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Zignago Vetro S.p.A., together with its subsidiaries, produces and markets hollow glass containers for food and beverage, cosmetics, perfumery, and specialty glass markets in Italy, rest of Europe, and internationally. The last earnings update was 98 days ago. More info.
7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
---|---|---|---|---|---|---|
Zignago Vetro (ZVB) | 4.9% | 7.2% | 11.2% | 18.4% | 83.6% | 82.2% |
Europe Packaging | 4.6% | 4.9% | 5% | -8.6% | 16.9% | 39.9% |
DE Market | 2.9% | 0.8% | 0.2% | -12.1% | 11.8% | 4.9% |
Is Zignago Vetro undervalued based on future cash flows and its price relative to the stock market?
Below are the data sources, inputs and calculation used to determine the intrinsic value for Zignago Vetro.
Data Point | Source | Value |
---|---|---|
Valuation Model | 2 Stage Free Cash Flow to Equity | |
Levered Free Cash Flow | Average of 3 Analyst Estimates (S&P Global) | See below |
Discount Rate (Cost of Equity) | See below | 8% |
Perpetual Growth Rate | 10-Year DE Government Bond Rate | 0.2% |
An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.
Data Point | Calculation/ Source | Result |
---|---|---|
Risk-Free Rate | 10-Year DE Govt Bond Rate | 0.2% |
Equity Risk Premium | S&P Global | 9.8% |
Packaging Unlevered Beta | Simply Wall St/ S&P Global | 0.63 |
Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.632 (1 + (1- 24%) (22.8%)) |
0.741 |
Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
0.8 |
Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (0.8 * 9.77%) |
8.05% |
Discounted Cash Flow Calculation for DB:ZVB using 2 Stage Free Cash Flow to Equity Model
The calculations below outline how an intrinsic value for Zignago Vetro is arrived at by discounting future cash flows to their present value using the 2 stage method. We use analyst's estimates of cash flows going forward 5 years for the 1st stage, the 2nd stage assumes the company grows at a stable rate into perpetuity.
2019 | 2020 | 2021 | 2022 | 2023 | |
Levered FCF (EUR, Millions) | 49.23 | 69.00 | 71.90 | 74.93 | 78.08 |
Source | Analyst x3 | Analyst x1 | Est @ 4.21% | Est @ 4.21% | Est @ 4.21% |
Present Value Discounted (@ 8.05%) |
45.57 | 59.11 | 57.01 | 54.98 | 53.03 |
Present value of next 5 years cash flows | €269.69 |
Calculation | Result | |
---|---|---|
Terminal Value |
= FCF2023
× (1 + g) ÷ (Discount Rate – g)
= €78.08 × (1 + 0.23%) ÷ (8.05% – 0.23%) |
€1,001.02 |
Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)5
= €1,001.02 ÷ (1 + 8.05%)5 |
€679.84 |
Calculation | Result | |
---|---|---|
Total Equity Value |
= Present value of next 5 years cash flows +
Terminal Value
= €269.69 + €679.84 |
€949.53 |
Equity Value per Share (EUR) |
= Total value / Shares Outstanding
= €949.53 / 87.69 |
€10.79 |
Calculation | Result | |
---|---|---|
Non-primary Listing Adjustment Factor |
1 share in DB:ZVB
represents 0.9969x
of
BIT:ZV
(This could be a different class, a depositary receipt, a different currency, or all of these things.) |
0.9969x |
Value per Share (Listing Adjusted, EUR) |
= Value per Share (EUR) x Listing Adjustment Factor
= € 10.83 x 0.9969 |
€10.79 |
Value per share (EUR) | From above. | €10.79 |
Current discount | Discount to share price of
€9.65
= -1 x (€9.65 - €10.79) / €10.79 |
10.6% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
Data Point | Source | Value |
---|---|---|
Earnings Per Share * | Company Filings (2018-09-30) in EUR | €0.52 |
BIT:ZV Share Price ** | BIT (2019-02-18) in EUR | €9.68 |
Europe Packaging Industry PE Ratio | Median Figure of 31 Publicly-Listed Packaging Companies | 15.52x |
Germany Market PE Ratio | Median Figure of 420 Publicly-Listed Companies | 18.16x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of Zignago Vetro.
Calculation | Outcome | |
---|---|---|
PE Ratio | = BIT:ZV Share Price ÷ EPS (both in EUR) = 9.68 ÷ 0.52 |
18.46x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
Data Point | Source | Value |
---|---|---|
PE Ratio | See PE Ratio Section | 18.46x |
Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts |
9.2%per year |
Europe Packaging Industry PEG Ratio | Median Figure of 16 Publicly-Listed Packaging Companies | 1.32x |
Germany Market PEG Ratio | Median Figure of 277 Publicly-Listed Companies | 1.39x |
*Line of best fit is calculated by linear regression .
Calculation | Outcome | |
---|---|---|
PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 18.46x ÷ 9.2% |
2.01x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
Data Point | Source | Value |
---|---|---|
Book Value per Share | Company Filings (2018-09-30) in EUR | €2.19 |
BIT:ZV Share Price * | BIT (2019-02-18) in EUR | €9.68 |
Europe Packaging Industry PB Ratio | Median Figure of 36 Publicly-Listed Packaging Companies | 1.66x |
Germany Market PB Ratio | Median Figure of 566 Publicly-Listed Companies | 1.79x |
Calculation | Outcome | |
---|---|---|
PB Ratio | = BIT:ZV Share Price ÷ Book Value per Share (both in EUR) = 9.68 ÷ 2.19 |
4.41x |
* Primary Listing of Zignago Vetro.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
Data Point | Source | Value (per year) |
---|---|---|
DB:ZVB Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts | 9.2% |
DB:ZVB Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts | 10.8% |
Europe Packaging Industry Earnings Growth Rate | Market Cap Weighted Average | 25.6% |
Europe Packaging Industry Revenue Growth Rate | Market Cap Weighted Average | 4.3% |
Germany Market Earnings Growth Rate | Market Cap Weighted Average | 9.7% |
Germany Market Revenue Growth Rate | Market Cap Weighted Average | 4.7% |
*Line of best fit is calculated by linear regression .
Industry and Market average data is calculated daily.
Learn more about our growth rate calculations in Simply Wall St’s analysis model.
Data Point | Source | Value |
---|---|---|
Past Financials | Company Filings (4 months ago) | See Below |
Future Estimates | Average of up to 3 Analyst Estimates (S&P Global) | See Below |
Date (Data in EUR Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
---|---|---|---|---|
2021-12-31 | 456 | 1 | ||
2020-12-31 | 436 | 102 | 57 | 1 |
2019-12-31 | 395 | 87 | 46 | 3 |
2018-12-31 | 372 | 87 | 45 | 1 |
Date (Data in EUR Millions) | Revenue | Cash Flow | Net Income * |
---|---|---|---|
2018-09-30 | 294 | 68 | 46 |
2018-06-30 | 286 | 70 | 42 |
2018-03-31 | 279 | 59 | 42 |
2017-12-31 | 270 | 56 | 40 |
2017-09-30 | 254 | 57 | 38 |
2017-06-30 | 254 | 50 | 37 |
2017-03-31 | 252 | 56 | 33 |
2016-12-31 | 252 | 51 | 31 |
2016-09-30 | 253 | 53 | 29 |
2016-06-30 | 253 | 54 | 28 |
2016-03-31 | 249 | 57 | 30 |
2015-12-31 | 246 | 48 | 29 |
*GAAP earnings excluding extraordinary items.
Data Point | Source | Value |
---|---|---|
Past Financials | Company Filings (4 months ago) | See Below |
Future Estimates | Average of up to 3 Analyst Estimates (S&P Global) | See Below |
All data from Zignago Vetro Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
Date (Data in EUR Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
---|---|---|---|---|
2021-12-31 | ||||
2020-12-31 | 0.65 | 0.65 | 0.65 | 1.00 |
2019-12-31 | 0.53 | 0.56 | 0.48 | 3.00 |
2018-12-31 | 0.51 | 0.51 | 0.51 | 1.00 |
Date (Data in EUR Millions) | EPS * |
---|---|
2018-09-30 | 0.52 |
2018-06-30 | 0.48 |
2018-03-31 | 0.48 |
2017-12-31 | 0.46 |
2017-09-30 | 0.44 |
2017-06-30 | 0.42 |
2017-03-31 | 0.38 |
2016-12-31 | 0.36 |
2016-09-30 | 0.33 |
2016-06-30 | 0.33 |
2016-03-31 | 0.34 |
2015-12-31 | 0.34 |
*GAAP earnings excluding extraordinary items.
How has Zignago Vetro performed over the past 5 years?
All data from Zignago Vetro Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
Date (Data in EUR Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
---|---|---|---|---|
2018-09-30 | 293.66 | 45.56 | 68.04 | |
2018-06-30 | 285.55 | 41.71 | 66.76 | |
2018-03-31 | 279.20 | 42.01 | 65.53 | |
2017-12-31 | 269.54 | 39.87 | 63.98 | |
2017-09-30 | 253.94 | 37.80 | 59.86 | |
2017-06-30 | 253.53 | 36.78 | 59.48 | |
2017-03-31 | 252.23 | 32.74 | 58.39 | |
2016-12-31 | 252.09 | 31.19 | 58.07 | |
2016-09-30 | 252.94 | 28.65 | 58.78 | |
2016-06-30 | 252.51 | 28.48 | 58.14 | |
2016-03-31 | 249.37 | 29.73 | 72.12 | |
2015-12-31 | 246.37 | 29.05 | 57.12 | |
2015-09-30 | 241.40 | 26.86 | 1.68 | |
2015-06-30 | 238.11 | 25.50 | 29.06 | |
2015-03-31 | 236.51 | 24.21 | 0.13 | |
2014-12-31 | 231.54 | 23.84 | 0.13 | |
2014-09-30 | 233.61 | 25.14 | 0.34 | |
2014-06-30 | 234.09 | 25.55 | 0.14 | |
2014-03-31 | 229.55 | 26.44 | -13.95 | |
2013-12-31 | 228.22 | 26.13 | 0.14 | |
2013-09-30 | 243.67 | 26.88 | 41.00 | |
2013-06-30 | 257.43 | 26.99 | ||
2013-03-31 | 282.93 | 28.74 | 14.09 | |
2012-12-31 | 298.75 | 30.88 | ||
2012-09-30 | 297.89 | 31.22 | ||
2012-06-30 | 295.90 | 33.71 | -31.69 | |
2012-03-31 | 296.19 | 35.69 |
*GAAP earnings excluding extraordinary items.
How is Zignago Vetro's financial health and their level of debt?
All data from Zignago Vetro Company Filings, last reported 4 months ago.
Date (Data in EUR Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
---|---|---|---|
2018-09-30 | 185.77 | 193.92 | 45.94 |
2018-06-30 | 174.43 | 190.69 | 39.23 |
2018-03-31 | 193.08 | 198.56 | 63.04 |
2017-12-31 | 177.07 | 184.85 | 31.69 |
2017-09-30 | 161.14 | 165.71 | 28.29 |
2017-06-30 | 152.70 | 165.66 | 18.13 |
2017-03-31 | 163.93 | 181.58 | 58.91 |
2016-12-31 | 155.52 | 183.85 | 59.36 |
2016-09-30 | 144.18 | 203.12 | 91.60 |
2016-06-30 | 137.75 | 197.10 | 79.18 |
2016-03-31 | 151.75 | 208.12 | 102.69 |
2015-12-31 | 145.63 | 210.81 | 100.06 |
2015-09-30 | 135.87 | 200.65 | 93.84 |
2015-06-30 | 129.88 | 207.20 | 103.00 |
2015-03-31 | 139.85 | 199.35 | 103.78 |
2014-12-31 | 133.77 | 172.01 | 89.78 |
2014-09-30 | 126.84 | 115.33 | 40.99 |
2014-06-30 | 122.07 | 118.92 | 40.67 |
2014-03-31 | 134.60 | 107.29 | 38.45 |
2013-12-31 | 129.62 | 112.33 | 39.27 |
2013-09-30 | 120.73 | 145.27 | 41.57 |
2013-06-30 | 115.21 | 153.27 | 43.15 |
2013-03-31 | 129.94 | 129.70 | 37.33 |
2012-12-31 | 125.48 | 136.09 | 44.69 |
2012-09-30 | 116.18 | 123.33 | 35.62 |
2012-06-30 | 110.49 | 131.50 | 35.29 |
2012-03-31 | 126.01 | 114.87 | 42.31 |
What is Zignago Vetro's current dividend yield, its reliability and sustainability?
Data Point | Source | Value |
---|---|---|
Past Annualized Dividend Yield | S&P Global Market Data | See Below |
Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
Future Dividends per Share Estimates | Average of up to 3 Analyst Estimates (S&P Global) | See Below |
Europe Packaging Industry Average Dividend Yield | Market Cap Weighted Average of 23 Stocks | 3.1% |
Germany Market Average Dividend Yield | Market Cap Weighted Average of 332 Stocks | 3% |
Germany Minimum Threshold Dividend Yield | 10th Percentile | 0.9% |
Germany Bottom 25% Dividend Yield | 25th Percentile | 1.5% |
Germany Top 25% Dividend Yield | 75th Percentile | 4% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
Date (Data in €) | Dividend per Share (annual) | Avg. No. Analysts |
---|---|---|
2021-12-31 | ||
2020-12-31 | 0.45 | 1.00 |
2019-12-31 | 0.37 | 3.00 |
2018-12-31 | 0.36 | 1.00 |
Date (Data in €) | Dividend per share (annual) | Avg. Yield (%) |
---|---|---|
2018-03-15 | 0.320 | 3.818 |
2017-04-03 | 0.252 | 3.236 |
2017-03-15 | 0.252 | 3.627 |
2016-03-30 | 0.235 | 4.231 |
2016-03-11 | 0.235 | 4.130 |
2015-03-13 | 0.200 | 3.639 |
2014-03-28 | 0.220 | 4.056 |
2014-03-13 | 0.220 | 3.875 |
2013-03-11 | 0.250 | 5.230 |
2012-07-26 | 0.282 | 6.120 |
2012-03-28 | 0.282 | 6.062 |
2012-03-14 | 0.282 | 5.981 |
2011-04-28 | 0.273 | 6.089 |
2010-03-16 | 0.221 | 5.241 |
2009-03-16 | 0.268 | 7.969 |
2009-02-19 | 0.198 | 6.135 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
Engineer Paolo Giacobbo has been the Chief Executive Officer of Zignago Vetro S.p.A. since April 28, 2011 and serves as its Chairman. Engineer Giacobbo has been Executive Director of Zignago Vetro S.p.A. since April 29, 2010. Engineer Giacobbo served as Senior Corporate Executive Vice President for investment, production, quality, technology, engineering and R&D. Since June 2009 he has been president of the European Glass Industry Confederation (CPIV) in Brussels. He serves as Chairman of Verreries Brosse S.A.S. He served as an Independent Director at Zignago Vetro S.p.A. since 2010. After his military service as an officer in the Alpine division, he began working in the hollow glass industry in 1974 (Vetrerie Italiane) as a production engineer. He graduated in Engineering from the University of Padua in 1972.
Average tenure and age of the Zignago Vetro board of directors in years:
Zignago Vetro S.p.A., together with its subsidiaries, produces and markets hollow glass containers for food and beverage, cosmetics, perfumery, and specialty glass markets in Italy, rest of Europe, and internationally. The company offers containers, such as bottles for fragrances, nail varnishes, and skin care and cream jars; jars for baby-food; specialty containers for wine, vinegar, olive oils, distillates, and liquors; and customized glass containers. It also engages in the glass recycling activities that include treatment and sale of recycled glass. The company is based in Fossalta di Portogruaro, Italy. Zignago Vetro S.p.A. is a subsidiary of Zignago Holding S.p.A.
Name: | Zignago Vetro S.p.A. |
ZVB | |
Exchange: | DB |
Founded: | |
€850,602,942 | |
87,691,025 | |
Website: | http://www.gruppozignagovetro.com |
Address: |
Zignago Vetro S.p.A. Via Ita Marzotto 8, Fossalta di Portogruaro, Venice, 30025, Italy |
Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
---|---|---|---|---|---|---|---|
BIT | ZV | Common Stock | Borsa Italiana | IT | EUR | 06. Jun 2007 | |
DB | ZVB | Common Stock | Deutsche Boerse AG | DE | EUR | 06. Jun 2007 | |
LSE | 0NNC | Common Stock | London Stock Exchange | GB | EUR | 06. Jun 2007 | |
BATS-CHIXE | ZVM | Common Stock | BATS 'Chi-X Europe' | GB | EUR | 06. Jun 2007 |
Metal and Glass Containers | |
Materials |
Area | Date (UTC time) |
---|---|
Company Analysis updated: | 2019/02/18 21:46 |
End of day share price update: | 2019/02/18 00:00 |
Last estimates confirmation: | 2018/11/27 |
Last earnings filing: | 2018/11/12 |
Last earnings reported: | 2018/09/30 |
Last annual earnings reported: | 2017/12/31 |
All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.
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.