ENXTPA:VCT

Stock Analysis Report

Executive Summary

Vicat SA produces and sells cement, ready-mixed concrete, and aggregates.

Snowflake

Fundamentals

Very undervalued average dividend payer.


Similar Companies

Share Price & News

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


Latest Share Price and Events

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


Market Performance


7 Day Return

1.3%

VCT

0.3%

FR Basic Materials

0.6%

FR Market


1 Year Return

-15.1%

VCT

13.6%

FR Basic Materials

14.5%

FR Market

Return vs Industry: VCT underperformed the French Basic Materials industry which returned 13.6% over the past year.

Return vs Market: VCT underperformed the French Market which returned 14.5% over the past year.


Shareholder returns

VCTIndustryMarket
7 Day1.3%0.3%0.6%
30 Day-1.9%6.3%4.3%
90 Day-1.8%13.2%11.2%
1 Year-12.4%-15.1%17.1%13.6%18.4%14.5%
3 Year-25.3%-31.0%5.3%-3.2%50.9%36.5%
5 Year-23.0%-32.3%28.8%12.4%71.3%46.4%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

Is Vicat 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: VCT (€38.5) is trading below our estimate of fair value (€81.01)

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


Price To Earnings Ratio

PE vs Industry: VCT is good value based on its PE Ratio (12.4x) compared to the Basic Materials industry average (12.6x).

PE vs Market: VCT is good value based on its PE Ratio (12.4x) compared to the French market (17.7x).


Price to Earnings Growth Ratio

PEG Ratio: VCT is good value based on its PEG Ratio (1x)


Price to Book Ratio

PB vs Industry: VCT is good value based on its PB Ratio (0.8x) compared to the XE Basic Materials industry average (1.1x).


Next Steps

Future Growth

How is Vicat forecast to perform in the next 1 to 3 years based on estimates from 6 analysts?

12.7%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: VCT's forecast earnings growth (12.7% per year) is above the savings rate (0.7%).

Earnings vs Market: VCT's earnings (12.7% per year) are forecast to grow faster than the French market (11.6% per year).

High Growth Earnings: VCT's earnings are forecast to grow, but not significantly.

Revenue vs Market: VCT's revenue (6.1% per year) is forecast to grow faster than the French market (4.7% per year).

High Growth Revenue: VCT's revenue (6.1% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: VCT's Return on Equity is forecast to be low in 3 years time (7.9%).


Next Steps

Past Performance

How has Vicat performed over the past 5 years?

5.7%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: VCT has high quality earnings.

Growing Profit Margin: VCT's current net profit margins (5.3%) are lower than last year (6.2%).


Past Earnings Growth Analysis

Earnings Trend: VCT's earnings have grown by 5.7% per year over the past 5 years.

Accelerating Growth: VCT's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: VCT had negative earnings growth (-13.3%) over the past year, making it difficult to compare to the Basic Materials industry average (20.6%).


Return on Equity

High ROE: VCT's Return on Equity (6%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Vicat's financial position?


Financial Position Analysis

Short Term Liabilities: VCT's short term assets (€1.5B) exceeds its short term liabilities (€933.3M)

Long Term Liabilities: VCT's short term assets (1.5B) do not cover its long term liabilities (2.1B)


Debt to Equity History and Analysis

Debt Level: VCT's debt to equity ratio (64.6%) is considered high

Reducing Debt: VCT's debt to equity ratio has reduced from 64.7% to 64.6% over the past 5 years.

Debt Coverage: VCT's debt is not well covered by operating cash flow (16.1%).

Interest Coverage: VCT's interest payments on its debt are well covered by EBIT (7.6x coverage).


Balance Sheet

Inventory Level: VCT has a high level of physical assets or inventory.

Debt Coverage by Assets: VCT's debt is not covered by short term assets (assets are 0.9x debt).


Next Steps

Dividend

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

3.90%

Current Dividend Yield


Dividend Yield vs Market

company3.9%marketbottom25%1.5%markettop25%4.5%industryaverage2.9%forecastin3Years4.2%

Current dividend yield vs market & industry

Notable Dividend: VCT's dividend (3.9%) is higher than the bottom 25% of dividend payers in the French market (1.49%).

High Dividend: VCT's dividend (3.9%) is low compared to the top 25% of dividend payers in the French market (4.52%).


Stability and Growth of Payments

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

Growing Dividend: VCT's dividend payments have not increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (48.2%), VCT's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: VCT's dividends in 3 years are forecast to be well covered by earnings (34.2% payout ratio).


Next Steps

Management

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

3.7yrs

Average management tenure


CEO

Guy Sidos (56yo)

11.8yrs

Tenure

€200,000

Compensation

Mr. Guy Sidos has been the Chief Executive Officer of Vicat SA since 2008 and has been its Chairman since March 2014 and served as its Chief Operating Officer. Mr. Sidos serves as the Chief Executive Offic ...


CEO Compensation Analysis

Compensation vs Market: Guy's total compensation ($USD220.07K) is below average for companies of similar size in the French market ($USD1.11M).

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


Management Age and Tenure

3.7yrs

Average Tenure

56yo

Average Age

Experienced Management: VCT's management team is considered experienced (3.7 years average tenure).


Board Age and Tenure

7.6yrs

Average Tenure

57.5yo

Average Age

Experienced Board: VCT's board of directors are considered experienced (7.6 years average tenure).


Insider Trading

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.


Management Team

  • Guy Sidos (56yo)

    Chairman of the Board & CEO

    • Tenure: 11.8yrs
    • Compensation: €200.00k
  • Philippe Chiorra (62yo)

    Deputy CEO & Legal Affairs Director

    • Tenure: 3.7yrs
  • Éric Bourdon (51yo)

    Deputy CEO of France

    • Tenure: 3.7yrs
  • Éric Holard (58yo)

    Deputy Chief Executive Officer of USA

    • Tenure: 3.7yrs
  • Christophe Bérenger

    Human Relations Manager

    • Tenure: 0yrs
  • Didier Petetin (52yo)

    Chief Operating Officer

    • Tenure: 4.7yrs
    • Compensation: €75.00k
  • Benjamin Tachoires

    Business Development Manager

    • Tenure: 0yrs
  • Nathalie Carraz

    Communication Manager

    • Tenure: 0yrs
  • Stéphane Bisseuil

    Director of Financial Communication & Investor Relations

    • Tenure: 0yrs
  • Hugues Chomel

    Chief Financial Officer

    • Tenure: 1.2yrs

Board Members

  • Bruno Salmon (69yo)

    Independent Director

    • Tenure: 10.5yrs
    • Compensation: €29.70k
  • Jacques Merceron-Vicat (81yo)

    Director & Honorary Chairman

    • Tenure: 5.5yrs
    • Compensation: €26.00k
  • Guy Sidos (56yo)

    Chairman of the Board & CEO

    • Tenure: 11.8yrs
    • Compensation: €200.00k
  • Louis Merceron-Vicat (49yo)

    Director

    • Tenure: 20.4yrs
    • Compensation: €26.00k
  • Sophie Sidos (50yo)

    Director

    • Tenure: 12.3yrs
    • Compensation: €26.00k
  • Jacques Le Mercier (74yo)

    Independent Director

    • Tenure: 12.3yrs
    • Compensation: €37.00k
  • Xavier Chalandon (69yo)

    Independent Director

    • Tenure: 9.6yrs
    • Compensation: €37.00k
  • Sophie Fegueux (59yo)

    Director

    • Tenure: 5.5yrs
    • Compensation: €26.00k
  • Delphine André (52yo)

    Independent Director

    • Tenure: 4.5yrs
    • Compensation: €33.30k
  • Eléonore Sidos (21yo)

    Director

    • Tenure: 2.8yrs
    • Compensation: €33.30k

Company Information

Vicat SA's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Vicat SA
  • Ticker: VCT
  • Exchange: ENXTPA
  • Founded: 1853
  • Industry: Construction Materials
  • Sector: Materials
  • Market Cap: €1.705b
  • Shares outstanding: 44.28m
  • Website: https://www.vicat.fr

Number of Employees


Location

  • Vicat SA
  • Tour Manhattan
  • 6 place de l’Iris
  • Paris
  • Ile-de-France
  • 92095
  • France

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
VCTENXTPA (Euronext Paris)YesCommon StockFREURJan 1992
0MGJLSE (London Stock Exchange)YesCommon StockGBEURJan 1992
4HMDB (Deutsche Boerse AG)YesCommon StockDEEURJan 1992
VCTPBATS-CHIXE (BATS 'Chi-X Europe')YesCommon StockGBEURJan 1992

Biography

Vicat SA produces and sells cement, ready-mixed concrete, and aggregates. The company operates in three segments: Cement, Concrete & Aggregates, and Other Products & Services. It offers concrete for decora ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/11/13 20:40
End of Day Share Price2019/11/13 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


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.