Financials Verallia

Equities

VRLA

FR0013447729

Non-Paper Containers & Packaging

Market Closed - Euronext Paris Other stock markets 11:35:21 2024-05-08 am EDT			After market 02:32:07 pm
37.46 ^EUR	+0.75%		37.47	+0.03%

Apr. 26	Verallia Société Anonyme Approves Dividend, Payable on 16 May 2024	CI
Apr. 25	Transcript : Verallia Société Anonyme, Q1 2024 Earnings Call, Apr 25, 2024

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,583	3,581	3,607	3,699	4,079	4,346	-	-
Enterprise Value (EV) ¹	5,173	4,860	4,875	5,105	5,444	5,725	5,545	5,403
P/E ratio	30.3 x	17.4 x	15.4 x	10.8 x	8.69 x	10.4 x	9.42 x	8.85 x
Yield	2.81%	3.27%	3.39%	4.42%	6.17%	5.82%	5.82%	6.42%
Capitalization / Revenue	1.39 x	1.41 x	1.35 x	1.1 x	1.04 x	1.17 x	1.12 x	1.1 x
EV / Revenue	2 x	1.92 x	1.82 x	1.52 x	1.39 x	1.54 x	1.43 x	1.36 x
EV / EBITDA	8.41 x	7.77 x	7.19 x	5.9 x	4.91 x	5.59 x	5.11 x	4.72 x
EV / FCF	19.7 x	13.5 x	12.7 x	15.4 x	12.4 x	16.5 x	14.1 x	11.5 x
FCF Yield	5.09%	7.39%	7.9%	6.51%	8.08%	6.06%	7.1%	8.66%
Price to Book	9.14 x	6.52 x	5 x	3.7 x	4.5 x	4.04 x	3.35 x	2.87 x
Nbr of stocks (in thousands)	118,394	123,273	116,489	116,771	117,015	116,904	-	-
Reference price ²	30.26	29.05	30.96	31.68	34.86	37.18	37.18	37.18
Announcement Date	2/20/20	2/24/21	2/16/22	2/15/23	2/14/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,586	2,536	2,674	3,352	3,904	3,718	3,866	3,960
EBITDA ¹	615.2	625.7	678.1	865.5	1,108	1,024	1,085	1,146
EBIT ¹	331.7	349.3	393.1	558.3	761.3	691.6	727.7	773
Operating Margin	12.83%	13.77%	14.7%	16.66%	19.5%	18.6%	18.82%	19.52%
Earnings before Tax (EBT) ¹	179.2	270.6	336.3	477.6	642.4	602.7	661.1	672.2
Net income ¹	115.6	202.1	242.6	342	470	432.5	458.2	500.4
Net margin	4.47%	7.97%	9.07%	10.2%	12.04%	11.63%	11.85%	12.64%
EPS ²	1.000	1.670	2.010	2.920	4.010	3.562	3.947	4.202
Free Cash Flow ¹	263.1	359.1	385.2	332.2	439.9	346.8	393.7	468.1
FCF margin	10.17%	14.16%	14.41%	9.91%	11.27%	9.33%	10.18%	11.82%
FCF Conversion (EBITDA)	42.77%	57.39%	56.81%	38.38%	39.7%	33.87%	36.28%	40.85%
FCF Conversion (Net income)	227.6%	177.68%	158.78%	97.13%	93.6%	80.19%	85.93%	93.54%
Dividend per Share ²	0.8500	0.9500	1.050	1.400	2.150	2.164	2.165	2.386
Announcement Date	2/20/20	2/24/21	2/16/22	2/15/23	2/14/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2020 S2	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1
Net sales ¹	1,275	1,261	1,328	694.5	651.8	-	749.9	889	1,639	878.7	832.9	1,712	1,052	1,091	2,143	931.8	829.2	-	836.4
EBITDA ¹	298.7	327	344.7	182.9	150.5	-	182.7	242.7	425.4	228.8	211.3	440.1	307.4	351.6	659	256.1	192.9	449	203.9
EBIT	134.1	-	207.1	109.9	76.1	186	109.1	168.3	277.4	154.8	126.1	280.9	224.7	265.6	490.3	-	-	271	-
Operating Margin	10.52%	-	15.6%	15.82%	11.68%	-	14.55%	18.93%	16.93%	17.62%	15.14%	16.41%	21.37%	24.34%	22.88%	-	-	-	-
Earnings before Tax (EBT)	-	156	-	-	-	-	-	-	247.2	-	-	230.4	-	-	-	-	-	-	-
Net income	79.3	126.1	-	-	-	-	-	-	173.8	-	-	168.2	-	-	310.8	-	-	-	-
Net margin	6.22%	10%	-	-	-	-	-	-	10.6%	-	-	9.83%	-	-	14.51%	-	-	-	-
EPS	-	-	-	-	-	-	-	-	1.490	-	-	1.430	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	7/30/20	2/24/21	7/29/21	10/28/21	2/16/22	2/16/22	4/20/22	7/27/22	7/27/22	10/19/22	2/15/23	2/15/23	4/19/23	7/25/23	7/25/23	10/19/23	2/14/24	2/14/24	4/24/24

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,591	1,279	1,268	1,406	1,365	1,378	1,198	1,057
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.586 x	2.043 x	1.871 x	1.624 x	1.231 x	1.346 x	1.104 x	0.9225 x
Free Cash Flow ¹	263	359	385	332	440	347	394	468
ROE (net income / shareholders' equity)	56.5%	43.7%	44.2%	39.5%	49.5%	43.9%	39.3%	49.5%
ROA (Net income/ Total Assets)	3.48%	6.09%	7.93%	8.36%	10.6%	9.92%	10.5%	21.3%
Assets ¹	3,326	3,320	3,059	4,091	4,447	4,361	4,366	2,347
Book Value Per Share ²	3.310	4.460	6.190	8.560	7.750	9.210	11.10	13.00
Cash Flow per Share ²	4.300	5.040	5.320	5.960	7.320	6.760	7.640	-
Capex ¹	234	251	256	367	418	389	404	419
Capex / Sales	9.04%	9.88%	9.58%	10.95%	10.71%	10.46%	10.44%	10.58%
Announcement Date	2/20/20	2/24/21	2/16/22	2/15/23	2/14/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Verallia

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

37.18 EUR

Average target price

45.42 EUR

Spread / Average Target

+22.17%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Glass Containers & Packaging

	1st Jan change	Capi.
VERALLIA	+7.46%	4.69B
VIDRALA, S.A.	+11.94%	3.67B
SHANDONG PHARMACEUTICAL GLASS CO.LTD	+11.52%	2.62B
ZIGNAGO VETRO S.P.A.	-13.32%	1.19B
VETROPACK HOLDING AG	-21.61%	678M
ANADOLU CAM SANAYII A.S.	0.00%	598M
THE NATIONAL COMPANY FOR GLASS INDUSTRIES	+9.50%	383M
CHONGQING ZHENGCHUAN PHARMACEUTICAL PACKAGING CO.,LTD	-16.74%	344M
ANHUI DELI HOUSEHOLD GLASS CO., LTD.	-31.03%	254M
CRISTALERÍAS DE CHILE S.A.	-1.02%	195M

Glass Containers & Packaging