BIT:ZV

Stock Analysis Report

NOT FOR DISTRIBUTION
Header cover image

Executive Summary

Zignago Vetro S.p.A., together with its subsidiaries, produces and markets hollow glass containers for food and beverage, cosmetics, perfumery, and specialty glass markets in Italy, rest of Europe, and internationally. More Details


Snowflake Analysis

Excellent balance sheet established dividend payer.

Share Price & News

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


Latest Share Price and Events

Stable Share Price: ZV is less volatile than 75% of Italian stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: ZV's weekly volatility (4%) has been stable over the past year.


Market Performance


7 Day Return

4.6%

ZV

-0.3%

IT Packaging

-2.2%

IT Market


1 Year Return

5.6%

ZV

13.0%

IT Packaging

-11.1%

IT Market

Return vs Industry: ZV underperformed the Italian Packaging industry which returned 13% over the past year.

Return vs Market: ZV exceeded the Italian Market which returned -11.2% over the past year.


Shareholder returns

ZVIndustryMarket
7 Day4.6%-0.3%-2.2%
30 Day5.6%1.6%0.5%
90 Day0.4%9.8%13.3%
1 Year9.6%5.6%15.5%13.0%-8.3%-11.1%
3 Year87.7%68.6%22.8%11.7%-3.9%-14.0%
5 Year204.6%153.8%71.8%47.5%25.4%-9.3%

Long-Term Price Volatility Vs. Market

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


Simply Wall St News

Valuation

Is Zignago Vetro undervalued compared to its fair value and its price relative to the market?

2.1%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: ZV (€13.96) is trading below our estimate of fair value (€14.26)

Significantly Below Fair Value: ZV is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: ZV is poor value based on its PE Ratio (29.3x) compared to the XE Packaging industry average (17.2x).

PE vs Market: ZV is poor value based on its PE Ratio (29.3x) compared to the Italian market (20.2x).


Price to Earnings Growth Ratio

PEG Ratio: ZV is poor value based on its PEG Ratio (1.4x)


Price to Book Ratio

PB vs Industry: ZV is overvalued based on its PB Ratio (5.7x) compared to the XE Packaging industry average (1.9x).


Next Steps

Future Growth

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

20.7%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: ZV's forecast earnings growth (20.7% per year) is above the savings rate (1.9%).

Earnings vs Market: ZV's earnings (20.7% per year) are forecast to grow slower than the Italian market (21.6% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: ZV's revenue (12.7% per year) is forecast to grow faster than the Italian market (3.2% per year).

High Growth Revenue: ZV's revenue (12.7% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: ZV's Return on Equity is forecast to be high in 3 years time (23.4%)


Next Steps

Past Performance

How has Zignago Vetro performed over the past 5 years?

12.2%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: ZV has high quality earnings.

Growing Profit Margin: ZV's current net profit margins (13.4%) are lower than last year (15.7%).


Past Earnings Growth Analysis

Earnings Trend: ZV's earnings have grown by 12.2% per year over the past 5 years.

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

Earnings vs Industry: ZV had negative earnings growth (-15.6%) over the past year, making it difficult to compare to the Packaging industry average (20.9%).


Return on Equity

High ROE: Whilst ZV's Return on Equity (20.06%) is high, this metric is skewed due to their high level of debt.


Next Steps

Financial Health

How is Zignago Vetro's financial position?


Financial Position Analysis

Short Term Liabilities: ZV's short term assets (€244.7M) exceed its short term liabilities (€178.3M).

Long Term Liabilities: ZV's short term assets (€244.7M) exceed its long term liabilities (€175.8M).


Debt to Equity History and Analysis

Debt Level: ZV's debt to equity ratio (123.5%) is considered high.

Reducing Debt: ZV's debt to equity ratio has reduced from 147.6% to 123.5% over the past 5 years.

Debt Coverage: ZV's debt is well covered by operating cash flow (31%).

Interest Coverage: ZV's interest payments on its debt are well covered by EBIT (27.1x coverage).


Balance Sheet


Next Steps

Dividend

What is Zignago Vetro current dividend yield, its reliability and sustainability?

3.02%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: ZV's dividend (3.02%) is higher than the bottom 25% of dividend payers in the Italian market (1.43%).

High Dividend: ZV's dividend (3.02%) is low compared to the top 25% of dividend payers in the Italian market (4.57%).


Stability and Growth of Payments

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

Growing Dividend: ZV's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (88.5%), ZV's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: ZV's dividends in 3 years are forecast to be covered by earnings (69.5% payout ratio).


Next Steps

Management

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

13.8yrs

Average board tenure


CEO

Paolo Giacobbo (71 yo)

9.75yrs

Tenure

€525,455

Compensation

Engineer Paolo Giacobbo has been the Chief Executive Officer of Zignago Vetro S.p.A. since April 28, 2011 and serves as its Chairman. Engineer Giacobbo has been Executive Director of Zignago Vetro S.p.A. s...


CEO Compensation Analysis

Compensation vs Market: Paolo's total compensation ($USD0.00) is below average for companies of similar size in the Italian market ($USD1.69M).

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


Board Members

NamePositionTenureCompensationOwnership
Paolo Giacobbo
Chairman & CEO9.75yrs€525.46kno data
Roberto Cardini
Director & Director General for Italy1.67yrsno datano data
Stefano Marzotto
Non-Executive Director13.83yrs€36.00kno data
Nicolò Marzotto
Deputy Chairmanno data€36.00kno data
Gaetano Marzotto
Non-Executive Director13.83yrs€24.00kno data
Ferdinando Businaro
Non-Executive Director13.83yrs€48.00kno data
Francesco Moscetti
Lead Independent Directorno datano datano data
Luca Marzotto
Non-Executive Director13.83yrs€36.00kno data
Vitaliano Torno
Vice Chairman of Vetri Speciali SpAno datano datano data
Daniela Suppiej
Independent Director7.75yrs€24.00kno data
Alessia Antonelli
Independent Director4.75yrsno datano data
Alberta Gervasio
Chairman of Statutory Auditors Boardno datano datano data

13.8yrs

Average Tenure

58yo

Average Age

Experienced Board: ZV's board of directors are seasoned and experienced ( 13.8 years average tenure).


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

Zignago Vetro S.p.A.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Zignago Vetro S.p.A.
  • Ticker: ZV
  • Exchange: BIT
  • Founded:
  • Industry: Metal and Glass Containers
  • Sector: Materials
  • Market Cap: €1.224b
  • Shares outstanding: 87.69m
  • Website: https://www.gruppozignagovetro.com

Number of Employees


Location

  • Zignago Vetro S.p.A.
  • Via Ita Marzotto 8
  • Fossalta di Portogruaro
  • Venice
  • 30025
  • Italy

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
ZVBIT (Borsa Italiana)YesCommon StockITEURJun 2007
ZVBDB (Deutsche Boerse AG)YesCommon StockDEEURJun 2007
0NNCLSE (London Stock Exchange)YesCommon StockGBEURJun 2007
ZVMBATS-CHIXE (BATS 'Chi-X Europe')YesCommon StockGBEURJun 2007

Biography

Zignago Vetro S.p.A., together with its subsidiaries, produces and markets hollow glass containers for food and beverage, cosmetics, perfumery, and specialty glass markets in Italy, rest of Europe, and int...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/01/16 20:15
End of Day Share Price2021/01/15 00:00
Earnings2020/09/30
Annual Earnings2019/12/31


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.