reports
- Christiana Armpounioti
- Stamatios Draziotis CFA
Papoutsanis | Steady in the suds; efficiency flows through
Turning efficiency into growth; Buy – With its strategic priorities now firmly aligned around branded product growth, PAP is working to further improve profitability and reduce reliance on the more volatile 3 rd -party segment. Following a softer-than[1]expected top line in 2024, we have trimmed our 2025-27e sales by 3-4%, but still expect 2-digit revenue growth in 2025e, driven by branded momentum and an expanding 3- party client base. Margins continue to benefit from the recently completed inv...
- VRS RESEARCH TEAM
PAPOUTSANIS S.A. Equity Research Note
Papoutsanis is a leading Greek manufacturer with a rich heritage and one of the largest manufacturers of soap and liquid cosmetics in Europe with over a hundred million products made per year. Holding the largest integrated production unit in the Balkans, with one of the most sophisticated technologies, it generates innovative and state-of-the-art products from raw materials that raise the bar of quality in both Greek and international markets.
- Christiana Armpounioti
- Stamatios Draziotis CFA
Papoutsanis | Foaming up margins
Branded product focus + positive leverage + abating capex = FCF inflection; Buy – Papoutsanis (PAP) is one of the largest soap manufacturers in Europe (and the sole in Greece), operating across four product segments (Own brands, Hotel amenities, PL/Third party and Soap noodles). The company’s strategic focus on its own brands (e.g. newly launched environmentally friendly detergents) helps reduce the impact of sales fluctuations tied to third-party reliance in the other segments and will underpin...
- VRS RESEARCH TEAM
- Christiana Armpounioti
- Stamatios Draziotis CFA
PAPOUTSANIS | Lathering towards growth
Among the largest soap manufacturers in Europe; vertical integration & expanding geographic footprint – Papoutsanis (PAP) is one of the largest soap manufacturers in Europe (and the sole in Greece), operating across four product segments, namely Own brands, Hotel amenities, Private label/Third party and Soap noodles. The company is diversified geographically generating >55% of sales abroad (mostly in Europe). The business model is based on the offering of high-quality, natural ingredient-based p...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.