Ron Perelman exploring options for Revlon

Ron Perelman soon may try again to take his Revlon cosmetics company private.

The corporate raider’s MacAndrews & Forbes investment firm, which owns 78 percent of Revlon, is exploring “strategic alternatives” for its stake, it said in a Friday securities filing.

The filing revealed little else except that M&F expects to speak with third parties.

Revlon’s shares, down sharply over the last year, spike 11.6 percent on the news, to close at $28.08 on a day the markets fell more than 2 percent.

“I think this is Perelman trying to take the company private,” a banker who follows Revlon said. “This is the process he needs to go through.”

The timing might be right to buy the 22 percent he does not own for a good price.

Revlon is trading at roughly 7.6 times its estimated 2015 Ebitda multiple and at 6.6 times its projected 2016 Ebitda, according to Three Court, a hedge fund that is invested in Revlon.

That multiple is low compared to the almost 17 times Ebitda that Coty agreed to pay in July for Procter & Gamble’s personal care, beauty, cosmetics and hair businesses.

“And Revlon is a better asset,” Three Court founder Arthur Roulac told The Post.

Besides, likely suitors may have a hard time competing with Perelman for the piece of Revlon not owned by the billionaire investor.

Unilever, for example, could be hurt by the declining value of the pound versus the dollar, Roulac said. Coty, after buying P&G’s assets, is likely unable to afford a bid as well.

Perelman — who bought Revlon in 1985 — tried and failed to buy the listed shares he did not own in 2009 after an independent adviser said his proposed deal was too cheap.

Also, Revlon’s net operating losses will be nearly exhausted in 2016, causing its taxes to increase from $20 million to $44 million, Roulac said.