I like this a lot. At first whiff it reminds me of Gruene's Vintage for Men, Pierre Cardin Musk, and Revillon's The French Line, but its fresh, green coniferous opening fades more quickly and becomes more subdued than any of those three. There are a lot of notes that seem to rise and fall over the life of the scent, and so well blended that even when individual notes appear, they remain as part of the whole as well. It's a leathery chypre with a prominent forest-y quality --- a genre that appears to have fallen from grace, since Pancaldi is the only one of the four still in production, and even it is hard to find.
A bit of internet research came up with the following list of notes, which seem very plausible to me:
Top: Bergamot, verbena, lavender, lemon, wormwood, basil, juniper berry, neroli, thyme
Middle: Cinnamon, carnation, clove, clary sage, fern, fir, geranium, jasmine, rose, pimento berry
Base: Benzoin, castoreum, cedar, leather, oakmoss, patchouli, sandalwood, tonka, vetiver