(VIS) Viscofan - Overview
Sector: Consumer Cyclical | Industry: Packaging & Containers | Exchange: MC (Spain) | Market Cap: 2.662m EUR | Total Return: 25.2% in 12m
Avg Turnover: 5.14M
EPS Trend: -9.5%
Rev. Trend: 9.6%
Qual. Beats: -1
Warnings
No concerns identified
Tailwinds
No distinct edge detected
Viscofan, S.A. is a Spain-based global leader in the manufacturing and distribution of artificial casings for the food industry. The company maintains a diversified product portfolio including cellulose, collagen, fibrous, and plastic solutions, catering to markets across Europe, the Americas, and Asia-Pacific. Beyond traditional meat casings, the firm has expanded into functional solutions, vegetable-based casings, and collagen products for the pharmaceutical and medical sectors.
The artificial casing industry operates as a specialized niche within the food supply chain, characterized by high barriers to entry due to proprietary manufacturing technologies and stringent food safety regulations. As global protein consumption rises, manufacturers like Viscofan benefit from a business model that scales with the industrialization of meat processing and the growth of convenience food categories.
For a deeper look into the companys valuation and historical performance, consider reviewing the detailed metrics on ValueRay.
- Global protein consumption growth drives long-term demand for collagen and cellulose casings
- Fluctuating energy and raw material costs impact manufacturing margins in European plants
- Currency volatility in North American and emerging markets affects consolidated revenue reporting
- Product diversification into plant-based and medical collagen segments expands total addressable market
- Strategic automation investments and efficiency gains offset rising labor and logistics expenses
| Net Income: 162.2m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.07 > 0.02 and ΔFCF/TA -3.98 > 1.0 |
| NWC/Revenue: 33.39% < 20% (prev 34.32%; Δ -0.93% < -1%) |
| CFO/TA 0.12 > 3% & CFO 188.4m > Net Income 162.2m |
| Net Debt (263.8m) to EBITDA (268.4m): 0.98 < 3 |
| Current Ratio: 1.95 > 1.5 & < 3 |
| Outstanding Shares: last quarter (46.0m) vs 12m ago 1.13% < -2% |
| Gross Margin: 44.68% > 18% (prev 0.68%; Δ 4.40k% > 0.5%) |
| Asset Turnover: 84.32% > 50% (prev 84.35%; Δ -0.04% > 0%) |
| Interest Coverage Ratio: 18.21 > 6 (EBITDA TTM 268.4m / Interest Expense TTM 10.1m) |
| A: 0.28 (Total Current Assets 854.6m - Total Current Liabilities 437.5m) / Total Assets 1.52b |
| B: 0.02 (Retained Earnings 33.7m / Total Assets 1.52b) |
| C: 0.12 (EBIT TTM 184.0m / Avg Total Assets 1.48b) |
| D: 1.79 (Book Value of Equity 1.03b / Total Liabilities 573.6m) |
| Altman-Z'' = 4.59 = AA |
| DSRI: 1.05 (Receivables 346.3m/323.4m, Revenue 1.25b/1.22b) |
| GMI: 1.52 (GM 44.68% / 68.02%) |
| AQI: 1.25 (AQ_t 0.07 / AQ_t-1 0.06) |
| SGI: 1.02 (Revenue 1.25b / 1.22b) |
| TATA: -0.02 (NI 162.2m - CFO 188.4m) / TA 1.52b) |
| Beneish M = -2.37 (Cap -4..+1) = BBB |
As of May 25, 2026, the stock is trading at EUR 58.80 with a total of 46,605 shares traded.
Over the past week, the price has changed by +0.48%,
over one month by +0.02%,
over three months by -1.59% and
over the past year by +25.24%.
Viscofan has no consensus analysts rating.
P/E Trailing = 16.6761
P/E Forward = 17.7305
P/S = 2.1305
P/B = 2.8565
P/EG = 2.1567
Revenue TTM = 1.25b EUR
EBIT TTM = 184.0m EUR
EBITDA TTM = 268.4m EUR
Long Term Debt = 67.8m EUR (from longTermDebt, last quarter)
Short Term Debt = 264.5m EUR (from shortTermDebt, last quarter)
Debt = 344.5m EUR (from shortLongTermDebtTotal, last quarter) + Leases 12.2m
Net Debt = 263.8m EUR (calculated: Debt 344.5m - CCE 80.7m)
Enterprise Value = 2.93b EUR (2.66b + Debt 344.5m - CCE 80.7m)
Interest Coverage Ratio = 18.21 (Ebit TTM 184.0m / Interest Expense TTM 10.1m)
EV/FCF = 27.10x (Enterprise Value 2.93b / FCF TTM 108.0m)
FCF Yield = 3.69% (FCF TTM 108.0m / Enterprise Value 2.93b)
FCF Margin = 8.64% (FCF TTM 108.0m / Revenue TTM 1.25b)
Net Margin = 12.98% (Net Income TTM 162.2m / Revenue TTM 1.25b)
Gross Margin = 44.68% ((Revenue TTM 1.25b - Cost of Revenue TTM 691.2m) / Revenue TTM)
Gross Margin QoQ = 36.84% (prev 35.71%)
Tobins Q-Ratio = 1.93 (Enterprise Value 2.93b / Total Assets 1.52b)
Interest Expense / Debt = 2.93% (Interest Expense 10.1m / Debt 344.5m)
Taxrate = 20.76% (8.71m / 42.0m)
NOPAT = 145.8m (EBIT 184.0m * (1 - 20.76%))
Current Ratio = 1.95 (Total Current Assets 854.6m / Total Current Liabilities 437.5m)
Debt / Equity = 0.37 (Debt 344.5m / totalStockholderEquity, last quarter 932.0m)
Debt / EBITDA = 0.98 (Net Debt 263.8m / EBITDA 268.4m)
Debt / FCF = 2.44 (Net Debt 263.8m / FCF TTM 108.0m)
Total Stockholder Equity = 928.2m (last 4 quarters mean from totalStockholderEquity)
RoA = 10.95% (Net Income 162.2m / Total Assets 1.52b)
RoE = 17.48% (Net Income TTM 162.2m / Total Stockholder Equity 928.2m)
RoCE = 18.47% (EBIT 184.0m / Capital Employed (Equity 928.2m + L.T.Debt 67.8m))
RoIC = 11.55% (NOPAT 145.8m / Invested Capital 1.26b)
WACC = 5.27% (E(2.66b)/V(3.01b) * Re(5.65%) + D(344.5m)/V(3.01b) * Rd(2.93%) * (1-Tc(0.21)))
Discount Rate = 5.65% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 15.56 | Cagr: -0.09%
[DCF] Terminal Value 73.10% ; FCFF base≈129.1m ; Y1≈113.2m ; Y5≈91.5m
[DCF] Fair Price = 26.78 (EV 1.47b - Net Debt 263.8m = Equity 1.20b / Shares 45.0m; r=8.35% [WACC [floored]]; 5y FCF grow -15.0% → 2.50% )
EPS Correlation: -9.49 | EPS CAGR: -0.91% | SUE: N/A | # QB: 0
Revenue Correlation: 9.62 | Revenue CAGR: 0.21% | SUE: -3.32 | # QB: -1
EPS current Year (2026-12-31): EPS=3.60 | Chg30d=-0.19% | Revisions=-20% | GrowthEPS=+2.1% | GrowthRev=+5.4%
EPS next Year (2027-12-31): EPS=3.93 | Chg30d=+0.54% | Revisions=+0% | GrowthEPS=+9.3% | GrowthRev=+5.2%
[Analyst] Revisions Ratio: -20%