SWX:VETN

Stock Analysis Report

NOT FOR DISTRIBUTION
Header cover image

Executive Summary

Vetropack Holding AG, together with its subsidiaries, develops, manufactures, and sells glass packaging products in Switzerland, Austria, the Czech Republic, Croatia, Slovakia, Ukraine, and Italy.


Snowflake Analysis

Flawless balance sheet, undervalued and pays a dividend.


Similar Companies

Share Price & News

How has Vetropack Holding's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: VETN has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-3.4%

VETN

-1.2%

CH Packaging

0.8%

CH Market


1 Year Return

28.4%

VETN

4.7%

CH Packaging

0.6%

CH Market

Return vs Industry: VETN exceeded the Swiss Packaging industry which returned 4.7% over the past year.

Return vs Market: VETN exceeded the Swiss Market which returned 1.2% over the past year.


Shareholder returns

VETNIndustryMarket
7 Day-3.4%-1.2%0.8%
30 Day-11.2%-4.3%0.3%
90 Day-1.7%15.1%9.4%
1 Year31.5%28.4%6.8%4.7%4.0%0.6%
3 Year35.3%26.5%4.8%-4.6%21.0%8.6%
5 Year80.1%60.9%36.0%16.9%31.3%9.2%

Price Volatility Vs. Market

How volatile is Vetropack Holding's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Vetropack Holding undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: VETN (CHF51.5) is trading below our estimate of fair value (CHF115.08)

Significantly Below Fair Value: VETN is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: VETN is good value based on its PE Ratio (14x) compared to the Packaging industry average (15x).

PE vs Market: VETN is good value based on its PE Ratio (14x) compared to the Swiss market (19.4x).


Price to Earnings Growth Ratio

PEG Ratio: VETN's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: VETN is good value based on its PB Ratio (1.4x) compared to the XE Packaging industry average (1.6x).


Next Steps

Future Growth

How is Vetropack Holding forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

-1.9%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: VETN's earnings are forecast to decline over the next 3 years (-1.9% per year).

Earnings vs Market: VETN's earnings are forecast to decline over the next 3 years (-1.9% per year).

High Growth Earnings: VETN's earnings are forecast to decline over the next 3 years.

Revenue vs Market: VETN's revenue (0.7% per year) is forecast to grow slower than the Swiss market (2.3% per year).

High Growth Revenue: VETN's revenue (0.7% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: VETN's Return on Equity is forecast to be low in 3 years time (8.1%).


Next Steps

Past Performance

How has Vetropack Holding performed over the past 5 years?

11.6%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: VETN has high quality earnings.

Growing Profit Margin: VETN's current net profit margins (10.1%) are higher than last year (8.3%).


Past Earnings Growth Analysis

Earnings Trend: VETN's earnings have grown by 11.6% per year over the past 5 years.

Accelerating Growth: VETN's earnings growth over the past year (25.6%) exceeds its 5-year average (11.6% per year).

Earnings vs Industry: VETN earnings growth over the past year (25.6%) exceeded the Packaging industry 11.3%.


Return on Equity

High ROE: VETN's Return on Equity (9.8%) is considered low.


Next Steps

Financial Health

How is Vetropack Holding's financial position?


Financial Position Analysis

Short Term Liabilities: VETN's short term assets (CHF365.0M) exceed its short term liabilities (CHF138.0M).

Long Term Liabilities: VETN's short term assets (CHF365.0M) exceed its long term liabilities (CHF59.0M).


Debt to Equity History and Analysis

Debt Level: VETN's debt to equity ratio (2.9%) is considered satisfactory.

Reducing Debt: VETN's debt to equity ratio has reduced from 4.9% to 2.9% over the past 5 years.

Debt Coverage: VETN's debt is well covered by operating cash flow (712.3%).

Interest Coverage: VETN earns more interest than it pays, so coverage of interest payments is not a concern.


Balance Sheet


Next Steps

Dividend

What is Vetropack Holding current dividend yield, its reliability and sustainability?

2.52%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: VETN's dividend (2.52%) is higher than the bottom 25% of dividend payers in the Swiss market (1.95%).

High Dividend: VETN's dividend (2.52%) is low compared to the top 25% of dividend payers in the Swiss market (3.91%).


Stability and Growth of Payments

Stable Dividend: VETN's dividends per share have been stable in the past 10 years.

Growing Dividend: VETN's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (35.3%), VETN's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: VETN's dividends in 3 years are forecast to be well covered by earnings (40.9% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

7.9yrs

Average management tenure


CEO

Johann Reiter (60yo)

2.5yrs

Tenure

CHF1,020,610

Compensation

Mr. Johann Reiter has been Member of Management Board at Vetropack Holding AG since November 1, 2010 and has been its CEO since 1 January 2018 and served as its serves as Head of Business Division Switzerl ...


CEO Compensation Analysis

Compensation vs Market: Johann's total compensation ($USD1.08M) is about average for companies of similar size in the Swiss market ($USD1.17M).

Compensation vs Earnings: Johann's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Johann Reiter
CEO & Member of the Group Management Board2.5yrsCHF1.02m0.0033% CHF38.6k
David Zak
CFO, Finance18.17yrsno datano data
Günter Lubitz
CTO, GM of Techniques & Production and Member of the Group Management Board17.08yrsno data0.031% CHF360.5k
Johann Eggerth
GM of the Business Division - Switzerland/Austria & Member of the Group Management Boardno datano datano data
Nuno Cunha
CHRO, GM of HR Management & Staff Development and Member of the Group Management Board1.83yrsno datano data
Evan Williams
CCO, GM of Marketing1.08yrsno datano data
Adriano Melchioretto
Head of Group Controlling and Accountingno datano datano data
Inge Jost
Head of Internal Auditno datano datano data
Elisabeth Boner
Head of Corporate Communication13.25yrsno datano data
Christoph Burgermeister
Head of Corporate Developmentno datano datano data

7.9yrs

Average Tenure

55yo

Average Age

Experienced Management: VETN's management team is seasoned and experienced (7.9 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Richard Fritschi
Non-Executive Vice Chairmanno dataCHF107.40k0.0044% CHF51.5k
Claude Cornaz
Chairman2.25yrsCHF426.95k2.46% CHF28.6m
Urs Kaufmann
Non-Executive Director3.5yrsCHF69.81k0.011% CHF126.1k
Rudolf Fischer
Non-Executive Director20.5yrsCHF83.98k0.0022% CHF25.7k
Jean-Philippe Rochat
Non-Executive Director14.5yrsCHF69.81k0.0022% CHF25.7k
Sönke Bandixen
Non-Executive Director8.5yrsCHF69.81k0.0089% CHF103.0k
Pascal Cornaz
Non-Executive Director11.17yrsCHF69.81k0.22% CHF2.6m

9.8yrs

Average Tenure

60yo

Average Age

Experienced Board: VETN's board of directors are considered experienced (9.8 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 13.9%.


Top Shareholders

Company Information

Vetropack Holding AG's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Vetropack Holding AG
  • Ticker: VETN
  • Exchange: SWX
  • Founded: 1911
  • Industry: Metal and Glass Containers
  • Sector: Materials
  • Market Cap: CHF1.163b
  • Shares outstanding: 22.57m
  • Website: https://www.vetropack.com

Number of Employees


Location

  • Vetropack Holding AG
  • Schützenmattstrasse 48
  • Bülach
  • Zurich
  • 8180
  • Switzerland

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
VETNSWX (SIX Swiss Exchange)YesBearer SharesCHCHFJan 1992
VV2NDB (Deutsche Boerse AG)YesBearer SharesDEEURJan 1992

Biography

Vetropack Holding AG, together with its subsidiaries, develops, manufactures, and sells glass packaging products in Switzerland, Austria, the Czech Republic, Croatia, Slovakia, Ukraine, and Italy. It offers glass bottles and jars. The company serves food and beverage, pharmaceutical, and cosmetics industries. Vetropack Holding AG was founded in 1911 and is headquartered in Bülach, Switzerland. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/07/04 20:59
End of Day Share Price2020/07/03 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.