Reported Earnings • May 07
First quarter 2026 earnings released: EPS: €0.071 (vs €0.013 in 1Q 2025) First quarter 2026 results: EPS: €0.071 (up from €0.013 in 1Q 2025). Revenue: €108.8m (down 5.8% from 1Q 2025). Net income: €6.25m (up 444% from 1Q 2025). Profit margin: 5.7% (up from 1.0% in 1Q 2025). The increase in margin was driven by lower expenses. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Packaging industry in Europe. Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 25% per year, which means it has not declined as severely as earnings. Upcoming Dividend • May 04
Upcoming dividend of €0.22 per share Eligible shareholders must have bought the stock before 11 May 2026. Payment date: 13 May 2026. Payout ratio is a comfortable 71% and this is well supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of British dividend payers (5.7%). Lower than average of industry peers (3.6%). Announcement • Apr 28
Zignago Vetro S.p.A., Annual General Meeting, May 06, 2026 Zignago Vetro S.p.A., Annual General Meeting, May 06, 2026, at 11:00 W. Europe Standard Time. Location: fossalta di portogruaro via ita marzotto 8, ve Italy Declared Dividend • Mar 19
Dividend reduced to €0.22 Dividend of €0.22 is 51% lower than last year. Ex-date: 11th May 2026 Payment date: 13th May 2026 Dividend yield will be 3.4%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is covered by both earnings (71% earnings payout ratio) and cash flows (21% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 74% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 18
Zignago Vetro S.p.A. announces Annual dividend, payable on May 13, 2026 Zignago Vetro S.p.A. announced Annual dividend of EUR 0.2200 per share payable on May 13, 2026, ex-date on May 11, 2026 and record date on May 12, 2026. Reported Earnings • Mar 15
Full year 2025 earnings released: EPS: €0.31 (vs €0.59 in FY 2024) Full year 2025 results: EPS: €0.31 (down from €0.59 in FY 2024). Revenue: €444.8m (down 2.1% from FY 2024). Net income: €27.3m (down 47% from FY 2024). Profit margin: 6.1% (down from 11% in FY 2024). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the Packaging industry in Europe. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 26% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 09
Third quarter 2025 earnings released: EPS: €0.05 (vs €0.067 in 3Q 2024) Third quarter 2025 results: EPS: €0.05 (down from €0.067 in 3Q 2024). Revenue: €109.1m (flat on 3Q 2024). Net income: €4.37m (down 27% from 3Q 2024). Profit margin: 4.0% (down from 5.5% in 3Q 2024). Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Packaging industry in Europe. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 11
Second quarter 2025 earnings released: EPS: €0.087 (vs €0.16 in 2Q 2024) Second quarter 2025 results: EPS: €0.087 (down from €0.16 in 2Q 2024). Revenue: €112.1m (down 8.0% from 2Q 2024). Net income: €7.66m (down 47% from 2Q 2024). Profit margin: 6.8% (down from 12% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Packaging industry in Europe. Over the last 3 years on average, earnings per share has fallen by 18% per year whereas the company’s share price has fallen by 14% per year. Reported Earnings • May 16
First quarter 2025 earnings released: EPS: €0.013 (vs €0.13 in 1Q 2024) First quarter 2025 results: EPS: €0.013 (down from €0.13 in 1Q 2024). Revenue: €115.5m (down 4.4% from 1Q 2024). Net income: €1.15m (down 90% from 1Q 2024). Profit margin: 1.0% (down from 9.8% in 1Q 2024). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Packaging industry in Europe. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 12% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • May 05
Upcoming dividend of €0.45 per share Eligible shareholders must have bought the stock before 12 May 2025. Payment date: 14 May 2025. Payout ratio is on the higher end at 77%, however this is supported by cash flows. Trailing yield: 5.0%. Lower than top quartile of British dividend payers (5.9%). Higher than average of industry peers (3.4%). Reported Earnings • Mar 31
Full year 2024 earnings released: EPS: €0.59 (vs €1.38 in FY 2023) Full year 2024 results: EPS: €0.59 (down from €1.38 in FY 2023). Revenue: €454.5m (down 13% from FY 2023). Net income: €51.9m (down 58% from FY 2023). Profit margin: 11% (down from 24% in FY 2023). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Packaging industry in Europe. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Announcement • Mar 24
Zignago Vetro S.p.A., Annual General Meeting, Apr 29, 2025 Zignago Vetro S.p.A., Annual General Meeting, Apr 29, 2025, at 11:00 W. Europe Standard Time. Declared Dividend • Mar 20
Dividend reduced to €0.45 Dividend of €0.45 is 40% lower than last year. Ex-date: 12th May 2025 Payment date: 14th May 2025 Dividend yield will be 4.7%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is not covered by earnings (112% earnings payout ratio) nor is it covered by cash flows (109% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 25% to bring the payout ratio under control. EPS is expected to grow by 33% over the next 2 years, which is sufficient to bring the dividend into a sustainable range. Announcement • Mar 18
Zignago Vetro S.p.A. announces Annual dividend, payable on May 14, 2025 Zignago Vetro S.p.A. announced Annual dividend of EUR 0.4500 per share payable on May 14, 2025, ex-date on May 12, 2025 and record date on May 13, 2025. Reported Earnings • Nov 16
Third quarter 2024 earnings released: EPS: €0.067 (vs €0.24 in 3Q 2023) Third quarter 2024 results: EPS: €0.067 (down from €0.24 in 3Q 2023). Revenue: €109.3m (down 8.8% from 3Q 2023). Net income: €5.96m (down 72% from 3Q 2023). Profit margin: 5.5% (down from 18% in 3Q 2023). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Packaging industry in Europe. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. New Risk • Aug 11
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 16% Last year net profit margin: 24% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks High level of debt (64% net debt to equity). Profit margins are more than 30% lower than last year (16% net profit margin). Upcoming Dividend • May 06
Upcoming dividend of €0.75 per share Eligible shareholders must have bought the stock before 13 May 2024. Payment date: 15 May 2024. Payout ratio is a comfortable 64% and this is well supported by cash flows. Trailing yield: 5.9%. Within top quartile of British dividend payers (5.8%). Higher than average of industry peers (3.4%). Reported Earnings • May 01
First quarter 2024 earnings released: EPS: €0.13 (vs €0.34 in 1Q 2023) First quarter 2024 results: EPS: €0.13 (down from €0.34 in 1Q 2023). Revenue: €120.8m (down 18% from 1Q 2023). Net income: €11.8m (down 60% from 1Q 2023). Profit margin: 9.8% (down from 20% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Packaging industry in Europe. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 31
Full year 2023 earnings released: EPS: €1.38 (vs €0.98 in FY 2022) Full year 2023 results: EPS: €1.38 (up from €0.98 in FY 2022). Revenue: €520.0m (up 11% from FY 2022). Net income: €122.4m (up 41% from FY 2022). Profit margin: 24% (up from 19% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 2.8% growth forecast for the Packaging industry in Europe. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Declared Dividend • Mar 25
Dividend increased to €0.75 Dividend of €0.75 is 25% higher than last year. Ex-date: 13th May 2024 Payment date: 15th May 2024 Dividend yield will be 5.8%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is well covered by both earnings (39% earnings payout ratio) and cash flows (48% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 43% over the next 3 years. However, it would need to fall by 57% to increase the payout ratio to a potentially unsustainable range. Buy Or Sell Opportunity • Mar 15
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.3% to €13.20. The fair value is estimated to be €16.84, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 38%. Revenue is forecast to grow by 28% in 2 years. Earnings are forecast to decline by 32% in the next 2 years. New Risk • Nov 17
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 51% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 15% per year for the foreseeable future. Minor Risk High level of debt (51% net debt to equity). Reported Earnings • Nov 09
Third quarter 2023 earnings released: EPS: €0.24 (vs €0.15 in 3Q 2022) Third quarter 2023 results: EPS: €0.24 (up from €0.15 in 3Q 2022). Revenue: €119.8m (flat on 3Q 2022). Net income: €21.0m (up 61% from 3Q 2022). Profit margin: 18% (up from 11% in 3Q 2022). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Packaging industry in Europe. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Buying Opportunity • Aug 18
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 4.9%. The fair value is estimated to be €19.26, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has grown by 33%. Revenue is forecast to grow by 38% in 2 years. Earnings is forecast to decline by 18% in the next 2 years. Reported Earnings • Aug 02
Second quarter 2023 earnings released: EPS: €0.51 (vs €0.21 in 2Q 2022) Second quarter 2023 results: EPS: €0.51 (up from €0.21 in 2Q 2022). Revenue: €140.0m (up 25% from 2Q 2022). Net income: €45.0m (up 142% from 2Q 2022). Profit margin: 32% (up from 17% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Packaging industry in Europe. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. New Risk • Jun 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.5% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.5% per year for the foreseeable future. Minor Risks High level of debt (67% net debt to equity). Dividend is not well covered by cash flows (331% cash payout ratio). Upcoming Dividend • May 10
Upcoming dividend of €0.60 per share at 3.5% yield Eligible shareholders must have bought the stock before 15 May 2023. Payment date: 17 May 2023. Payout ratio is a comfortable 61% but the company is paying out more than the cash it is generating. Trailing yield: 3.5%. Lower than top quartile of British dividend payers (5.8%). In line with average of industry peers (3.2%). Board Change • May 10
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 6 highly experienced directors. CEO & Executive Director Roberto Cardini was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 07
First quarter 2023 earnings released: EPS: €0.34 (vs €0.14 in 1Q 2022) First quarter 2023 results: EPS: €0.34 (up from €0.14 in 1Q 2022). Revenue: €146.5m (up 36% from 1Q 2022). Net income: €29.7m (up 137% from 1Q 2022). Profit margin: 20% (up from 12% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.9% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Packaging industry in Europe. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Mar 20
Now 20% undervalued Over the last 90 days, the stock is up 18%. The fair value is estimated to be €20.83, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 11%. For the next 3 years, revenue is forecast to grow by 9.7% per annum. Earnings is also forecast to grow by 17% per annum over the same time period. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: €0.15 (vs €0.18 in 3Q 2021) Third quarter 2022 results: EPS: €0.15 (down from €0.18 in 3Q 2021). Revenue: €120.5m (up 32% from 3Q 2021). Net income: €13.0m (down 14% from 3Q 2021). Profit margin: 11% (down from 17% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Packaging industry in Europe. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 6 highly experienced directors. CEO & Executive Director Roberto Cardini was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: €0.15 (vs €0.18 in 3Q 2021) Third quarter 2022 results: EPS: €0.15 (down from €0.18 in 3Q 2021). Revenue: €120.5m (up 32% from 3Q 2021). Net income: €13.0m (down 14% from 3Q 2021). Profit margin: 11% (down from 17% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Packaging industry in Europe. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 26
Investor sentiment improved over the past week After last week's 15% share price gain to €13.12, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 15x in the Packaging industry in Europe. Total loss to shareholders of 23% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €17.20 per share. Reported Earnings • Jul 31
Second quarter 2022 earnings released: EPS: €0.21 (vs €0.20 in 2Q 2021) Second quarter 2022 results: EPS: €0.21 (up from €0.20 in 2Q 2021). Revenue: €112.2m (up 28% from 2Q 2021). Net income: €18.6m (up 7.4% from 2Q 2021). Profit margin: 17% (down from 20% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 46%, compared to a 16% growth forecast for the industry in the United Kingdom. Board Change • Jun 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 6 highly experienced directors. CEO & Executive Director Roberto Cardini was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 13
First quarter 2022 earnings released: EPS: €0.14 (vs €0.13 in 1Q 2021) First quarter 2022 results: EPS: €0.14 (up from €0.13 in 1Q 2021). Revenue: €107.6m (up 32% from 1Q 2021). Net income: €12.5m (up 9.4% from 1Q 2021). Profit margin: 12% (down from 14% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 53%, compared to a 17% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Buying Opportunity • May 04
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 14%. The fair value is estimated to be €15.83, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.6% over the last 3 years. Earnings per share has grown by 9.4%. For the next 3 years, revenue is forecast to grow by 17% per annum. Earnings is also forecast to grow by 12% per annum over the same time period. Upcoming Dividend • May 02
Upcoming dividend of €0.40 per share Eligible shareholders must have bought the stock before 09 May 2022. Payment date: 11 May 2022. Payout ratio is a comfortable 58% but the company is paying out more than the cash it is generating. Trailing yield: 3.4%. Lower than top quartile of British dividend payers (4.6%). Higher than average of industry peers (2.8%). Reported Earnings • Apr 03
Full year 2021 earnings released Full year 2021 results: Revenue: €362.4m (up 18% from FY 2020). Net income: €60.0m (up 32% from FY 2020). Profit margin: 17% (up from 15% in FY 2020). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 57%, compared to a 14% growth forecast for the industry in the United Kingdom. Reported Earnings • Nov 09
Third quarter 2021 earnings released: EPS €0.18 (vs €0.12 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €91.4m (up 13% from 3Q 2020). Net income: €15.1m (up 46% from 3Q 2020). Profit margin: 17% (up from 13% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 03
Second quarter 2021 earnings released: EPS €0.20 (vs €0.074 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €87.8m (up 38% from 2Q 2020). Net income: €17.3m (up 166% from 2Q 2020). Profit margin: 20% (up from 10% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • May 03
Upcoming dividend of €0.36 per share Eligible shareholders must have bought the stock before 10 May 2021. Payment date: 12 May 2021. Trailing yield: 2.1%. Lower than top quartile of British dividend payers (4.0%). Lower than average of industry peers (2.6%). Reported Earnings • Mar 14
Full year 2020 earnings released: EPS €0.52 (vs €0.60 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €306.7m (down 5.3% from FY 2019). Net income: €45.6m (down 14% from FY 2019). Profit margin: 15% (down from 16% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 11
Third quarter 2020 earnings released: EPS €0.12 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: €80.9m (down 1.1% from 3Q 2019). Net income: €10.4m (down 22% from 3Q 2019). Profit margin: 13% (down from 16% in 3Q 2019). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth.