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Vetoquinol

ENXTPA:VETO
Snowflake Description

Flawless balance sheet and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
VETO
ENXTPA
€675M
Market Cap
  1. Home
  2. FR
  3. Pharmaceuticals & Biotech
Company description

Vetoquinol SA, a veterinary pharmaceutical company, designs, develops, and sells veterinary drugs and non-medicinal products in Europe, the Americas, and the Asia Pacific region. The last earnings update was 47 days ago. More info.


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VETO Share Price and Events
7 Day Returns
0.7%
ENXTPA:VETO
-2.4%
FR Pharmaceuticals
-0.1%
FR Market
1 Year Returns
11.8%
ENXTPA:VETO
7.3%
FR Pharmaceuticals
-2.5%
FR Market
VETO Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Vetoquinol (VETO) 0.7% 6.3% -0.7% 11.8% 53.2% 61.5%
FR Pharmaceuticals -2.4% 3.1% -4.3% 7.3% 16.9% 1.4%
FR Market -0.1% -0.2% -0.3% -2.5% 34% 27.3%
1 Year Return vs Industry and Market
  • VETO outperformed the Pharmaceuticals industry which returned 7.3% over the past year.
  • VETO outperformed the Market in France which returned -2.5% over the past year.
Price Volatility
VETO
Industry
5yr Volatility vs Market
Related Companies

VETO Value

 Is Vetoquinol 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 Vetoquinol 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 Vetoquinol.

ENXTPA:VETO 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 6.1%
Perpetual Growth Rate 10-Year FR Government Bond Rate 0.7%

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 ENXTPA:VETO
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year FR Govt Bond Rate 0.7%
Equity Risk Premium S&P Global 6.7%
Pharmaceuticals Unlevered Beta Simply Wall St/ S&P Global 0.64
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.64 (1 + (1- 33%) (0.99%))
0.761
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)
= 0.73% + (0.8 * 6.65%)
6.05%

Discounted Cash Flow Calculation for ENXTPA:VETO using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Vetoquinol 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.

ENXTPA:VETO DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 6.05%)
2019 36.17 Analyst x3 34.10
2020 39.73 Analyst x3 35.33
2021 42.30 Analyst x2 35.46
2022 44.25 Est @ 4.6% 34.98
2023 45.77 Est @ 3.44% 34.12
2024 46.97 Est @ 2.63% 33.02
2025 47.94 Est @ 2.06% 31.77
2026 48.74 Est @ 1.66% 30.46
2027 49.41 Est @ 1.38% 29.12
2028 50.00 Est @ 1.19% 27.78
Present value of next 10 years cash flows €326.13
ENXTPA:VETO DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= €50.00 × (1 + 0.73%) ÷ (6.05% – 0.73%)
€946.74
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €946.74 ÷ (1 + 6.05%)10
€526.02
ENXTPA:VETO Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €326.13 + €526.02
€852.14
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €852.14 / 11.84
€71.97
ENXTPA:VETO Discount to Share Price
Calculation Result
Value per share (EUR) From above. €71.97
Current discount Discount to share price of €57.00
= -1 x (€57.00 - €71.97) / €71.97
20.8%

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

Current Discount
Amount off the current price Vetoquinol is available for.
Intrinsic value
21%
Share price is €57 vs Future cash flow value of €71.97
Current Discount Checks
For Vetoquinol to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Vetoquinol's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Vetoquinol's share price is below the future cash flow value, but not at a substantial discount (< 40%).
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 Vetoquinol's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Vetoquinol's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
ENXTPA:VETO PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in EUR €3.06
ENXTPA:VETO Share Price ** ENXTPA (2019-06-14) in EUR €57
France Pharmaceuticals Industry PE Ratio Median Figure of 6 Publicly-Listed Pharmaceuticals Companies 22.94x
France Market PE Ratio Median Figure of 423 Publicly-Listed Companies 17.64x

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

** Primary Listing of Vetoquinol.

ENXTPA:VETO PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ENXTPA:VETO Share Price ÷ EPS (both in EUR)

= 57 ÷ 3.06

18.61x

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

  • Vetoquinol is good value based on earnings compared to the FR Pharmaceuticals industry average.
  • Vetoquinol is overvalued based on earnings compared to the France market.
Price based on expected Growth
Does Vetoquinol's expected growth come at a high price?
Raw Data
ENXTPA:VETO PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 18.61x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
6%per year
France Pharmaceuticals Industry PEG Ratio Median Figure of 6 Publicly-Listed Pharmaceuticals Companies 1.78x
France Market PEG Ratio Median Figure of 268 Publicly-Listed Companies 1.52x

*Line of best fit is calculated by linear regression .

ENXTPA:VETO PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 18.61x ÷ 6%

3.11x

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

  • Vetoquinol is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Vetoquinol's assets?
Raw Data
ENXTPA:VETO PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in EUR €30.66
ENXTPA:VETO Share Price * ENXTPA (2019-06-14) in EUR €57
France Pharmaceuticals Industry PB Ratio Median Figure of 9 Publicly-Listed Pharmaceuticals Companies 1.86x
France Market PB Ratio Median Figure of 624 Publicly-Listed Companies 1.45x
ENXTPA:VETO PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ENXTPA:VETO Share Price ÷ Book Value per Share (both in EUR)

= 57 ÷ 30.66

1.86x

* Primary Listing of Vetoquinol.

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

  • Vetoquinol is good value based on assets compared to the FR Pharmaceuticals industry average.
X
Value checks
We assess Vetoquinol'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 Pharmaceuticals 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 Pharmaceuticals industry average (and greater than 0)? (1 check)
  5. Vetoquinol 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.

VETO Future Performance

 How is Vetoquinol 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
6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Vetoquinol expected to grow at an attractive rate?
  • Vetoquinol's earnings growth is expected to exceed the low risk savings rate of 0.7%.
Growth vs Market Checks
  • Vetoquinol's earnings growth is positive but not above the France market average.
  • Vetoquinol's revenue growth is positive but not above the France market average.
Annual Growth Rates Comparison
Raw Data
ENXTPA:VETO Future Growth Rates Data Sources
Data Point Source Value (per year)
ENXTPA:VETO Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts 6%
ENXTPA:VETO Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 4.2%
France Pharmaceuticals Industry Earnings Growth Rate Market Cap Weighted Average 12.4%
France Pharmaceuticals Industry Revenue Growth Rate Market Cap Weighted Average 3.9%
France Market Earnings Growth Rate Market Cap Weighted Average 12.8%
France Market Revenue Growth Rate Market Cap Weighted Average 4.9%

*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
ENXTPA:VETO Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (5 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.
ENXTPA:VETO Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 419 46 43 2
2020-12-31 404 44 42 3
2019-12-31 389 43 39 3
ENXTPA:VETO Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2018-12-31 368 38 36
2018-09-30 360 37 36
2018-06-30 352 36 36
2018-03-31 352 39 36
2017-12-31 352 41 35
2017-09-30 354 41 32
2017-06-30 356 40 29
2017-03-31 353 42 28
2016-12-31 350 43 28
2016-09-30 349 46 27
2016-06-30 348 49 25
2016-03-31 345 44 25

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Vetoquinol's earnings are expected to grow by 6% yearly, however this is not considered high growth (20% yearly).
  • Vetoquinol's revenue is expected to grow by 4.2% yearly, however this is not considered high growth (20% yearly).
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
ENXTPA:VETO Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from Vetoquinol Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTPA:VETO Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 3.65 3.68 3.62 2.00
2020-12-31 3.50 3.55 3.43 3.00
2019-12-31 3.28 3.31 3.25 3.00
ENXTPA:VETO Past Financials Data
Date (Data in EUR Millions) EPS *
2018-12-31 3.06
2018-09-30 3.06
2018-06-30 3.06
2018-03-31 3.00
2017-12-31 2.94
2017-09-30 2.68
2017-06-30 2.42
2017-03-31 2.38
2016-12-31 2.35
2016-09-30 2.24
2016-06-30 2.13
2016-03-31 2.08

*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.
  • Vetoquinol is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Vetoquinol'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 France market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the France 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.
Vetoquinol has a total score of 1/6, 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.

VETO Past Performance

  How has Vetoquinol 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 Vetoquinol's growth in the last year to its industry (Pharmaceuticals).
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.
  • Vetoquinol's year on year earnings growth rate has been positive over the past 5 years.
  • Vetoquinol's 1-year earnings growth is less than its 5-year average (4.1% vs 9.3%)
  • Vetoquinol's earnings growth has not exceeded the Europe Pharmaceuticals industry average in the past year (4.1% vs 9.3%).
Earnings and Revenue History
Vetoquinol'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 Vetoquinol Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTPA:VETO Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 367.94 36.26 135.00
2018-09-30 360.15 36.24 132.77
2018-06-30 352.36 36.23 130.54
2018-03-31 352.27 35.53 130.41
2017-12-31 352.17 34.83 130.28
2017-09-30 353.98 31.76 128.66
2017-06-30 355.79 28.70 127.03
2017-03-31 353.07 28.26 125.63
2016-12-31 350.35 27.83 124.22
2016-09-30 349.03 26.54 124.29
2016-06-30 347.70 25.25 124.36
2016-03-31 345.16 24.71 123.14
2015-12-31 342.61 24.16 121.93
2015-09-30 337.84 26.08 119.94
2015-06-30 333.07 28.01 117.95
2015-03-31 324.18 26.89 115.36
2014-12-31 315.30 25.77 112.78
2014-09-30 309.46 24.78 110.30
2014-06-30 303.62 23.79 107.82
2014-03-31 301.67 23.69 106.58
2013-12-31 299.73 23.58 105.33
2013-09-30 298.36 22.47 104.12
2013-06-30 297.00 21.36 102.92
2013-03-31 297.64 21.96 102.51
2012-12-31 298.29 22.57 102.10
2012-09-30 294.77 22.19 101.09
2012-06-30 291.25 21.80 100.09

*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.
  • Vetoquinol has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Vetoquinol used its assets more efficiently than the FR Pharmaceuticals industry average last year based on Return on Assets.
  • Vetoquinol has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Vetoquinol'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 Pharmaceuticals 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.
Vetoquinol has a total score of 3/6, 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.

VETO Health

 How is Vetoquinol'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 Vetoquinol's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Vetoquinol is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Vetoquinol's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Vetoquinol'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 41.1x 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 Vetoquinol Company Filings, last reported 5 months ago.

ENXTPA:VETO Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 363.08 6.67 117.63
2018-09-30 363.08 6.67 117.63
2018-06-30 342.46 11.50 104.36
2018-03-31 342.46 11.50 104.36
2017-12-31 335.73 15.43 113.02
2017-09-30 335.73 15.43 113.02
2017-06-30 320.19 19.97 96.37
2017-03-31 320.19 19.97 96.37
2016-12-31 316.48 24.28 103.30
2016-09-30 316.48 24.28 103.30
2016-06-30 297.74 30.04 83.76
2016-03-31 297.74 30.04 83.76
2015-12-31 289.49 33.07 87.07
2015-09-30 289.49 33.07 87.07
2015-06-30 283.41 57.80 83.66
2015-03-31 283.41 57.80 83.66
2014-12-31 268.40 57.11 90.81
2014-09-30 268.40 57.11 90.81
2014-06-30 245.35 65.17 71.29
2014-03-31 245.35 65.17 71.29
2013-12-31 235.96 36.99 83.93
2013-09-30 235.96 36.99 83.93
2013-06-30 228.15 55.06 81.16
2013-03-31 228.15 55.06 81.16
2012-12-31 228.01 50.39 81.60
2012-09-30 228.01 50.39 81.60
2012-06-30 219.35 45.88 73.84
  • Vetoquinol's level of debt (1.8%) 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 (15.8% vs 1.8% today).
  • Debt is well covered by operating cash flow (567.6%, greater than 20% of total debt).
  • Vetoquinol earns more interest than it pays, coverage of interest payments is not a concern.
X
Financial health checks
We assess Vetoquinol'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. Vetoquinol 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.

VETO Dividends

 What is Vetoquinol'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
0.84%
Current annual income from Vetoquinol dividends. Estimated to be 0.96% next year.
If you bought €2,000 of Vetoquinol shares you are expected to receive €17 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?
  • Vetoquinol's pays a lower dividend yield than the bottom 25% of dividend payers in France (1.56%).
  • Vetoquinol's dividend is below the markets top 25% of dividend payers in France (4.41%).
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
ENXTPA:VETO 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 Pharmaceuticals Industry Average Dividend Yield Market Cap Weighted Average of 32 Stocks 3.3%
France Market Average Dividend Yield Market Cap Weighted Average of 322 Stocks 3.1%
France Minimum Threshold Dividend Yield 10th Percentile 0.9%
France Bottom 25% Dividend Yield 25th Percentile 1.6%
France Top 25% Dividend Yield 75th Percentile 4.4%

Industry and Market average data is calculated daily.

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

ENXTPA:VETO Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.57 2.00
2020-12-31 0.56 2.00
2019-12-31 0.52 2.00
ENXTPA:VETO Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-05-22 0.480 0.879
2018-05-29 0.460 0.883
2017-04-26 0.430 0.811
2017-03-22 0.430 0.841
2016-04-27 0.410 0.965
2016-03-21 0.410 1.118
2015-04-20 0.390 1.040
2015-03-24 0.390 1.053
2014-04-14 0.370 1.023
2014-03-13 0.370 0.988
2013-04-15 0.350 1.210
2012-04-20 0.330 1.375
2011-04-18 0.300 1.219
2011-04-04 0.300 0.974
2010-04-22 0.290 1.041
2010-03-10 0.290 1.211

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

  • Vetoquinol is not paying a notable dividend for France, therefore no need to check if the payments are stable.
  • Vetoquinol is not paying a notable dividend for France, therefore no need to check if the payments are increasing.
Current Payout to shareholders
What portion of Vetoquinol's earnings are paid to the shareholders as a dividend.
  • No need to calculate the sustainability of Vetoquinol's dividends as it is not paying a notable one for France.
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (6.4x coverage).
X
Income/ dividend checks
We assess Vetoquinol's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - 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 Vetoquinol afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Vetoquinol 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.

VETO Management

 What is the CEO of Vetoquinol'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
Matthieu Frechin
COMPENSATION €436,685
AGE 49
TENURE AS CEO 9.2 years
CEO Bio

Mr. Matthieu Frechin has been the Chief Executive Officer at Vétoquinol SA since April 01, 2010. Mr. Frechin served as Deputy Chief Executive Officer of Vétoquinol SA from August 21, 2006 and also served as its Managing Director from March 31, 2010 to October 2011, Senior Executive Vice President of Strategy & New Business Development since August 2006 and also served as its Group Director of Strategy & Development, Deputy General Manager of Strategy & Development and Group Director of Business Development. Mr. Frechin has been a Director at Vétoquinol SA since May 2006. He is a Doctor of Pharmacy and graduate of the Faculty of Pharmacy of Nancy in 1995 and a Post Graduate degree (DEA) in industrial systems engineering, with marketing specialization.

CEO Compensation
  • Matthieu's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Matthieu's remuneration is about average for companies of similar size in France.
Management Team Tenure

Average tenure and age of the Vetoquinol management team in years:

7.2
Average Tenure
53
Average Age
  • The average tenure for the Vetoquinol management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Matthieu Frechin

TITLE
CEO & Director
COMPENSATION
€437K
AGE
49
TENURE
9.2 yrs

Jean-Yves Ravinet

TITLE
Group Chief Operating Officer
COMPENSATION
€362K
AGE
60
TENURE
5.8 yrs

Régis du Monteil

TITLE
Group Director of Finance & Legal
AGE
53
TENURE
8.6 yrs

Jean Deleforge

TITLE
Chief Scientific Officer
TENURE
3.6 yrs

Hans Hollegien

TITLE
Group Director of Marketing & Communication

Isabelle Proust-Cabrera

TITLE
Group Director of Human Resources
Board of Directors Tenure

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

12.5
Average Tenure
75.5
Average Age
  • The average tenure for the Vetoquinol board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Étienne Frechin

TITLE
Chairman of the Board
COMPENSATION
€156K
AGE
80
TENURE
39.4 yrs

Matthieu Frechin

TITLE
CEO & Director
COMPENSATION
€437K
AGE
49
TENURE
13.1 yrs

Martine Frechin

TITLE
Director
COMPENSATION
€6K
AGE
79
TENURE
15.1 yrs

M. Frechin

TITLE
Director
COMPENSATION
€15K
AGE
73
TENURE
47.5 yrs

Philippe Arnold

TITLE
Director
COMPENSATION
€15K
AGE
77
TENURE
12 yrs

Louis Champel

TITLE
Independent Director
COMPENSATION
€15K
AGE
74
TENURE
9.8 yrs

Marie-Josèphe Baud

TITLE
Director
COMPENSATION
€15K
TENURE
6.1 yrs

Elisabeth Pacaud

TITLE
Independent Director
TENURE
1.1 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 Vetoquinol'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. Vetoquinol 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.

VETO News

Simply Wall St News

What Do Analysts Think About Vetoquinol SA's (EPA:VETO) Growth?

Since Vetoquinol SA (EPA:VETO) released its earnings in December 2018, the consensus outlook from analysts appear somewhat bearish, as a 7.5% rise in profits is expected in the upcoming year, compared with the higher past 5-year average growth rate of 9.3%. … To get an idea of the overall earnings growth trend for VETO, I’ve plotted out each year’s earnings expectations and inserted a line of best fit to determine an annual rate of growth from the slope of this line. … ENXTPA:VETO Past and Future Earnings, June 4th 2019 This results in an annual growth rate of 6.0% based on the most recent earnings level of €36m to the final forecast of €43m by 2022.

Simply Wall St -

Read This Before You Buy Vetoquinol SA (EPA:VETO) Because Of Its P/E Ratio

The formula for P/E is: Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS) Or for Vetoquinol: P/E of 17.44 = €53.4 ÷ €3.06 (Based on the year to December 2018.) Is A High P/E Ratio Good? … A higher P/E ratio means that investors are paying a higher price for each €1 of company earnings. … The exact same company would hypothetically deserve a higher P/E ratio if it had a strong balance sheet, than if it had a weak one with lots of debt, because a cashed up company can spend on growth.

Simply Wall St -

How Do Analysts See Vetoquinol SA (EPA:VETO) Performing In The Next Couple Of Years?

Today I want to provide a brief commentary on how market analysts perceive Vetoquinol's earnings growth trajectory over the next couple of years and whether the future looks even brighter than the past. … View our latest analysis for Vetoquinol Analysts' outlook for next year seems rather subdued, with earnings rising by a single digit 7.5%. … ENXTPA:VETO Past and Future Earnings, May 9th 2019 While it is informative understanding the growth rate year by year relative to today’s value, it may be more beneficial analyzing the rate at which the earnings are rising or falling on average every year.

Simply Wall St -

Vetoquinol SA (EPA:VETO) Has A ROE Of 11%

This article is for those who would like to learn about Return On Equity (ROE). … One way to conceptualize this, is that for each €1 of shareholders' equity it has, the company made €0.11 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

How Much Of Vetoquinol SA (EPA:VETO) Do Institutions Own?

Large companies usually have institutions as shareholders, and we usually see insiders owning shares in smaller companies. … Companies that have been privatized tend to have low insider ownership. … Vetoquinol is a smaller company with a market capitalization of €681m, so it may still be flying under the radar of many institutional investors.

Simply Wall St -

Update: Vetoquinol Stock Gained 55% In The Last Three Years

For example, the Vetoquinol SA (EPA:VETO) share price is up 55% in the last three years, clearly besting than the market return of around 27% (not including dividends). … One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS). … Vetoquinol was able to grow its EPS at 9.1% per year over three years, sending the share price higher.

Simply Wall St -

How Should Investors Feel About Vetoquinol SA's (EPA:VETO) CEO Pay?

This report will, first, examine the CEO compensation levels in comparison to CEO compensation at companies of similar size. … Next, we'll consider growth that the business demonstrates. … How Does Matthieu Frechin's Compensation Compare With Similar Sized Companies?

Simply Wall St -

Is Vetoquinol SA's (EPA:VETO) ROE Of 11% Impressive?

With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. … One way to conceptualize this, is that for each €1 of shareholders' equity it has, the company made €0.11 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Could Vetoquinol SA's (EPA:VETO) Investor Composition Influence The Stock Price?

If you want to know who really controls Vetoquinol SA (EPA:VETO), then you'll have to look at the makeup of its share registry. … Insiders often own a large chunk of younger, smaller, companies while huge companies tend to have institutions as shareholders. … Companies that used to be publicly owned tend to have lower insider ownership.

Simply Wall St -

Read This Before You Buy Vetoquinol SA (EPA:VETO) Because Of Its P/E Ratio

This article is for investors who would like to improve their understanding of price to earnings ratios (P/E ratios). … We'll look at Vetoquinol SA's (EPA:VETO) P/E ratio and reflect on what it tells us about the company's share price. … Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS)

Simply Wall St -

VETO Company Info

Description

Vetoquinol SA, a veterinary pharmaceutical company, designs, develops, and sells veterinary drugs and non-medicinal products in Europe, the Americas, and the Asia Pacific region. It offers pain management, anti-infective, cardiology-nephrology, care and hygiene, antiparasiticides, behavior, internal medicine, and reproduction products for dogs, cats, cattle, and pigs. The company provides its products under the Tolfedine CS, Tolfine, Cimalgex, Flexadin, Caniviton, Diurizone, Marbocyl, Forcyl, Ceftiocyl, Clavaseptin, Clindaseptin, Cefaseptin, Kefloril, Aurizon, Oridermyl, Longamox, Pen-Histra-Strep, Doxicor, Amoxinsol, Aluspray, Linspec, Permacyl, UpCard, Prilium, Ipakitine/Epakitine, Azodyl, Rubenal, Flevox, Dolpac, Tiquanis, Zylkene, and Zentonil brands. Vetoquinol SA was founded in 1933 and is headquartered in Lure, France. Vetoquinol SA is a subsidiary of Soparfin SCA.

Details
Name: Vetoquinol SA
VETO
Exchange: ENXTPA
Founded: 1933
€674,925,657
11,840,801
Website: http://www.vetoquinol.com
Address: Vetoquinol SA
Magny-Vernois,
34 rue du Chêne-Sainte-Anne,
Lure,
Franche Comté, 70204,
France
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ENXTPA VETO Ordinary Shares Euronext Paris FR EUR 17. Nov 2006
LSE 0O1O Ordinary Shares London Stock Exchange GB EUR 17. Nov 2006
Number of employees
Current staff
Staff numbers
2,004
Vetoquinol employees.
Industry
Pharmaceuticals
Pharmaceuticals & Biotech
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/15 21:04
End of day share price update: 2019/06/14 00:00
Last estimates confirmation: 2019/05/23
Last earnings filing: 2019/04/29
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.