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VOC

Vocento BME:VOC Stock Report

Last Price

€0.69

Market Cap

€83.1m

7D

6.2%

1Y

-39.5%

Updated

06 Aug, 2022

Data

Company Financials +
VOC fundamental analysis
Snowflake Score
Valuation3/6
Future Growth3/6
Past Performance3/6
Financial Health5/6
Dividends3/6

VOC Stock Overview

Vocento, S.A., together with its subsidiaries, operates as a multimedia communications company in Spain.

Vocento Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Vocento
Historical stock prices
Current Share Price€0.69
52 Week High€1.14
52 Week Low€0.64
Beta0.92
1 Month Change0.29%
3 Month Change-28.13%
1 Year Change-39.47%
3 Year Change-48.89%
5 Year Change-56.47%
Change since IPO-95.58%

Recent News & Updates

Jul 01
Vocento's (BME:VOC) Returns On Capital Not Reflecting Well On The Business

Vocento's (BME:VOC) Returns On Capital Not Reflecting Well On The Business

What underlying fundamental trends can indicate that a company might be in decline? Businesses in decline often have...

Shareholder Returns

VOCES MediaES Market
7D6.2%-3.2%-0.3%
1Y-39.5%-29.8%-7.1%

Return vs Industry: VOC underperformed the Spanish Media industry which returned -29.8% over the past year.

Return vs Market: VOC underperformed the Spanish Market which returned -7.1% over the past year.

Price Volatility

Is VOC's price volatile compared to industry and market?
VOC volatility
VOC Average Weekly Movement4.4%
Media Industry Average Movement4.1%
Market Average Movement3.9%
10% most volatile stocks in ES Market7.0%
10% least volatile stocks in ES Market0.7%

Stable Share Price: VOC is not significantly more volatile than the rest of Spanish stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: VOC's weekly volatility (4%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
18542,833Luis Enriquez Nistalhttps://www.vocento.com

Vocento, S.A., together with its subsidiaries, operates as a multimedia communications company in Spain. The company operates through ABC, Regional, Supplements and Magazines, Audiovisual, Classifieds, Gastronomy, Agency, and Structure segments. It conducts various activities in the newspapers, supplements, magazines, television, audiovisual production, film distribution, and Internet in the areas of information and entertainment.

Vocento Fundamentals Summary

How do Vocento's earnings and revenue compare to its market cap?
VOC fundamental statistics
Market Cap€83.08m
Earnings (TTM)€2.49m
Revenue (TTM)€333.69m

33.4x

P/E Ratio

0.2x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
VOC income statement (TTM)
Revenue€333.69m
Cost of Revenue€174.71m
Gross Profit€158.98m
Other Expenses€156.49m
Earnings€2.49m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)0.021
Gross Margin47.64%
Net Profit Margin0.74%
Debt/Equity Ratio10.5%

How did VOC perform over the long term?

See historical performance and comparison

Dividends

6.5%

Current Dividend Yield

218%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is VOC undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for VOC?

Other financial metrics that can be useful for relative valuation.

VOC key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue0.5x
Enterprise Value/EBITDA8.5x
PEG Ratio1.2x

Price to Earnings Ratio vs Peers

How does VOC's PE Ratio compare to its peers?

VOC PE Ratio vs Peers
The above table shows the PE ratio for VOC vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average26.1x
LLYC Llorente & Cuenca
24x22.5%€127.9m
A3M Atresmedia Corporación de Medios de Comunicación
5.9x1.1%€663.4m
CAU Centaur Media
26.5x35.3%UK£67.3m
TL5 Mediaset España Comunicación
5.2x1.1%€999.0m
VOC Vocento
33.4x28.1%€83.1m

Price-To-Earnings vs Peers: VOC is expensive based on its Price-To-Earnings Ratio (33.4x) compared to the peer average (26.1x).


Price to Earnings Ratio vs Industry

How does VOC's PE Ratio compare vs other companies in the European Media Industry?

Price-To-Earnings vs Industry: VOC is expensive based on its Price-To-Earnings Ratio (33.4x) compared to the European Media industry average (13.6x)


Price to Earnings Ratio vs Fair Ratio

What is VOC's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

VOC PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio33.4x
Fair PE Ratio18.5x

Price-To-Earnings vs Fair Ratio: VOC is expensive based on its Price-To-Earnings Ratio (33.4x) compared to the estimated Fair Price-To-Earnings Ratio (18.5x).


Share Price vs Fair Value

What is the Fair Price of VOC when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: VOC (€0.69) is trading below our estimate of fair value (€4.91)

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


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.


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Future Growth

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

Future Growth Score

3/6

Future Growth Score 3/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


28.1%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: VOC's forecast earnings growth (28.1% per year) is above the savings rate (0.9%).

Earnings vs Market: VOC's earnings (28.1% per year) are forecast to grow faster than the Spanish market (12.6% per year).

High Growth Earnings: VOC's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: VOC's revenue (2.5% per year) is forecast to grow slower than the Spanish market (3.9% per year).

High Growth Revenue: VOC's revenue (2.5% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: VOC's Return on Equity is forecast to be low in 3 years time (6.7%).


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Past Performance

How has Vocento performed over the past 5 years?

Past Performance Score

3/6

Past Performance Score 3/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


41.4%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: VOC has high quality earnings.

Growing Profit Margin: VOC became profitable in the past.


Past Earnings Growth Analysis

Earnings Trend: VOC has become profitable over the past 5 years, growing earnings by 41.4% per year.

Accelerating Growth: VOC has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: VOC has become profitable in the last year, making it difficult to compare its past year earnings growth to the Media industry (37.3%).


Return on Equity

High ROE: VOC's Return on Equity (2.2%) is considered low.


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Financial Health

How is Vocento's financial position?

Financial Health Score

5/6

Financial Health Score 5/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: VOC's short term assets (€110.8M) do not cover its short term liabilities (€113.9M).

Long Term Liabilities: VOC's short term assets (€110.8M) exceed its long term liabilities (€52.5M).


Debt to Equity History and Analysis

Debt Level: VOC's net debt to equity ratio (2%) is considered satisfactory.

Reducing Debt: VOC's debt to equity ratio has reduced from 29.6% to 10.5% over the past 5 years.

Debt Coverage: VOC's debt is well covered by operating cash flow (141.2%).

Interest Coverage: VOC's interest payments on its debt are well covered by EBIT (34.5x coverage).


Balance Sheet


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Dividend

What is Vocento current dividend yield, its reliability and sustainability?

Dividend Score

3/6

Dividend Score 3/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


6.52%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: VOC's dividend (6.52%) is higher than the bottom 25% of dividend payers in the Spanish market (2.19%).

High Dividend: VOC's dividend (6.52%) is in the top 25% of dividend payers in the Spanish market (5.98%)


Stability and Growth of Payments

Stable Dividend: VOC has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: VOC's dividend payments have increased, but the company has only paid a dividend for 3 years.


Earnings Payout to Shareholders

Earnings Coverage: With its high payout ratio (218.1%), VOC's dividend payments are not well covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: With its low cash payout ratio (22.5%), VOC's dividend payments are well covered by cash flows.


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Management

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

2.6yrs

Average management tenure


CEO

Luis Enriquez Nistal

10.33yrs

Tenure

€759,000

Compensation

Mr. Luis Enriquez Nistal serves as the Chief Executive Officer of Vocento, S.A. since April 26, 2012 and has been its Executive Director since July 18, 2011. Mr. Nistal serves as the Chairman and Chief Exe...


CEO Compensation Analysis

Compensation vs Market: Luis's total compensation ($USD770.87K) is above average for companies of similar size in the Spanish market ($USD333.89K).

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


Leadership Team

Experienced Management: VOC's management team is considered experienced (2.6 years average tenure).


Board Members

Experienced Board: VOC's board of directors are seasoned and experienced ( 10.3 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 not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Vocento, S.A.'s employee growth, exchange listings and data sources


Key Information

  • Name: Vocento, S.A.
  • Ticker: VOC
  • Exchange: BME
  • Founded: 1854
  • Industry: Publishing
  • Sector: Media
  • Implied Market Cap: €83.083m
  • Shares outstanding: 120.41m
  • Website: https://www.vocento.com

Number of Employees


Location

  • Vocento, S.A.
  • Gran VIa de Don Diego LOpez de Haro
  • no 45, 3a planta
  • Bilbao
  • Basque Country
  • 48011
  • Spain

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/08/06 00:00
End of Day Share Price2022/08/05 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


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.