International-owned Parfums de Marly, two people familiar with the matter told Reuters, reflecting continued deal interest in premium fragrances.

• Puig expects adjusted EBITDA to exceed €1.8 billion in 2032, and adjusted EBITDA margin above 22.5%

• It targets 2032 free cash flow above €900 million, and reiterates its plan to maintain a 40% dividend payout ratio

• Platform integration and acquisition synergies are expected to generate about €80 million over the next three years

• Charlotte Tilbury aims to grow 1.5 times by 2032 and enter fragrances from 2028

• Puig aims to double Uriage by 2032 and, subject to completing the pending ISDIN acquisition, combine the two brands with Apivita in a dermo-cosmetics platform generating over €1 billion in pro forma net revenue

($1 = 0.8993 euros)