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Puig shares drop after €1.2 billion ISDIN buyout

By Reuters News07:40 (UTC), 15 September 2026 Updated

** Puig PUIGb.MC shares fall 2.7% after the Spanish beauty group said on Monday it had agreed to buy full control of ISDIN in a €1.20 billion ($1.41 billion) deal, as investors weigh the price paid and the likely return on the deal, according to analysts

** J.P. Morgan says the valuation looked high at about 25 times last-12-month EBITDA, a measure of operating profit, and said the deal may also reduce expectations for cash returns to shareholders

** "Strategically, the acquisition brings meaningful presence in Dermocosmetics in EMEA and Latin America, adding to Puig's strong platform in Perfume in the regions," JPM says

** The brokerage firm added the burden was now on management to show the acquisition could create value

** Puig shares are on track for their worst daily performance since May 22, if losses hold

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