Added to YB: 2026-05-05
Pitch date: 2026-05-02
VETN.SW [bullish]
Vetropack Holding AG
-3.1%
current return
Author Info
Dismissed & Asset Backed has their heads stuck in 10Ks and 10Qs of 'old world' businesses trading below tangible book value. Sign up for the newsletter.
Company Info
Vetropack Holding AG, together with its subsidiaries, manufactures glass packaging products for the food and beverage industry in Switzerland, Austria, the Czech Republic, Croatia, Slovakia, Ukraine, Italy, the Republic of Moldova, and Romania.
Market Cap
CHF 398.5M
Pitch Price
CHF 20.95
Price Target
38.80 (+91%)
Dividend
2.49%
EV/EBITDA
4.58
P/E
105.79
EV/Sales
0.70
Sector
Containers and Packaging
Category
turnaround
Vetropack Holding (VETN) – A 115-year-old Glass Manufacturer at ATL Multiples
VETN.SW: 115-yr-old Swiss glass packaging manufacturer at 10y ATL multiples: 0.54x P/TB vs 1.09x median, 2.8% EBIT margin vs 10.1% median (4.8% adj). Sales declined 3 consecutive years to 779M CHF on overcapacity/pricing pressure. Cornaz family controls 72% votes. Strong balance sheet: 20% net gearing, 45M CHF non-operating RE. Analysts project 2028: 809M sales, 150M EBITDA (19% margin). Upside scenarios: 86% to 36.9 CHF/share (25% CAGR) on earnings normalization at 5.5x EBITDA, or 110% to 41.5 CHF (28% CAGR) on 1x P/TB re-rating. Risks: Ukraine/Moldova geopolitical exposure, high capex (14% of sales), sector overcapacity. Dividend cut to 0.50 CHF/share proposed.
Read full article (9 min)