Viscofan SA (ES:VIS)
BME:VIS
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Viscofan
(BME:VIS)
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Rating:76Outperform
Price Target:
€67.00
▲(24.30% Upside)
Action:UpgradedDate:03/01/26
The score is driven primarily by strong and resilient financial performance (durable margins, solid ROE, and a conservative balance sheet), tempered by weaker 2025 free cash flow conversion. Technicals are supportive with an uptrend, but overbought signals raise near-term pullback risk. Valuation is broadly reasonable, helped by a high dividend yield.
Positive Factors
Durable margins & returns
Sustained mid-teens EBIT and double-digit EBITDA margins indicate structural profitability from specialized products and scale. High ROE shows efficient capital use, supporting recurring cash generation and the firm's ability to fund dividends, R&D and modest reinvestment over the medium term.
Negative Factors
Weaker free cash flow conversion
A sharp drop in free cash flow and lower conversion versus net income raises concerns about cash available for dividends, buybacks and organic growth. If working-capital needs or reinvestment remain elevated, funding flexibility and the ability to sustain payout policies could be constrained.
Read all positive and negative factors
Positive Factors
Negative Factors
Durable margins & returns
Sustained mid-teens EBIT and double-digit EBITDA margins indicate structural profitability from specialized products and scale. High ROE shows efficient capital use, supporting recurring cash generation and the firm's ability to fund dividends, R&D and modest reinvestment over the medium term.
Read all positive factors
Viscofan (VIS) vs. iShares MSCI Spain ETF (EWP)
Market Cap
€2.70B
Dividend Yield5.02%
Average Volume (3M)117.70K
Price to Earnings (P/E)15.5
Beta (1Y)0.08
Revenue Growth3.74%
EPS Growth8.78%
CountryES
Employees5,480
SectorGeneral
Sector StrengthN/A
IndustryPackaging & Containers
Share Statistics
EPS (TTM)1.11
Shares Outstanding46,500,000
10 Day Avg. Volume252,350
30 Day Avg. Volume117,700
Financial Highlights & Ratios
PEG Ratio-53.57
Price to Book (P/B)2.68
Price to Sales (P/S)1.98
P/FCF Ratio22.99
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€73.00Price Target Upside35.44% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)3.58
Revenue Forecast (FY)€1.31B
Viscofan Business Overview & Revenue Model
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 cas...
How the Company Makes Money
Viscofan generates revenue primarily through the sale of its casing products to food manufacturers worldwide. The company’s revenue model is based on direct sales of its casings, which are crucial for the production of sausages, hams, and other pr...
Viscofan Financial Statement Overview
Summary
Income Statement
79
Positive
Balance Sheet
84
Very Positive
Cash Flow
66
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.23B | 1.25B | 1.20B | 1.23B | 1.20B | 969.24M |
| Gross Profit | 845.34M | 467.49M | 813.58M | 804.82M | 811.72M | 686.02M |
| EBITDA | 295.17M | 289.14M | 300.60M | 259.52M | 263.47M | 249.62M |
| Net Income | 157.94M | 159.92M | 157.02M | 140.96M | 139.43M | 133.00M |
Balance Sheet | ||||||
| Total Assets | 1.44B | 1.44B | 1.40B | 1.41B | 1.35B | 1.17B |
| Cash, Cash Equivalents and Short-Term Investments | 47.47M | 63.76M | 55.94M | 52.76M | 51.93M | 92.11M |
| Total Debt | 296.10M | 268.89M | 212.95M | 201.12M | 162.82M | 106.83M |
| Total Liabilities | 529.28M | 504.10M | 463.94M | 449.74M | 440.52M | 346.02M |
| Stockholders Equity | 902.09M | 927.63M | 937.20M | 957.77M | 906.87M | 822.78M |
Cash Flow | ||||||
| Free Cash Flow | 132.96M | 107.98M | 160.79M | 68.58M | 5.16M | 125.52M |
| Operating Cash Flow | 215.93M | 188.43M | 235.82M | 145.71M | 120.73M | 221.30M |
| Investing Cash Flow | -96.80M | -89.31M | -79.08M | -75.12M | -113.95M | -94.68M |
| Financing Cash Flow | -122.74M | -87.28M | -152.71M | -70.72M | -48.45M | -90.94M |
Viscofan Technical Analysis
Positive
53.90
Price Trends
57.44
Positive
55.24
Positive
56.32
Positive
Market Momentum
0.03
Positive
51.74
Neutral
49.07
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ES:VIS, the sentiment is Positive. The current price of 53.9 is below the 20-day moving average (MA) of 58.46, below the 50-day MA of 57.44, and below the 200-day MA of 56.32, indicating a neutral trend. The MACD of 0.03 indicates Positive momentum. The RSI at 51.74 is Neutral, neither overbought nor oversold. The STOCH value of 49.07 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ES:VIS.
Viscofan Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | €2.70B | 15.53 | 17.20% | 5.02% | 3.74% | 8.78% | |
74 Outperform | €3.26B | 10.56 | -46.16% | 3.23% | -2.79% | 0.61% | |
67 Neutral | €2.75B | 18.70 | -3.10% | 13.00% | 11.61% | -212.68% | |
65 Neutral | €2.75B | 14.43 | 15.04% | 1.65% | -5.27% | 27.73% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
41 Neutral | €337.47M | -13.10 | -9.86% | 6.29% | -10.37% | 38.82% |
* General Sector Average
ES:VIS
Viscofan
58.20
-3.29
-5.35%
ES:CIE
CIE Automotive
27.20
5.12
23.17%
ES:ENO
Elecnor
32.50
16.67
105.35%
ES:MCM
Miquel y Costas and Miquel
14.05
1.27
9.95%
ES:TUB
Tubacex
2.89
-0.84
-22.60%
ES:VID
Vidrala
78.30
-10.17
-11.50%
Viscofan Corporate Events
Viscofan Delivers Record 2025 Results and Raises Shareholder Payout as It Launches New Strategy
Feb 27, 2026
Viscofan closed 2025 with record highs in net revenue, EBITDA and net profit, underscoring the resilience of its business model despite adverse currency movements and higher raw material costs, particularly collagen hides in Europe. Net revenue re...
Viscofan Keeps Capital Stable While Highlighting Key Shareholders
Feb 27, 2026
Viscofan has maintained its share capital at €32.55 million, represented by 46.5 million shares and voting rights, despite executing two capital reduction and increase operations in 2025 linked to its optional dividend program “Viscofa...
Viscofan Details 2025 Directors’ Pay Policy and Risk‑Aligned Incentives
Feb 27, 2026
Viscofan has released its annual report on directors’ remuneration for the financial year ending 31 December 2025, outlining the governance framework and procedures used to set pay levels for board members and executive directors. The report...
Viscofan Updates 2024 Figures After Acquisition Valuation and Reports Higher 2025 Assets
Feb 27, 2026
Viscofan has restated its 2024 consolidated balance sheet and statement of changes in equity to finalize the accounting treatment of assets, liabilities and contingent liabilities from the acquisition of Brazilian companies Brasfibra and Master Co...
Viscofan launches €150 million buyback to support flexible dividend and limit dilution
Feb 27, 2026
Viscofan’s board has approved a new share buyback programme of up to €150 million, covering a maximum of 2.7 million shares, or about 5.8% of its current share capital, to run from 2 March 2026 to 1 March 2027. The purchases, to be exe...
Viscofan Ends Buy-Back After Repurchasing 1.075% of Share Capital
Feb 26, 2026
Viscofan has completed the final phase of its share buy-back programme, purchasing 29,837 shares on 23 and 24 February 2026 on the Madrid Stock Exchange at prices around €58–€59 per share. These trades bring the total repurchased...
Viscofan Continues Treasury Share Buy-Back on Madrid Exchange
Feb 24, 2026
Viscofan has reported new activity under its ongoing share buy-back programme authorised by shareholders in April 2023 and implemented under EU market abuse and buy-back regulations. Between 16 and 20 February 2026 the company repurchased a total ...
Viscofan Details February Share Buybacks Under Ongoing Repurchase Programme
Feb 10, 2026
Viscofan has reported the latest weekly progress of its approved share buyback programme, authorised by shareholders in 2023 and executed under European market abuse and buyback regulations. Between 2 and 6 February 2026, the company repurchased 4...
Viscofan Reports New Purchases Under Ongoing Share Buyback Programme
Feb 3, 2026
Viscofan has reported the latest tranche of transactions under its share buyback programme, authorised by shareholders in April 2023 and conducted in accordance with EU market abuse and buyback regulations. Between 26 and 30 January 2026 the compa...
Viscofan Sets Date to Release 2025 Results and Unveil New Strategic Plan
Jan 27, 2026
Viscofan has announced that it will publish its financial results for the 2025 financial year on 26 February 2026, after the close of trading on the Spanish stock market, and will follow this with a meeting for financial analysts in Madrid on 27 F...
Viscofan Reports January Share Purchases Under Ongoing Buy-Back Programme
Jan 27, 2026
Viscofan has reported new activity under its previously approved share buy-back programme, authorised by shareholders in April 2023 and conducted in line with EU market abuse and buy-back regulations. Between 19 and 23 January 2026, the company re...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.