BIT:MZB

Stock Analysis Report

Massimo Zanetti Beverage Group

Executive Summary

Massimo Zanetti Beverage Group S.p.A., through its subsidiaries, engages in the production and sale of roasted coffee and colonial products in the Americas, the Asia Pacific, Northern Europe, and Southern Europe.


Snowflake Analysis

Excellent balance sheet second-rate dividend payer.


Similar Companies

Share Price & News

How has Massimo Zanetti Beverage Group's share price performed over time and what events caused price changes?


Latest Share Price and Events

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


Market Performance


7 Day Return

-0.7%

MZB

-1.0%

IT Food

-0.3%

IT Market


1 Year Return

-10.7%

MZB

17.9%

IT Food

15.6%

IT Market

Return vs Industry: MZB underperformed the Italian Food industry which returned 17.9% over the past year.

Return vs Market: MZB underperformed the Italian Market which returned 15.6% over the past year.


Shareholder returns

MZBIndustryMarket
7 Day-0.7%-1.0%-0.3%
30 Day-4.7%-2.0%2.9%
90 Day-2.7%4.5%4.5%
1 Year-8.0%-10.7%19.6%17.9%20.7%15.6%
3 Year-12.0%-18.2%40.7%22.9%39.4%25.4%
5 Yearn/a53.4%40.1%15.8%-23.8%

Price Volatility Vs. Market

How volatile is Massimo Zanetti Beverage Group's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Massimo Zanetti Beverage Group undervalued compared to its fair value and its price relative to the market?

12.6x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: MZB (€5.68) is trading above our estimate of fair value (€4.6)

Significantly Below Fair Value: MZB is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: MZB is poor value based on its PE Ratio (12.6x) compared to the Food industry average (12.3x).

PE vs Market: MZB is good value based on its PE Ratio (12.6x) compared to the Italian market (18.7x).


Price to Earnings Growth Ratio

PEG Ratio: MZB is poor value based on its PEG Ratio (1.3x)


Price to Book Ratio

PB vs Industry: MZB is good value based on its PB Ratio (0.6x) compared to the IT Food industry average (1.3x).


Next Steps

Future Growth

How is Massimo Zanetti Beverage Group forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

9.7%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: MZB's forecast earnings growth (9.7% per year) is above the savings rate (1.2%).

Earnings vs Market: MZB's earnings (9.7% per year) are forecast to grow slower than the Italian market (10% per year).

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

Revenue vs Market: MZB's revenue (2.1% per year) is forecast to grow slower than the Italian market (4.2% per year).

High Growth Revenue: MZB's revenue (2.1% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: MZB's Return on Equity is forecast to be low in 3 years time (5.2%).


Next Steps

Past Performance

How has Massimo Zanetti Beverage Group performed over the past 5 years?

6.7%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: MZB has high quality earnings.

Growing Profit Margin: MZB's current net profit margins (1.7%) are lower than last year (2.5%).


Past Earnings Growth Analysis

Earnings Trend: MZB's earnings have grown by 6.7% per year over the past 5 years.

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

Earnings vs Industry: MZB had negative earnings growth (-30.3%) over the past year, making it difficult to compare to the Food industry average (1.3%).


Return on Equity

High ROE: MZB's Return on Equity (4.7%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Massimo Zanetti Beverage Group's financial position?


Financial Position Analysis

Short Term Liabilities: MZB's short term assets (€399.3M) exceed its short term liabilities (€322.1M).

Long Term Liabilities: MZB's short term assets (€399.3M) exceed its long term liabilities (€268.7M).


Debt to Equity History and Analysis

Debt Level: MZB's debt to equity ratio (92.2%) is considered high.

Reducing Debt: MZB's debt to equity ratio has reduced from 122.8% to 92.2% over the past 5 years.

Debt Coverage: MZB's debt is well covered by operating cash flow (21%).

Interest Coverage: MZB's interest payments on its debt are well covered by EBIT (5.3x coverage).


Balance Sheet

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

Debt Coverage by Assets: MZB's debt is covered by short term assets (assets are 1.3x debt).


Next Steps

Dividend

What is Massimo Zanetti Beverage Group's current dividend yield, its reliability and sustainability?

3.35%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: MZB's dividend (3.35%) is higher than the bottom 25% of dividend payers in the Italian market (2%).

High Dividend: MZB's dividend (3.35%) is low compared to the top 25% of dividend payers in the Italian market (4.47%).


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, MZB has been paying a dividend for less than 10 years.

Growing Dividend: MZB's dividend payments have increased, but the company has only paid a dividend for 4 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (42.1%), MZB's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: MZB's dividends in 3 years are forecast to be well covered by earnings (30.3% payout ratio).


Next Steps

Management

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

3.8yrs

Average management tenure


CEO

Massimo Zanetti (71yo)

3.8yrs

Tenure

€600,000

Compensation

Mr. Massimo Zanett founded Massimo Zanetti Beverage Group S.p.A. in 1979 and serves as its Chairman of the Board. Mr. Zanett has been Chief Executive Officer of Massimo Zanetti Beverage Group S.p.A since A ...


CEO Compensation Analysis

Compensation vs Market: Massimo's total compensation ($USD0.00) is below average for companies of similar size in the Italian market ($USD526.73K).

Compensation vs Earnings: Insufficient data to compare Massimo's compensation with company performance.


Leadership Team

NamePositionTenureCompensationOwnership
Massimo Zanetti
Founder3.8yrs€600.00kno data
Pascal Héritier
COO & General Manager3.8yrs€200.00kno data
Lawrence Quier
Chief Global Strategist3.8yrs€20.00kno data
Maria Pimenta
Managing Director of Performance & Commercial Capabilities and Director0yrs€57.14kno data
Leonardo Rossi
CFO & Director1.7yrsno datano data
John Boyle
Managing Director of Americas3.8yrsno datano data
Francesco Cantini
Managing Director of Northern Europe3.8yrsno datano data

3.8yrs

Average Tenure

52.5yo

Average Age

Experienced Management: MZB's management team is considered experienced (3.8 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Massimo Zanetti
Founder3.8yrs€600.00kno data
Maria Pimenta
Managing Director of Performance & Commercial Capabilities and Director0yrs€57.14kno data
Leonardo Rossi
CFO & Director1.7yrsno datano data
Giorgio Valerio
Independent Director2.8yrsno datano data
Mara Vanzetta
Independent Director2.8yrsno datano data
Laura Zanetti
Non-Executive Director0yrs€20.00kno data
Matteo Zanetti
Non-Executive Director0yrs€20.00kno data
Massimo Mambelli
Director0yrs€60.00kno data
Sabrina Curti
Independent Director2.8yrsno datano data
Fabio Facchini
Chairman of Statutory Auditors2.8yrsno datano data

2.8yrs

Average Tenure

51yo

Average Age

Experienced Board: MZB's board of directors are not considered experienced ( 2.8 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Massimo Zanetti Beverage Group S.p.A.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Massimo Zanetti Beverage Group S.p.A.
  • Ticker: MZB
  • Exchange: BIT
  • Founded:
  • Industry: Packaged Foods and Meats
  • Sector: Food, Beverage & Tobacco
  • Market Cap: €194.824m
  • Shares outstanding: 34.30m
  • Website: https://www.mzb-group.com

Number of Employees


Location

  • Massimo Zanetti Beverage Group S.p.A.
  • Viale G. G. Felissent, 53
  • Villorba
  • Treviso
  • 31020
  • Italy

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
MZBBIT (Borsa Italiana)YesCommon StockITEURJun 2015
MZBmBATS-CHIXE (BATS 'Chi-X Europe')YesCommon StockGBEURJun 2015
0R8ILSE (London Stock Exchange)YesCommon StockGBEURJun 2015
MSSZ.FOTCPK (Pink Sheets LLC)YesCommon StockUSUSDJun 2015

Biography

Massimo Zanetti Beverage Group S.p.A., through its subsidiaries, engages in the production and sale of roasted coffee and colonial products in the Americas, the Asia Pacific, Northern Europe, and Southern Europe. The company produces and sells coffee machines and equipment; and products, such as tea, cocoa, and spices; sauces, sugar, chocolates, and biscuits; and green coffee. It offers its products under the Boncafè, Bonchoco, Bontea, Brodies, Café Corsica, Café Mag, Café Montaña, Caswell's, Chase & Sanborn, Chave D'Ouro, Chock full o'Nuts, Fabia, Hills Bros., Hills Bros. Cappuccino, iCafè, Itambé, Kauai, La San Marco, Meira, MJB, Nicola, Philtre d'Or, Private Labels, Puccino's, San Marco, Segafredo Zanetti, Segafredo Zanetti Coffee System, Segafredo Zanetti Espresso, and Tiktak brands. The company operates a network of coffee shops, as well as franchised coffee shops. It also distributes its coffee-related products through distributors and dealers. The company is based in Villorba, Italy. Massimo Zanetti Beverage Group S.p.A. is a subsidiary of Massimo Zanetti Industries S.A. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/23 23:43
End of Day Share Price2020/02/21 00:00
Earnings2019/09/30
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.