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1. Company Snapshot

1.a. Company Description

Vidrala, S.A., a consumer packaging company, manufactures and sells glass containers for food and beverage products in Spain, the United Kingdom, Ireland, France, Italy, Portugal, and internationally.The company provides glass oil bottles and vinegar bottles, beer bottles, preserve food jars, cider bottles and sparkling wine bottles, spirit bottles, wine glass bottles, and juice bottles, as well as bottles for non-alcoholic beverages.It also offers packaging services, such as logistic solutions and beverage filling.


The company was incorporated in 1965 and is headquartered in Laudio/Llodio, Spain.

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1.b. Last Insights on VID

Vidrala's recent performance has been impacted by a decline in sales, as revealed in its Q3 2025 earnings call. Despite this, the company demonstrated resilience with robust EBITDA margins and strategic investments in cost competitiveness. The glass packaging industry is experiencing shifts, contributing to investor uncertainty. With no major announcements or events driving the stock's movement, Vidrala's valuation is being reassessed. Its ability to maintain profitability and invest in growth initiatives will be crucial in determining its future value.

1.c. Company Highlights

2. Vidrala's 9M 2025 Earnings: Resilience Amidst Challenging Market Conditions

Vidrala reported revenues of EUR 1,124 million for the first 9 months of 2025, with an EBITDA of almost EUR 329 million and a net income equivalent to earnings per share of EUR 4.93. The year-on-year decrease in total sales was 5.1% on a like-for-like basis and at constant exchange rates, primarily reflecting price adjustments and the scope effect resulting from the exclusion of the Italian business. EBITDA for the first 9 months of 2025 reached EUR 328.9 million, reflecting an organic growth of 0.5% and a strong EBITDA margin of 29.3%.

Publication Date: Oct -31

📋 Highlights
  • Strong EBITDA and Margin:: EBITDA reached EUR 328.9 million, with a robust margin of 29.3% for the first 9 months of 2025.
  • Low Leverage Ratio:: Net debt of EUR 150 million corresponds to a leverage ratio of 0.3x over the last 12 months EBITDA.
  • Free Cash Flow Generation:: Free cash flow of 14% of sales (EUR 155 million in 9 months) highlights strong liquidity management.
  • Organic Growth and Sales Decline:: Organic sales growth of 0.5%, but total sales fell 5.1% YoY due to price adjustments and scope effects.
  • 2025 Guidance Reiteration:: EBITDA expected to grow significantly for the full year, with CapEx for 2026 planned at ~12% of sales, down from 2025’s level.

Operational Performance and Strategic Initiatives

The company is intensifying investments while implementing measures to reinforce its cost base, as stated by CEO Raul Merino, "despite a challenging consumer marketplace, our results have consistently performed as expected." Vidrala is selectively realigning its industrial footprint, investing more and smarter, and getting closer to its clients and consumers. The company is also focused on improving cost competitiveness in the UK and Ireland.

Regional Performance and Outlook

In Brazil, Vidrala's business was affected by adverse weather conditions, but the company expects to end the year flat in sales volumes. Sales in Brazil have stabilized in October. In Iberia, sales are improving better than expected, due to macro and internal factors, and the company aims to recover market share. Vidrala reiterated its guidance for the year, implying a significant growth in EBITDA versus the 9-month report.

Financial Performance and Valuation

The company's net debt amounted to EUR 150 million, representing a leverage ratio of 0.3x over the last 12 months EBITDA. Free cash flow generation was robust, equivalent to almost 14% of sales. With a P/E Ratio of 9.89 and an EV/EBITDA of 6.81, the stock appears to be reasonably valued. The company's ROIC is 12.68%, indicating efficient capital allocation. Analysts estimate next year's revenue growth at 1.8%.

Future Prospects and Investment Plans

For 2026, CapEx is expected to be slightly below 2025's levels, which were 12% of sales, considered an extraordinary year. The company will continue to invest in cost competitiveness and customer-focused initiatives. Vidrala plans to compensate for declining beer and wine consumption by diversifying sales by regions and segments, and to improve cost competitiveness to attract customers and recover market share.

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (2.00%)

6. Segments

Glass Containers

Expected Growth: 2.0%

Vidrala's 2.0% growth in Glass Containers is driven by increasing demand for sustainable packaging, expansion in the craft beer market, and rising sales in the premium food and beverage segment. Additionally, the company's strategic acquisitions and investments in emerging markets, such as Latin America, are contributing to its growth.

7. Detailed Products

Glass Containers

Vidrala, S.A. manufactures a wide range of glass containers for the food and beverage industry, including jars, bottles, and flasks.

Specialty Glass

The company produces specialty glass products, including glass vials, ampoules, and cartridges for the pharmaceutical industry.

Glass Packaging for Cosmetics

Vidrala, S.A. offers glass packaging solutions for the cosmetics industry, including jars, bottles, and containers for skincare and makeup products.

Glass Tableware

The company manufactures glass tableware, including tumblers, cups, and plates for the hospitality and foodservice industries.

Glass Decorations

Vidrala, S.A. produces glass decorations, including vases, candle holders, and centerpieces for the home decor market.

8. Vidrala, S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Vidrala, S.A. is medium due to the presence of alternative packaging solutions, but the company's focus on sustainability and innovation helps to mitigate this threat.

Bargaining Power Of Customers

The bargaining power of customers is low due to Vidrala's strong relationships with its clients and the customized nature of its products.

Bargaining Power Of Suppliers

The bargaining power of suppliers is medium due to the concentration of suppliers in the glass packaging industry, but Vidrala's long-term contracts and diversified supplier base help to mitigate this risk.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the glass packaging industry, including the need for significant capital investment and technical expertise.

Intensity Of Rivalry

The intensity of rivalry is high due to the competitive nature of the glass packaging industry, with several established players competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 28.77%
Debt Cost 3.95%
Equity Weight 71.23%
Equity Cost 7.82%
WACC 6.71%
Leverage 40.39%

11. Quality Control: Vidrala, S.A. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Vidrala

A-Score: 6.1/10

Value: 5.7

Growth: 7.4

Quality: 7.0

Yield: 3.8

Momentum: 3.0

Volatility: 9.7

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Viscofan

A-Score: 5.9/10

Value: 4.5

Growth: 5.1

Quality: 7.2

Yield: 7.5

Momentum: 3.0

Volatility: 8.3

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Verallia

A-Score: 5.9/10

Value: 6.5

Growth: 5.3

Quality: 3.8

Yield: 8.8

Momentum: 4.0

Volatility: 7.0

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Huhtamaki

A-Score: 5.4/10

Value: 6.4

Growth: 4.9

Quality: 5.4

Yield: 5.6

Momentum: 1.0

Volatility: 9.3

1-Year Total Return ->

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Amcor

A-Score: 4.8/10

Value: 4.8

Growth: 3.3

Quality: 3.2

Yield: 8.8

Momentum: 1.0

Volatility: 7.7

1-Year Total Return ->

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Smurfit Kappa

A-Score: 3.3/10

Value: 3.3

Growth: 3.7

Quality: 3.0

Yield: 2.5

Momentum: 4.0

Volatility: 3.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

82.9$

Current Price

82.9$

Potential

-0.00%

Expected Cash-Flows