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Viscofan
(BME:VIS)
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Rating:73Outperform
Price Target:
€64.00
â–²(14.90% Upside)
Action:Reiterated
Date:08/04/26
The score is driven primarily by solid financial quality—durable margins, strong ROE, and a conservative balance sheet—tempered by weaker cash flow conversion in 2025 and only modest recent revenue growth. Valuation is supportive due to a reasonable P/E and a high dividend yield, while technical indicators are mixed and near-neutral, limiting the overall rating.
Positive Factors
Strong profitability and returns
Margins and return-on-equity at mid-to-high teens indicate durable operational efficiency and pricing power in core casing products. Consistent high returns imply effective capital allocation and a competitive position that can sustain cash generation and shareholder returns over multiple years.
Negative Factors
Weaker cash conversion
Declining FCF and a drop to ~57% coverage of net income indicates higher reinvestment needs or working-capital pressure. If sustained, weaker cash conversion can constrain organic investment, limit balance-sheet flexibility, and increase reliance on debt or equity to fund growth or dividends.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong profitability and returns
Margins and return-on-equity at mid-to-high teens indicate durable operational efficiency and pricing power in core casing products. Consistent high returns imply effective capital allocation and a competitive position that can sustain cash generation and shareholder returns over multiple years.
Read all positive factors
Viscofan (VIS) vs. iShares MSCI Spain ETF (EWP)
Market Cap
€2.63B
Dividend Yield5.66%
Average Volume (3M)117.70K
Price to Earnings (P/E)16.3
Beta (1Y)0.15
Revenue Growth2.71%
EPS Growth2.06%
CountryES
Employees5,919
SectorGeneral
Sector StrengthN/A
IndustryPackaging & Containers
Share Statistics
EPS (TTM)3.47
Shares Outstanding46,000,000
10 Day Avg. Volume252,350
30 Day Avg. Volume117,700
Financial Highlights & Ratios
PEG Ratio-53.56
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
€72.00Price Target Upside29.26% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)3.47
Revenue Forecast (FY)€1.32B
Viscofan Business Overview & Revenue Model
Company Description
Viscofan, S.A. operates internationally as a major manufacturer and distributor of artificial casings, primarily serving the meat industry and various other sectors across the globe. Its comprehensive product line includes cellulose casings, suita...
How the Company Makes Money
Viscofan makes money primarily by manufacturing and selling artificial casings to food processors and meat producers that use them as essential inputs in sausage and processed-meat production. Its core revenue stream is the sale of casing products...
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 | 271.32M | 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
55.70
Price Trends
57.23
Positive
57.48
Negative
55.49
Positive
Market Momentum
>-0.01
Negative
55.77
Neutral
54.96
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 55.7 is below the 20-day moving average (MA) of 56.25, below the 50-day MA of 57.23, and above the 200-day MA of 55.49, indicating a bullish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 55.77 is Neutral, neither overbought nor oversold. The STOCH value of 54.96 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)
ES:VIS
Viscofan
57.20
0.03
0.05%
ES:VID
Vidrala
87.60
-0.62
-0.70%
ES:IFLEX
IFLEX FLEXIBLE PACKAGING, S.A.
1.58
-0.12
-6.84%
Viscofan Corporate Events
Viscofan Continues Share Buyback With Late-July Purchases
Aug 5, 2026
Viscofan has reported fresh activity under its existing share buyback programme, authorised by shareholders in April 2023 and conducted in line with EU market abuse and buyback regulations. The board-approved plan is part of the company’s on...
Viscofan Restates 2025 Equity Figures in First-Half 2026 Report
Jul 30, 2026
Viscofan has filed its first semi-annual financial report for 2026, confirming that its condensed accounts give a true and fair view of the group’s assets, financial position and results. The board states that the interim management report p...
Viscofan expands EU-compliant share buyback with 23,800-share purchase
Jul 29, 2026
Viscofan has reported new activity under its previously approved share buyback program, authorized by shareholders in April 2023 and implemented in line with EU market abuse regulations. Between 20 and 24 July 2026, the company purchased a total o...
Viscofan Adds 20,793 Shares to Ongoing Buyback Programme
Jul 21, 2026
Viscofan has continued executing its previously approved share buyback program, authorized by shareholders in 2023 and implemented under applicable EU market abuse and buyback regulations. The company reported purchasing a total of 20,793 own shar...
Viscofan Reports Latest Transactions in Ongoing Share Buyback Program
Jul 21, 2026
Viscofan has continued executing its previously approved share buyback program, authorized by shareholders in April 2023 and carried out under European market abuse regulations. Between July 13 and July 17, 2026, the company repurchased a total of...
Viscofan Advances Share Buyback With New Treasury Share Purchases
Jul 21, 2026
Viscofan has continued executing its previously approved share buyback programme, authorised by shareholders in April 2023 and carried out under EU market abuse and stabilisation regulations. The transactions underscore the company’s use of ...
Viscofan Advances EU-Compliant Share Buyback Programme With July Purchases
Jul 14, 2026
Viscofan has provided an update on its ongoing share buyback programme approved by the board under a shareholder authorisation granted in April 2023. The programme is conducted in line with EU market abuse regulations and associated technical stan...
Viscofan Advances Buyback with 27,544-Share Repurchase
Jul 9, 2026
Viscofan has continued executing its previously authorised share buyback programme, repurchasing 27,544 shares on the Madrid Stock Exchange between 29 June and 3 July 2026 at prices around €58 per share. The transactions, carried out under E...
Viscofan Completes Neutral Capital Change for Flexible Dividend Plan
Jul 1, 2026
Viscofan has completed a share capital reduction and simultaneous increase tied to the first edition of its optional scrip dividend programme, “Viscofan Retribución Flexible,” approved by shareholders in April 2026. The transactio...
Viscofan Lists Over 1 Million New Shares from Flexible Dividend Plan
Jul 1, 2026
Viscofan has informed regulators that the Spanish securities authority has confirmed the listing of 1,001,717 new shares issued under its optional scrip dividend program, Viscofan Retribución Flexible. The capital increase, approved at the Ap...
Viscofan Expands Share Buyback With 23,368-Share Purchase on Madrid Market
Jun 30, 2026
Viscofan has reported fresh activity in its ongoing share buyback programme authorised by shareholders in April 2023 and conducted under European market abuse rules. The company disclosed that between 22 and 26 June 2026 it repurchased a total of ...
Viscofan to Present First-Half 2026 Results to Analysts in Madrid
Jun 30, 2026
Viscofan has announced that it will release its financial results for the first half of 2026 on 29 July, after the close of the Spanish stock market. The timing underlines the company’s commitment to transparent communication with investors ...
Viscofan Executes Flexible Dividend Capital Adjustment Without Changing Share Capital
Jun 26, 2026
Viscofan has completed the registration of a share capital reduction and subsequent increase tied to the first edition of its optional dividend program, Viscofan Retribución Flexible, which was approved at the April 2026 general shareholders&...
Viscofan Completes Optional Dividend and Balanced Capital Increase for 2025 Payout
Jun 24, 2026
Viscofan has completed the first execution of its 2026 optional dividend scheme linked to a bonus share capital increase and a supplementary dividend for the 2025 financial year. About 30% of shareholders opted to receive the supplementary cash di...
Viscofan Continues Share Buyback with 97,776 Shares Repurchased
Jun 23, 2026
Viscofan has reported the latest activity under its ongoing share buyback programme, authorised by shareholders in April 2023 and conducted in line with EU market abuse regulations. Between 15 and 19 June 2026, the company repurchased a total of 9...
Viscofan Details June Transactions in Ongoing Share Buyback Programme
Jun 18, 2026
Viscofan has reported the latest transactions under its ongoing share buyback programme, authorised by shareholders in April 2023 and conducted under European market abuse and buyback regulations. Between 8 and 12 June 2026, the company repurchase...
Viscofan Sets Terms for 2026 Flexible Scrip Dividend and Capital Increase
Jun 2, 2026
Viscofan has set the final terms for the first edition of its 2026 scrip dividend scheme, “Viscofan Retribución Flexible,” including a reference market value of the capital increase of €86 million and a maximum of 1,437,500 ...
Viscofan Reports Weekly Progress in Madrid-Listed Share Buyback Programme
Jun 2, 2026
Viscofan has reported the latest weekly activity in its ongoing share buyback programme authorised by shareholders in April 2023 and implemented under EU market abuse regulations. Between 25 and 29 May 2026, the company repurchased a total of 50,6...
Viscofan Continues Share Buyback With 62,753 Shares Repurchased on XMAD
May 27, 2026
Viscofan has reported new activity under its previously approved share buyback programme, disclosing the repurchase of 62,753 own shares on the Madrid Stock Exchange between 18 and 22 May 2026 at prices around €58–€59 per share. ...
Viscofan Registers Share Capital Reduction After Cancelling Treasury Shares
May 13, 2026
Viscofan has completed and registered a share capital reduction of €350,000 through the cancellation of 500,000 treasury shares, each with a nominal value of €0.70. The move, formalized in the Navarra Companies Register on 11 May 2026,...
Viscofan Continues Share Buyback With 81,622 Shares Repurchased on XMAD
May 12, 2026
Viscofan has reported new activity under its ongoing share buyback programme, authorized by shareholders in 2023 and conducted under European market abuse and buyback regulations. Between 4 and 8 May 2026 the company repurchased 81,622 shares on t...
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.