Stock Analysis & Valuation Jacques Bogart S.A. (JBOG.PA)

• Previous Close: €3.74
• Sector Valuation Confidence Level: Low

Valuation method	Value, €	Upside, %
Artificial intelligence (AI)	15.70	320
Intrinsic value (DCF)	2.14	-43
Graham-Dodd Method		n/a
Graham Formula		n/a

Strategic Investment Analysis

Company Overview

Jacques Bogart S.A. is a Paris-based fragrance and cosmetics company with a strong European presence, operating 390 perfumeries under its own name across France, Germany, Belgium, Luxembourg, and Israel. Founded in 1975, the company markets premium fragrances under brands like JACQUES BOGART, CARVEN, CHEVIGNON, and TED LAPIDUS, while its cosmetics line includes STENDHAL, METHODE JEANNE PIAUBERT, and APRIL. The company also offers fashion products under the TED LAPIDUS FASHION brand. Jacques Bogart operates in the competitive Household & Personal Products sector, leveraging its niche positioning in mid-to-premium fragrance segments. With a revenue of €293.4M in 2023, the company maintains a diversified retail footprint, combining owned stores with wholesale distribution. Its focus on brand heritage and selective distribution strengthens its appeal in the European personal luxury goods market.

Investment Summary

Jacques Bogart presents a mixed investment profile. Its €73.3M market cap and low beta (0.632) suggest relative stability in the Consumer Defensive sector, but high total debt (€191.9M) outweighs cash reserves (€53.2M), raising leverage concerns. While 2023 net income (€3.78M) and positive operating cash flow (€16.1M) demonstrate profitability, diluted EPS of €0.26 and a modest dividend (€0.20/share) indicate limited shareholder returns. The company’s asset-light retail model and brand portfolio provide resilience, but competition from global beauty conglomerates and reliance on European markets (particularly France and Germany) pose growth constraints. Investors may value its niche positioning but should monitor debt servicing capabilities and international expansion efforts.

Competitive Analysis

Jacques Bogart competes in the mid-tier fragrance market, differentiating through owned retail networks and heritage brands like CARVEN and TED LAPIDUS. Unlike luxury conglomerates (e.g., L’Oréal), it focuses on selective distribution, with 390 owned perfumeries ensuring brand control and margin retention. However, its scale is dwarfed by global players with broader R&D budgets and omnichannel reach. The company’s strength lies in regional dominance (especially Benelux and Germany) and multi-brand strategy, which mitigates reliance on any single label. Yet, its limited presence in Asia and North America restricts growth compared to rivals with emerging-market exposure. Capital efficiency is a relative advantage—with modest capex (€4.8M in 2023), it prioritizes store-level profitability over aggressive expansion. Weaknesses include dependence on European consumer spending and lack of a blockbuster fragrance to rival mass-market peers. Competitive pricing (mid-premium) positions it between discounters and luxury houses, but digital commerce capabilities lag behind larger competitors.

Major Competitors

• L’Oréal S.A. (OR.PA): L’Oréal dominates the global beauty market with brands like Lancôme and YSL Beauté. Its strengths include massive R&D budgets, diversified product lines, and strong emerging-market presence. However, its premium focus leaves less overlap with Jacques Bogart’s mid-tier segments. L’Oréal’s scale advantages in distribution and marketing are unmatched, but its lack of owned retail networks contrasts with Bogart’s perfumery model.
• Coty Inc. (COTY): Coty’s portfolio (Hugo Boss, Calvin Klein) competes directly with Bogart in designer fragrances. Its stronger North American footprint and licensing deals with fashion houses are advantages, but recent restructuring has impacted profitability. Coty’s mass-market skew and reliance on third-party retailers differ from Bogart’s owned-store strategy.
• Inter Parfums, Inc. (IPAR): Inter Parfums licenses brands like Montblanc and Jimmy Choo, resembling Bogart’s multi-brand approach. Its higher-growth US market focus and stronger celebrity partnerships offset Bogart’s European retail base. However, Inter Parfums lacks owned manufacturing, making it more vulnerable to supply-chain disruptions than Bogart’s integrated operations.
• Pamplona Capital (Private) (PAMP.PA): This private equity firm owns Puig-owned niche brands (e.g., Paco Rabanne), competing in premium fragrances. Its financial backing allows aggressive acquisitions, but Bogart’s independence enables faster decision-making in regional markets. Puig’s luxury positioning limits direct competition with Bogart’s mid-tier focus.