olivLaw · European equity research
PZ Cussons plc PZC.L
United Kingdom · London Stock Exchange · ISIN GB00B19Z1432 · Vertical: Listed companies from United Kingdom
PZ Cussons is a UK-based consumer goods group in personal care, cleaning and home care, with main markets in the UK, Nigeria, Indonesia and ANZ. In fiscal 2026 it grew revenue and profit and cut net debt sharply, strengthening its balance sheet against Nigerian currency volatility.
At the close of 05 Nov 2026, PZ Cussons plc (PZC.L) stock was 1.01 GBP (−0.40% on the day), with market capitalisation 423.8 m GBP, P/E 21.5 on diluted EPS of 0.05 GBP over the last 12 months, dividend yield 1,500,994,035.79%, beta 0.68, 52-week range 0.66–1.12 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 62.2
- strong (55–70)
- Bollinger (20, 2)
- 0.93 – 1.00
- above the upper band · %B 1.03 · band width 7.5%
- SMA 50 / 200
- 0.98 / 0.91
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.00 / -0.00
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +4.4% | −0.6% | +5.0 pp | — |
| 3 months | −1.8% | −4.2% | +2.4 pp | — |
| 6 months | +27.3% | +4.3% | +23.0 pp | — |
| Year to date | +36.1% | +7.5% | +28.6 pp | — |
| 1 year | +43.5% | +9.9% | +33.6 pp | +5.8% |
| 3 years | −24.0% | +49.8% | −73.9 pp | +26.3% |
| 5 years | −52.7% | +42.8% | −95.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 1-quarter history (min 18.8, median 18.8, max 18.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 527.9 m | 513.8 m | 541.4 m |
| Revenue YoY | unavailable | −2.7% | +5.4% |
| Net income | -57.0 m | -5.8 m | 19.8 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.14 | -0.01 | 0.05 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -10.8% | -1.1% | 3.7% |
| Free cash flow | 6.8 m | 16.6 m | 23.6 m |
Balance sheet & financial health
Fiscal year 2026 · 31 May 2026
- Cash
- 51.9 m GBP
- Financial debt
- 76.9 m GBP
- Net debt
- 25.0 m GBP
- Equity
- 242.1 m GBP
- Total assets
- 594.5 m GBP
- Debt / equity
- 0.32x
- Current ratio
- 0.84x
- ROE
- 8.7%
- ROA
- 3.3%
- FCF margin
- 4.4%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 527.9 m | 513.8 m | 541.4 m | esef· 02 Sept 2026verified |
| Cost of revenue | 396.8 m | 307.0 m | 322.0 m | esef· 02 Sept 2026verified |
| Gross profit | 131.1 m | 206.8 m | 219.4 m | esef· 02 Sept 2026verified |
| Operating income | -83.7 m | 20.6 m | 86.8 m | esef· 02 Sept 2026verified |
| Interest expense | 24.2 m | 18.0 m | 12.8 m | esef· 02 Sept 2026verified |
| Pre-tax income | -95.9 m | 6.5 m | 77.4 m | esef· 02 Sept 2026verified |
| Income tax | -24.1 m | 11.7 m | 49.0 m | esef· 02 Sept 2026verified |
| Net income | -57.0 m | -5.8 m | 19.8 m | esef· 02 Sept 2026verified |
| Diluted EPS | -0.14 | -0.01 | 0.05 | esef· 02 Sept 2026verified |
| Dividend per share | 15,100,000.00 | 15,100,000.00 | — | esef· 30 Sept 2025verified |
Balance sheet · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | 51.3 m | 45.1 m | 51.9 m | esef· 02 Sept 2026verified |
| Receivables | 99.0 m | 119.2 m | 99.2 m | esef· 02 Sept 2026verified |
| Inventories | 68.5 m | 70.0 m | 78.8 m | esef· 02 Sept 2026verified |
| Current assets | 223.7 m | 244.2 m | 231.3 m | esef· 02 Sept 2026verified |
| Property, plant & equipment, net | 42.8 m | 43.4 m | 44.0 m | esef· 02 Sept 2026verified |
| Total assets | 649.6 m | 615.2 m | 594.5 m | esef· 02 Sept 2026verified |
| Accounts payable | 158.7 m | 155.1 m | 165.8 m | esef· 02 Sept 2026verified |
| Short-term debt | 6.3 m | 54.7 m | 69.9 m | esef· 02 Sept 2026verified |
| Long-term debt | 160.3 m | 102.4 m | 7.0 m | esef· 02 Sept 2026verified |
| Current liabilities | 189.8 m | 240.3 m | 277.0 m | esef· 02 Sept 2026verified |
| Total liabilities | 414.4 m | 401.7 m | 352.4 m | esef· 02 Sept 2026verified |
| Equity | 235.2 m | 213.5 m | 242.1 m | esef· 02 Sept 2026verified |
| Shares outstanding at year end | 419.1 m | 420.3 m | 421.3 m | esef· 02 Sept 2026derived |
Cash flow · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 12.9 m | 23.5 m | 29.7 m | esef· 02 Sept 2026verified |
| Capex | 6.1 m | 6.9 m | 6.1 m | esef· 02 Sept 2026verified |
| Free cash flow | 6.8 m ≈ | 16.6 m ≈ | 23.6 m ≈ | esef· 02 Sept 2026derived |
| Investing cash flow | 12.4 m | 700.0 k | 72.4 m | esef· 02 Sept 2026verified |
| Financing cash flow | -109.7 m | -28.7 m | -98.0 m | esef· 02 Sept 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 423.8 m GBP
Key indicators
Coverage and freshness
Score by group
52% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 24.6% | 79 (vs peers) | 20% |
| Net margin · Quality | 3.7% | 34 (vs peers) | 12% |
| FCF conversion · Quality | 119.2% | 100 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 6.8x | 81 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 0.8x | 3 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 21.5x | 28 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 5.6% | 70 (on a fixed band) | 16% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet50/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality73/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation46/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
PZ CUSSONS PLC (PZC.L). Latest full fiscal year: 2026; data up to 2026-05-31.
Figures computed from the financial statements: revenue 541.4 m GBP in 2026; YoY growth 5.4%; net margin 3.7%; ROE 8.7%.
The estimated value range is 0.83–1.17 GBP per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 0.97 GBP, the price of 1.01 GBP leaves a potential of -3.7% (value / price − 1) and a margin of safety of -3.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 24.6%
- FCF conversion: 119.2%
- Interest coverage: 6.8x
What contradicts it
- Current ratio: 0.8x
- P/E (TTM): 21.5x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| PZC.LPz Cussons PLC | 423.8 m | 21.5 | 8.7% | 3.7% | +5.4% | +26% / −31% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for PZC.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (GBP)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 0.60 Total return -36% · Per year -36% | 1.07 Total return 11% · Per year 11% | 1.61 Total return 66% · Per year 66% |
| 3 years | 0.60 Total return -30% · Per year -11% | 1.18 Total return 33% · Per year 10% | 1.96 Total return 114% · Per year 29% |
| 5 years | 0.59 Total return -23% · Per year -5% | 1.32 Total return 58% · Per year 10% | 2.38 Total return 173% · Per year 22% |
- Exit P/E± 0.30
- Net margin± 0.21
- Annual revenue growth± 0.17
- Annual dilution± 0.02
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
PZ Cussons is a UK-based consumer goods group in personal care, cleaning and home care, with main markets in the UK, Nigeria, Indonesia and ANZ. In fiscal 2026 it grew revenue and profit and cut net debt sharply, strengthening its balance sheet against Nigerian currency volatility 1.
SWOT
Strengths
- Strong brands in stable consumer categories with held market share in the UK and Australia, plus a leading local position in Nigeria.
- A stronger balance sheet after a substantial reduction in net debt and solid free cash flow generation.
- An extended distribution network in Nigeria with a growing number of stores served.
Weaknesses
- Reliance on Nigeria, which is exposed to local currency volatility and inflation.
- Declining performance in some smaller brands and in St.Tropez in Europe.
- Adjusted operating profit fell in some segments due to higher marketing investment.
Opportunities
- E-commerce growth in Indonesia and the expanded partnership with The Emerson Group in North America.
- Product innovation in core categories and the phased re-staging of the Cussons Baby brand.
- Using newly freed financial capacity to invest in innovation and regional expansion.
Threats
- A return of inflation or currency volatility in Nigeria.
- Competitive pressure from aggressive promotions by larger rivals.
- Rising costs from packaging regulation and carbon pricing.
Risks
- Nigerian FX exposurehigh
Foreign currency liabilities in Nigeria can produce significant revaluation gains or losses depending on the Naira rate.
- Inflation riskhigh
High inflation can weigh on consumer purchasing power in emerging markets and on group margins.
- Packaging costsmedium
UK EPR and the EU PPWR could increase the cost of products sold.
- Energy and supply chain volatilitymedium
Energy price swings and supplier disruption in climate-exposed areas can affect operating costs.
- Distribution disruptionlow
Disruption at a distributor affected exports from Kenya, showing the vulnerability of third-party networks.
Investment thesis
What would need to be true (bull case)
- If LFL growth in Africa and Asia Pacific holds and margins improve, adjusted profit could keep rising.
- The lighter debt position gives flexibility for innovation investment and returns to shareholders.
- Growing e-commerce and key brands in Indonesia and Nigeria could support long-term expansion.
What would break the thesis
- Reported profit includes non-recurring gains from revaluations and disposals, which could distort the view of underlying performance.
- Growth in Europe and the Americas was modest and some smaller brands declined, which could limit overall growth.
- If inflation or the Naira weakens again, risk in the African segment could return quickly.
What to watch
- LFL growth in Africa and Naira stability2027
- Effect of marketing investment on adjusted margin2027
- Progress on net debt targets and lower FX sensitivitynext 10-K
- Impact of EPR and PPWR on packaging costs2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
PZ Cussons owns consumer brands such as Carex, Imperial Leather, Original Source, Morning Fresh, Stella and Cussons Baby, selling across several regions. Revenue in fiscal 2026 was £200.3 million in Europe and the Americas, £173.1 million in Asia Pacific and £168.0 million in Africa 1. The group targets mid-single digit LFL revenue growth, higher marketing investment, gross margin expansion and overhead growth below revenue growth 1.
Segments
Africa
Africa, led by Nigeria, was the fastest-growing segment in fiscal 2026, with revenue of £168.0 million and LFL growth of 14.7% 1. Adjusted operating profit fell, reflecting marketing investment and the revaluation effect of US Dollar liabilities 1.
Asia Pacific
Asia Pacific grew 3.9% LFL in fiscal 2026, with Indonesia as the lead market where online sales are growing strongly through TikTok Shop and Shopee 1. Reported revenue dipped slightly due to the weaker Indonesian Rupiah and Australian Dollar 1.
Europe and Americas
Europe and Americas grew modestly at 0.9% LFL, with adjusted operating profit broadly flat, while St.Tropez and hair care brands declined 1.
Market context
The UK washing and bathing category grew 5.0% according to the report, with the group's brands largely holding share 1. Emerging markets in Africa and Asia show faster growth but also currency volatility and high inflation; in Nigeria inflation fell from over 20% at the start of the year to 16% in May 2026 1.
Trends
- Stabilising Nigerian economytailwind
Inflation and the Naira stabilised during fiscal 2026, supporting pricing and volume growth; if stability continues, the group's exposure could remain manageable 1.
- Currency volatilitymixed
The group's sensitivity to Naira movements has fallen after reducing intra-group and third-party liabilities, but FX risk has not disappeared 1.
- Packaging regulation pressureheadwind
Extended Producer Responsibility in the UK has added costs, and the EU packaging regulation could raise cost of goods by 2030 1.
- E-commerce growth in Asiatailwind
Online sales in Indonesia are growing rapidly through live-streaming and affiliates, an opportunity if investment in these channels is maintained 1.
Competitive position
PZ Cussons competes with large consumer goods brands in personal care and cleaning, especially in the UK and Australia, where rivals have used aggressive promotions in hand dishwash 1. Its position depends on holding share in key brands and on innovation 1.
- Procter & GamblePG
Global consumer goods rival in personal care and cleaning; the source mentions it only as prior experience of board members, not as an explicit direct rival.
- Unilever
Important rival in personal care and cleaning, notably in the UK; US ticker not confirmed in the sources.
- Reckitt Benckiser
Rival in hygiene and home care categories; US ticker not confirmed in the sources.
- Kellogg CompanyK
Mentioned in the source only as prior experience of a board member, not as a direct rival of the group.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202602 Sept 2026
- Annual report 202530 Sept 2025
Sources
- [1] Annual report, fiscal year ended 2026-05-31 (ESEF) · SEC / PZ Cussons plc · 31 May 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.