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1. Company Snapshot

1.a. Company Description

Viscofan, S.A., together with its subsidiaries, manufactures and distributes artificial casings primarily for use in the meat and other industry worldwide.The company offers cellulose casings for cooked, smoked, or unsmoked sausages; collagen casings for processed, fresh, and pre-cooked fried sausages or dry-cured snacks; fibrous casings for sliced goods, such as mortadella or salamis; and other plastic casings and packing solutions.The company offers its cellulosic wraps under the Viscofan brands; collagen casings under the Colfan, NDX, Viscofan Natur, Edicurve, Eficook, and Efidry brands; fibrous casings under the Securex, Zip, PSX, and Titanium brands; casings, films, bags, and other plastic products under the Viscofan Smoke, Betan, Tripan, V-4000 brands; functional solutions under the Vispice, Roast-E, Smoke-E, and Edileaf brands; and vegetable casings under the Viscofan Veggie brand.


It also manufactures interleaver films; leases industrial machinery; and generates and sells electricity through its cogeneration plants.The company was formerly known as Viscofan, Industria Navarra de Envolturas Celulósicas, S.A. and changed its name to Viscofan, S.A. in June 2002.Viscofan, S.A. was incorporated in 1975 and is headquartered in Tajonar, Spain.

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1.b. Last Insights on VIS

Viscofan, S.A.'s recent performance has been impacted by a sluggish market environment. The company's valuation has been questioned amid shifts in the glass packaging industry. A recent share price dip may be attributed to investors' reassessment of the company's growth prospects. Additionally, the absence of major announcements or events has contributed to a cautious market stance. With no recent earnings release or share buyback activity reported, investors are monitoring the company's fundamentals and industry trends.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.59%)

6. Segments

Casings

Expected Growth: 3.5%

Viscofan's casings segment growth of 3.5% is driven by increasing demand for processed meat products, expansion into emerging markets, and investments in R&D to develop innovative and sustainable casing solutions. Additionally, the company's strong relationships with key customers and its ability to adapt to changing consumer preferences contribute to its growth momentum.

Food and Well-being

Expected Growth: 3.8%

Viscofan's Food and Well-being segment growth of 3.8% is driven by increasing demand for healthy and sustainable food products, expansion into new markets, and strategic partnerships. Additionally, the company's focus on innovation, quality, and customer satisfaction has led to market share gains and premium pricing, contributing to the segment's growth.

Energy

Expected Growth: 4.2%

Viscofan's 4.2% energy growth is driven by increasing demand for sustainable and eco-friendly products, expansion into emerging markets, and strategic investments in renewable energy sources. Additionally, the company's focus on energy efficiency and cost reduction initiatives has contributed to the growth.

7. Detailed Products

Casings

Viscofan, S.A. offers a wide range of casings for the meat industry, including natural, synthetic, and cellulose casings for sausages, hams, and other meat products.

Collagen Casings

Viscofan's collagen casings are made from animal collagen and are used for a variety of meat products, including sausages, hams, and deli meats.

Cellulose Casings

Viscofan's cellulose casings are made from plant-based materials and are used for a variety of meat products, including sausages, hams, and deli meats.

Synthetic Casings

Viscofan's synthetic casings are made from plastic materials and are used for a variety of meat products, including sausages, hams, and deli meats.

Film and Packaging

Viscofan offers a range of films and packaging solutions for the meat industry, including vacuum packaging, modified atmosphere packaging, and shrink bags.

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

Forces Ranking

Threat Of Substitutes

Viscofan, S.A. operates in the food industry, where substitutes are available, but the company's strong brand recognition and high-quality products reduce the threat of substitutes.

Bargaining Power Of Customers

Viscofan, S.A. has a diverse customer base, which reduces the bargaining power of individual customers. Additionally, the company's strong relationships with its customers and its ability to adapt to their needs further reduce this threat.

Bargaining Power Of Suppliers

Viscofan, S.A. relies on a few key suppliers for its raw materials, which gives them some bargaining power. However, the company's long-term relationships with its suppliers and its ability to negotiate prices mitigate this threat.

Threat Of New Entrants

The food industry has high barriers to entry, including significant capital requirements and regulatory hurdles. Additionally, Viscofan, S.A.'s strong brand recognition and established distribution networks make it difficult for new entrants to compete.

Intensity Of Rivalry

The food industry is highly competitive, with many established players competing for market share. Viscofan, S.A. faces intense competition from other manufacturers of casings and meat products, which puts pressure on prices and margins.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 16.55%
Debt Cost 4.35%
Equity Weight 83.45%
Equity Cost 5.12%
WACC 5.00%
Leverage 19.83%

11. Quality Control: Viscofan, S.A. passed 6 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

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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

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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

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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

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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

52.7$

Current Price

52.7$

Potential

-0.00%

Expected Cash-Flows