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Vocento

BME:VOC
Snowflake Description

Flawless balance sheet and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
VOC
BME
€174M
Market Cap
  1. Home
  2. ES
  3. Media
Company description

Vocento, S.A., together with its subsidiaries, operates as a multimedia company in Spain. The last earnings update was 56 days ago. More info.


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VOC Share Price and Events
7 Day Returns
4.3%
BME:VOC
0%
Europe Media
-0.3%
ES Market
1 Year Returns
5.9%
BME:VOC
0.3%
Europe Media
-0.7%
ES Market
VOC Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Vocento (VOC) 4.3% 9.8% 28.6% 5.9% 2.9% -38.1%
Europe Media 0% 5.3% 4.5% 0.3% -12.4% -4.8%
ES Market -0.3% 2.1% 3.6% -0.7% 5.4% -6.2%
1 Year Return vs Industry and Market
  • VOC outperformed the Media industry which returned 0.3% over the past year.
  • VOC outperformed the Market in Spain which returned -0.7% over the past year.
Price Volatility
VOC
Industry
5yr Volatility vs Market
Related Companies

Value

 Is Vocento undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Vocento to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Vocento.

BME:VOC Discounted Cash Flow Data Sources
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 9.9%
Perpetual Growth Rate 10-Year ES Government Bond Rate 1.5%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for BME:VOC
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year ES Govt Bond Rate 1.5%
Equity Risk Premium S&P Global 8.2%
Media Unlevered Beta Simply Wall St/ S&P Global 0.81
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.809 (1 + (1- 25%) (36.39%))
1.02
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.02
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.53% + (1.02 * 8.18%)
9.87%

Discounted Cash Flow Calculation for BME:VOC using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Vocento is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

BME:VOC DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 9.87%)
2019 16.70 Analyst x1 15.20
2020 15.40 Analyst x2 12.76
2021 19.20 Analyst x2 14.48
2022 16.27 Est @ -15.28% 11.16
2023 14.60 Est @ -10.24% 9.12
2024 13.62 Est @ -6.71% 7.74
2025 13.05 Est @ -4.24% 6.75
2026 12.72 Est @ -2.51% 5.99
2027 12.55 Est @ -1.3% 5.38
2028 12.50 Est @ -0.45% 4.88
Present value of next 10 years cash flows €93.46
BME:VOC DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= €12.50 × (1 + 1.53%) ÷ (9.87% – 1.53%)
€152.06
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €152.06 ÷ (1 + 9.87%)10
€59.33
BME:VOC Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €93.46 + €59.33
€152.79
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €152.79 / 121.05
€1.26
BME:VOC Discount to Share Price
Calculation Result
Value per share (EUR) From above. €1.26
Current discount Discount to share price of €1.44
= -1 x (€1.44 - €1.26) / €1.26
-14.1%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Vocento is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Vocento's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Vocento's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
BME:VOC PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in EUR €0.09
BME:VOC Share Price ** BME (2019-04-25) in EUR €1.44
Europe Media Industry PE Ratio Median Figure of 114 Publicly-Listed Media Companies 16.21x
Spain Market PE Ratio Median Figure of 130 Publicly-Listed Companies 17.74x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Vocento.

BME:VOC PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= BME:VOC Share Price ÷ EPS (both in EUR)

= 1.44 ÷ 0.09

16.05x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Vocento is good value based on earnings compared to the Europe Media industry average.
  • Vocento is good value based on earnings compared to the Spain market.
Price based on expected Growth
Does Vocento's expected growth come at a high price?
Raw Data
BME:VOC PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 16.05x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
11%per year
Europe Media Industry PEG Ratio Median Figure of 66 Publicly-Listed Media Companies 1.72x
Spain Market PEG Ratio Median Figure of 74 Publicly-Listed Companies 1.3x

*Line of best fit is calculated by linear regression .

BME:VOC PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 16.05x ÷ 11%

1.45x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Vocento is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Vocento's assets?
Raw Data
BME:VOC PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in EUR €1.75
BME:VOC Share Price * BME (2019-04-25) in EUR €1.44
Europe Media Industry PB Ratio Median Figure of 166 Publicly-Listed Media Companies 1.47x
Spain Market PB Ratio Median Figure of 178 Publicly-Listed Companies 1.81x
BME:VOC PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= BME:VOC Share Price ÷ Book Value per Share (both in EUR)

= 1.44 ÷ 1.75

0.82x

* Primary Listing of Vocento.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Vocento is good value based on assets compared to the Europe Media industry average.
X
Value checks
We assess Vocento's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Media industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Media industry average (and greater than 0)? (1 check)
  5. Vocento has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

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

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
11%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Vocento expected to grow at an attractive rate?
  • Vocento's earnings growth is expected to exceed the low risk savings rate of 1.5%.
Growth vs Market Checks
  • Vocento's earnings growth is expected to exceed the Spain market average.
  • Vocento's revenues are expected to decrease over the next 1-3 years, this is below the Spain market average.
Annual Growth Rates Comparison
Raw Data
BME:VOC Future Growth Rates Data Sources
Data Point Source Value (per year)
BME:VOC Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts 11%
BME:VOC Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts -1%
Europe Media Industry Earnings Growth Rate Market Cap Weighted Average 12.1%
Europe Media Industry Revenue Growth Rate Market Cap Weighted Average 3.6%
Spain Market Earnings Growth Rate Market Cap Weighted Average 10.2%
Spain Market Revenue Growth Rate Market Cap Weighted Average 5%

*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.

Analysts growth expectations
Raw Data
BME:VOC Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
BME:VOC Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 376 30 14 3
2020-12-31 378 31 13 3
2019-12-31 392 32 6 1
BME:VOC Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2018-12-31 385 43 11
2018-09-30 413 43 -1
2018-06-30 401 43 -2
2018-03-31 421 40 0
2017-12-31 423 32 -5
2017-09-30 409 32 -57
2017-06-30 437 33 -58
2017-03-31 435 30 -61
2016-12-31 448 25 -60
2016-09-30 453 27 -1
2016-06-30 457 34 -2
2016-03-31 459 38 -3

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Vocento's earnings are expected to grow by 11% yearly, however this is not considered high growth (20% yearly).
  • Vocento's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
BME:VOC Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from Vocento Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BME:VOC Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 0.12 0.13 0.11 3.00
2020-12-31 0.10 0.13 0.08 3.00
2019-12-31 0.05 0.05 0.05 1.00
BME:VOC Past Financials Data
Date (Data in EUR Millions) EPS *
2018-12-31 0.09
2018-09-30
2018-06-30 -0.02
2018-03-31
2017-12-31 -0.04
2017-09-30
2017-06-30 -0.48
2017-03-31
2016-12-31 -0.50
2016-09-30
2016-06-30 -0.02
2016-03-31

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Vocento is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Vocento's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Vocento has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Vocento performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Vocento's growth in the last year to its industry (Media).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Vocento's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • Vocento has become profitable in the last year making the earnings growth rate difficult to compare to the 5-year average.
  • Vocento has become profitable in the last year making it difficult to compare the Europe Media industry average.
Earnings and Revenue History
Vocento's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Vocento Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BME:VOC Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 385.16 10.86 163.70
2018-09-30 412.79 -1.40 163.83
2018-06-30 400.65 -2.04 165.23
2018-03-31 420.75 0.21 168.24
2017-12-31 423.02 -4.80 169.33
2017-09-30 409.09 -57.06 174.65
2017-06-30 437.10 -58.41 178.19
2017-03-31 435.17 -61.38 179.82
2016-12-31 447.95 -60.01 182.52
2016-09-30 452.81 -1.01 183.90
2016-06-30 456.84 -2.06 186.84
2016-03-31 459.13 -3.22 187.26
2015-12-31 467.20 4.08 188.89
2015-09-30 474.08 -15.91 193.72
2015-06-30 480.71 -16.13 195.65
2015-03-31 487.82 -17.67 198.99
2014-12-31 494.56 -22.35 204.00
2014-09-30 504.59 -8.93 211.06
2014-06-30 510.95 -11.08 216.60
2014-03-31 521.39 -13.84 224.58
2013-12-31 529.20 -15.14 232.00
2013-09-30 532.55 -41.90 235.82
2013-06-30 546.50 -43.08 244.01
2013-03-31 614.95 -57.70 255.53
2012-12-31 595.95 -53.37 269.46
2012-09-30 771.33 -62.82 285.22
2012-06-30 643.97 -68.04 297.21

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Vocento has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Vocento used its assets less efficiently than the Europe Media industry average last year based on Return on Assets.
  • Vocento has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Vocento's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Media industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Vocento has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Vocento's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Vocento's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Vocento is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Vocento's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Vocento's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Vocento Company Filings, last reported 3 months ago.

BME:VOC Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 280.44 63.43 20.56
2018-09-30 248.66 60.24 22.38
2018-06-30 251.68 56.08 17.98
2018-03-31 243.42 75.94 27.77
2017-12-31 252.02 77.83 25.56
2017-09-30 249.81 81.64 22.00
2017-06-30 253.18 80.70 24.82
2017-03-31 243.13 86.01 21.37
2016-12-31 255.07 82.96 21.71
2016-09-30 309.42 128.50 23.06
2016-06-30 313.99 128.78 22.20
2016-03-31 308.04 133.44 23.33
2015-12-31 318.69 120.33 19.35
2015-09-30 312.06 136.36 23.66
2015-06-30 319.11 136.78 19.57
2015-03-31 320.14 144.23 19.42
2014-12-31 322.57 137.93 23.45
2014-09-30 337.11 174.74 29.74
2014-06-30 343.73 166.05 18.71
2014-03-31 340.86 198.99 41.53
2013-12-31 349.90 170.63 34.72
2013-09-30 351.24 185.64 28.00
2013-06-30 359.96 175.39 32.73
2013-03-31 360.96 185.25 36.35
2012-12-31 369.23 158.28 40.30
2012-09-30 399.08 176.81 34.11
2012-06-30 407.69 160.81 42.34
  • Vocento's level of debt (22.6%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (48.9% vs 22.6% today).
  • Debt is well covered by operating cash flow (68.1%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 36.2x coverage).
X
Financial health checks
We assess Vocento's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Vocento has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Vocento dividends. Estimated to be 3.19% next year.
If you bought €2,000 of Vocento shares you are expected to receive €0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Vocento's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Vocento's dividend against the top 25% market benchmark as the company has not reported any payouts.
Upcoming dividend payment

Purchase Vocento before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
BME:VOC Annualized Past and Future Dividends
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 Media Industry Average Dividend Yield Market Cap Weighted Average of 87 Stocks 3.8%
Spain Market Average Dividend Yield Market Cap Weighted Average of 75 Stocks 4.3%
Spain Minimum Threshold Dividend Yield 10th Percentile 1.1%
Spain Bottom 25% Dividend Yield 25th Percentile 1.8%
Spain Top 25% Dividend Yield 75th Percentile 5.1%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

BME:VOC Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.07 2.00
2020-12-31 0.04 2.00
2019-12-31 0.03 1.00
BME:VOC Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2009-07-30 0.000 0.000
2009-05-14 0.000 0.000

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as Vocento has not reported any payouts.
  • Unable to verify if Vocento's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Vocento's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Vocento has not reported any payouts.
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.8x coverage).
X
Income/ dividend checks
We assess Vocento's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Vocento afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Vocento has a total score of 1/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Vocento's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Luis Enríquez Nistal
COMPENSATION €508,000
CEO Bio

Mr. Luis Enríquez Nistal serves as the Chief Executive Officer of Vocento, S.A. and has been its Executive Director since July 18, 2011. Mr. Nistal serves as the Chairman and Chief Executive Officer of Radio Publi, S.L. Mr. Nistal serves as the Chief Executive Officer of Diario ABC, S.L. He serves as the Chairman of Sociedad Gestora de Televisi n NET TV, S.A. He serves as a Director of Diario El Cor eo, S.A.U., Federico Domenech, S.A. and ABC Sevil a, S.L.U.

CEO Compensation
  • Luis's compensation has been consistent with company performance over the past year.
  • Luis's remuneration is higher than average for companies of similar size in Spain.
Management Team

Luis Enríquez Nistal

TITLE
CEO & Executive Director
COMPENSATION
€508K

Joaquín Valencia Von Korff

TITLE
Chief Financial Officer

Fernando Gil López

TITLE
Director General of Operations and Quality

Carlos Campos

TITLE
Secretary & Legal Advior

Oscar Campillo

TITLE
Director of Communications & Institutional Relations

Íñigo Argaya Amigo

TITLE
Director General of Human Resources & Organisation

Fidel Pila Rivero

TITLE
Head of Regional Media - South Zone

Iñigo Barrenechea Lombardero

TITLE
Head of Regional Media - North Zone

Jesús Carrera

TITLE
Chief Digital Officer
TENURE
0.2 yrs

Pablo Díaz Gridilla

TITLE
Deputy Secretary
Board of Directors Tenure

Average tenure and age of the Vocento board of directors in years:

6.2
Average Tenure
66.5
Average Age
  • The tenure for the Vocento board of directors is about average.
Board of Directors

Ignacio Ybarra Aznar

TITLE
President & Director
COMPENSATION
€83K
TENURE
0.3 yrs

Luis Enríquez Nistal

TITLE
CEO & Executive Director
COMPENSATION
€508K
TENURE
7.8 yrs

Gonzalo Soto Aguirre

TITLE
Deputy Chairman
COMPENSATION
€85K

Santiago de Ybarra y Churruca

TITLE
Honorary Chairman
COMPENSATION
€29K
AGE
83

Carlos Zulueta

TITLE
External Independent Director
COMPENSATION
€71K
AGE
61
TENURE
3.2 yrs

Gonzalo Urquijo y Fernández de Araoz

TITLE
Independent Director
COMPENSATION
€64K
AGE
57
TENURE
3.2 yrs

Enrique de Ybarra e Ybarra

TITLE
Representative Director
COMPENSATION
€54K
TENURE
44.8 yrs

Santiago Bergareche Busquet

TITLE
Director
COMPENSATION
€307K
AGE
72
TENURE
5.4 yrs

María Luca de Tena García-Conde

TITLE
Representative Director
COMPENSATION
€85K
TENURE
7 yrs

Alvaro de Ybarra Y Zubiría

TITLE
Representative Director
COMPENSATION
€69K
TENURE
27.9 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Vocento's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Vocento has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Does The Hype Around Vocento, S.A.'s (BME:VOC) Growth Justify Its April Share Price?

(BME:VOC) closed yesterday at €1.38, which left some investors asking whether the high earnings potential can still be justified at this price. … Investors in Vocento have been patiently waiting for the uptick in earnings. … If you believe the analysts covering the stock then the following year will be very interesting

Simply Wall St -

Is Vocento, S.A.'s (BME:VOC) Balance Sheet Strong Enough To Weather A Storm?

However, an important fact which most ignore is: how financially healthy is the business? … Assessing first and foremost the financial health is. … We'll look at some basic checks that can form a snapshot the company’s financial strength.

Simply Wall St -

Did Changing Sentiment Drive Vocento's (BME:VOC) Share Price Down By 41%?

(BME:VOC) shareholders should be happy to see the share price up 20% in the last month. … During five years of share price growth, Vocento moved from a loss to profitability. … Most would consider that to be a good thing, so it's counter-intuitive to see the share price declining.

Simply Wall St -

Do Directors Own Vocento, S.A. (BME:VOC) Shares?

Generally speaking, as a company grows, institutions will increase their ownership. … I generally like to see some degree of insider ownership, even if only a little. … Our analysis of the ownership of the company, below, shows that.

Simply Wall St -

Is It Too Late To Consider Buying Vocento, S.A. (BME:VOC)?

saw a decent share price growth in the teens level on the BME over the last few months. … With many analysts covering the stock, we may expect any price-sensitive announcements have already been factored into the stock’s share price? … Let’s take a look at Vocento’s outlook and value based on the most recent financial data to see if the opportunity still exists.

Simply Wall St -

How Does Vocento, S.A. (BME:VOC) Affect Your Portfolio Volatility?

Beta is a widely used metric to measure a stock's exposure to market risk (volatility). … A stock with a beta below one is either less volatile than the market, or more volatile but not corellated with the overall market. … In comparison a stock with a beta of over one tends to be move in a similar direction to the market in the long term, but with greater changes in price.

Simply Wall St -

Should You Worry About Vocento, S.A.’s (BME:VOC) ROCE?

In particular, we'll consider its Return On Capital Employed (ROCE), as that can give us insight into how profitably the company is able to employ capital in its business. … Return On Capital Employed (ROCE): What is it? … ROCE measures the 'return' (pre-tax profit) a company generates from capital employed in its business.

Simply Wall St -

What does Vocento, S.A.'s (BME:VOC) Balance Sheet Tell Us About Its Future?

Investors are always looking for growth in small-cap stocks like Vocento, S.A. … However, an important fact which most ignore is: how financially healthy is the business? … the current state of its operations and pathway to profitability.

Simply Wall St -

Could The Vocento SA (BME:VOC) Ownership Structure Tell Us Something Useful?

If you want to know who really controls Vocento SA (BME:VOC), then you'll have to look at the makeup of its share registry. … So it's nice to see some insider ownership, because it may suggest that management is owner-oriented. … Taking a look at the our data on the ownership groups (below), it's seems that.

Simply Wall St -

An Intrinsic Calculation For Vocento SA (BME:VOC) Shows It's 48.58% Undervalued

by projecting its future cash flows and then discounting them to today's value. … discounted cash flows (DCF). … If you want to learn more about discounted cash flow, the basis for my calcs can be read in detail in the Simply Wall St analysis model

Simply Wall St -

Company Info

Description

Vocento, S.A., together with its subsidiaries, operates as a multimedia company in Spain. The company operates through ABC, Regional, Supplements and Magazines, Audiovisual, and Classifieds segments. It conducts various activities in the news and entertainment areas, such as the press, supplements, magazines, television, radio, audiovisual production, film distribution, and Internet. The company publishes various regional newspapers, including El Correo, La Verdad, El Diario Vasco, El Norte de Castilla, El Diario Montañés, Ideal, Sur, Las Provincias, El Comercio, Hoy, La Rioja, and Colpisa brands; ABC, a national newspaper and its Website edition; weekly supplements comprising XL Semanal and Mujer Hoy, as well as their digital versions; and Corazón CzN TVE, Código Único, and Inversión y Finanzas financial weekly magazines, as well as their digital versions. It also operates NET TV channels that broadcasts under the name of Disney Channel and Paramount Channel; operates radio stations; and produces audiovisuals, as well as provides film distribution. In addition, the company operates pisos.com, a real estate classified portal; autocasion.com, an automotive classified portal; and infoempleo.com, a job market classified portal. Further, it engages in press printing and distribution; and organization of food fairs and concerts, as well as operates an online collaborative platform for organizing live concerts. The company was formerly known as Grupo Correo Prensa Española, S.A. and changed its name to Vocento, S.A. in May 2003. Vocento, S.A. was incorporated in 1945 and is based in Bilbao, Spain.

Details
Name: Vocento, S.A.
VOC
Exchange: BME
Founded: 1945
€174,318,096
121,054,234
Website: http://www.vocento.com
Address: Vocento, S.A.
Calle Pintor Losada, 7,
Bilbao,
Basque Country, 48004,
Spain
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
BME VOC Ordinary Shares Bolsas y Mercados Espanoles ES EUR 08. Nov 2006
DB VON Ordinary Shares Deutsche Boerse AG DE EUR 08. Nov 2006
LSE 0KDD Ordinary Shares London Stock Exchange GB EUR 08. Nov 2006
Number of employees
Current staff
Staff numbers
2,742
Vocento employees.
Industry
Publishing
Media
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/25 20:35
End of day share price update: 2019/04/25 00:00
Last estimates confirmation: 2019/04/02
Last earnings filing: 2019/02/28
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


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.