olivLaw · European equity research
Verallia VRLA.PA
France · Euronext Paris · ISIN FR0013447729 · Vertical: Listed companies from France
Verallia makes glass food packaging for beverages and food, with an industrial network across Europe and Latin America. The company is currently in the middle of a decarbonisation transition, which involves significant investment in lower-emission furnaces and renewable energy.
At the close of 05 Nov 2026, Verallia (VRLA.PA) stock was 18.10 EUR (−1.09% on the day), with market capitalisation 2.1 bn EUR, P/E 9.1 on diluted EPS of 2.00 EUR over the last 12 months, dividend yield 11.88%, beta 0.61, 52-week range 15.57–24.32 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 50.5
- neutral
- Bollinger (20, 2)
- 17.35 – 19.00
- in the lower half of the band · %B 0.45 · band width 9.0%
- SMA 50 / 200
- 18.25 / 19.16
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.05 / -0.04
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +6.5% | −0.6% | +7.1 pp | — |
| 3 months | −2.5% | −4.2% | +1.7 pp | — |
| 6 months | −8.4% | +4.3% | −12.7 pp | — |
| Year to date | −21.2% | +7.5% | −28.7 pp | — |
| 1 year | −21.2% | +9.9% | −31.1 pp | −6.8% |
| 3 years | −43.5% | +49.8% | −93.4 pp | −15.9% |
| 5 years | −42.8% | +42.8% | −85.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 33 percentile of its own 3-quarter history (min 8.7, median 10.8, max 12.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 3.4 bn | 3.9 bn | 3.5 bn |
| Revenue YoY | unavailable | +16.5% | −11.5% |
| Net income | 342.0 m | 470.0 m | 235.7 m |
| Net income YoY | unavailable | +37.4% | −49.9% |
| Diluted EPS | 2.92 | 4.01 | 2.00 |
| Diluted EPS YoY | unavailable | +37.3% | −50.1% |
| net % | 10.2% | 12.0% | 6.8% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 470.0 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 1.1 bn EUR
- Total assets
- 4.7 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 1.05x
- ROE
- 23.3%
- ROA
- 5.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 3.4 bn | 3.9 bn | 3.5 bn | esef· 15 Apr 2025verified |
| Cost of revenue | 2.5 bn | 2.9 bn | 2.7 bn | esef· 15 Apr 2025verified |
| Gross profit | 824.4 m ≈ | 1.1 bn ≈ | 716.7 m ≈ | esef· 15 Apr 2025derived |
| Operating income | 558.3 m | 761.3 m | 459.2 m | esef· 15 Apr 2025verified |
| Pre-tax income | 477.6 m | 642.4 m | 324.0 m | esef· 15 Apr 2025verified |
| Income tax | 122.1 m | 167.4 m | 84.5 m | esef· 15 Apr 2025verified |
| Net income | 342.0 m | 470.0 m | 235.7 m | esef· 15 Apr 2025verified |
| Diluted EPS | 2.92 | 4.01 | 2.00 | esef· 15 Apr 2025verified |
| Dividend per share | — | 1.40 | 2.15 | esef· 15 Apr 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 330.8 m | 474.6 m | 470.0 m | esef· 15 Apr 2025verified |
| Inventories | 536.8 m | 711.5 m | 727.0 m | esef· 15 Apr 2025verified |
| Current assets | 1.5 bn | 1.5 bn | 1.5 bn | esef· 15 Apr 2025verified |
| Goodwill | 664.0 m | 687.8 m | 733.5 m | esef· 15 Apr 2025verified |
| Intangibles (excl. goodwill) | 482.4 m | 416.2 m | 390.9 m | esef· 15 Apr 2025verified |
| Total assets | 4.5 bn | 4.5 bn | 4.7 bn | esef· 15 Apr 2025verified |
| Current liabilities | 1.5 bn | 1.6 bn | 1.4 bn | esef· 15 Apr 2025verified |
| Equity | 1.1 bn | 958.5 m | 1.1 bn | esef· 15 Apr 2025verified |
| Shares outstanding at year end | 117.1 m | 116.9 m | 117.3 m | esef· 15 Apr 2025derived |
Cash flow · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 699.2 m | 857.9 m | 587.6 m | esef· 15 Apr 2025verified |
| Investing cash flow | -540.0 m | -459.6 m | -540.4 m | esef· 15 Apr 2025verified |
| Financing cash flow | -316.1 m | -202.0 m | -36.7 m | esef· 15 Apr 2025verified |
| Share repurchases | 8.4 m | 41.7 m | 1.0 m | esef· 15 Apr 2025verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 2.1 bn EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
27% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 22.18 – 59.60 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E22.18 – 59.60 (Mid 34.26)20 companies used · median multiple 17.1x · quartiles 11.1x – 29.8x74SW.PA, ABEO.PA, AC.PA, ADP.PA, AF.PA, AI.PA, ALBON.PA, ALCIS.PA, ALCLA.PA, ALFER.PA, ALHEX.PA, ALO.PA, ALPWG.PA, ALSOG.PA, ANTIN.PA, ARAMI.PA, ATE.PA, AUB.PA, AURE.PA, BB.PA
- Dividend discount (DDM)29.24 – 39.87 (Mid 33.74)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 6.8% | 82 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.1x | 21 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | 9.1x | 83 (vs peers) | 38% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.0% | 1 (on a fixed band) | 23% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial21/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial82/100 · 1/3 factors with a value
- Returns· partial1/100 · 1/2 factors with a value
- Valuation· partial83/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
VERALLIA (VRLA.PA). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 3.5 bn EUR in 2024; YoY growth -11.5%; net margin 6.8%; ROE 24.7%.
The estimated value range is 25.71–49.74 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 34.00 EUR, the price of 18.10 EUR leaves a potential of 87.8% (value / price − 1) and a margin of safety of 46.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 6.8%
- P/E (TTM): 9.1x
- The price is below the estimated value range
What contradicts it
- Current ratio: 1.1x
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from France · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 109.3 bn | 33.2 | 12.9% | 12.2% | −2.0% | +26% / +32% |
| AC.PAAccor | 13.8 bn | 30.7 | 9.6% | 8.0% | +0.6% | +6% / +56% |
| ADP.PAAeroports De Paris | 11.7 bn | 34.1 | 7.8% | 5.6% | +12.1% | −7% / +4% |
| AKE.PAArkema | 7.1 bn | 115.4 | 0.9% | 0.7% | −5.0% | +12% / −37% |
| ALO.PAAlstom | 5.8 bn | 18.3 | 3.1% | 1.7% | +3.7% | −51% / −4% |
| AF.PAAir France - Klm | 4.3 bn | 13.6 | — | 1.0% | +4.8% | +20% / +9% |
| ATE.PAAlten | 3.1 bn | 29.5 | 4.8% | 2.6% | −1.1% | +33% / −29% |
| BB.PASociete Bic | 2.7 bn | 31.3 | 5.0% | 4.1% | −4.8% | +32% / +5% |
| VRLA.PAVerallia | 2.1 bn | 9.1 | 24.7% | 6.8% | −11.5% | −24% / −45% |
| ANTIN.PAAntin Infrastructure Partners | 1.4 bn | 13.0 | 21.9% | 36.6% | −8.1% | −24% / −35% |
| 74SW.PA74software | 792.7 m | 20.9 | 8.9% | 8.5% | +44.8% | −13% / +41% |
| AUB.PAAubay | 667.4 m | 17.8 | 13.6% | 6.3% | +11.3% | +3% / +45% |
| ASY.PAAssystem | 507.1 m | 69.9 | 2.5% | 1.1% | +7.4% | −19% / −18% |
| ATO.PAAtos Se | 483.0 m | — | -23,400.0% | -17.5% | −16.5% | −45% / −94% |
| ARAMI.PAAramis Group | 298.8 m | 15.0 | 10.0% | 0.8% | +6.3% | −33% / −16% |
| ARVEN.PAArverne Group | 246.1 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 189.4 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 145.0 m | 28.4 | 9.3% | 1.9% | +5.8% | +39% / +107% |
| ALCGM.PACegedim | 144.6 m | — | -2.6% | -1.2% | +10.9% | −26% / −49% |
| ATEME.PAAteme | 144.0 m | 151.3 | 2.8% | 1.0% | +2.2% | +82% / +77% |
| ALHEX.PAHexaom | 144.0 m | 6.7 | 9.9% | 2.2% | +13.1% | −32% / +7% |
| ALBON.PACompagnie Lebon | 111.7 m | 16.5 | 4.2% | 8.8% | −17.9% | +6% / +8% |
| ALHYF.PALhyfe | 75.8 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ALFER.PASergeferrari Group | 61.5 m | 11.5 | 5.1% | 1.5% | +7.4% | −33% / −27% |
| ABEO.PAAbeo | 60.8 m | 7.3 | 6.9% | 3.0% | +12.6% | −13% / −54% |
1- and 3-year price returns: for VRLA.PA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 9.73 Total return -38% · Per year -38% | 17.28 Total return 6% · Per year 6% | 26.15 Total return 57% · Per year 57% |
| 3 years | 7.72 Total return -36% · Per year -14% | 15.60 Total return 16% · Per year 5% | 26.15 Total return 83% · Per year 22% |
| 5 years | 6.13 Total return -34% · Per year -8% | 14.08 Total return 25% · Per year 5% | 26.15 Total return 108% · Per year 16% |
- Exit P/E± 3.90
- Net margin± 2.73
- Annual revenue growth± 2.46
- Annual dilution± 0.23
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Verallia makes glass food packaging for beverages and food, with an industrial network across Europe and Latin America. The company is currently in the middle of a decarbonisation transition, which involves significant investment in lower-emission furnaces and renewable energy 1.
SWOT
Strengths
- Extensive industrial network with owned plants in several countries and high flexibility of production lines.
- Quality and food safety standards applied across all plants, with recognised certifications.
- Decarbonisation plan with targets validated by SBTi and a dedicated investment plan.
Weaknesses
- Reliance on fossil-fuel furnaces, which generate locked-in emissions until the planned conversion.
- The energy intensity of glass production exposes the company to swings in energy costs.
- Dependence on cullet quality for furnace and product stability.
Opportunities
- Wider use of recycled glass and decarbonised raw materials could lower costs and emissions.
- Demand for sustainable and recyclable packaging could support volume growth.
- New furnaces planned in Brazil and Italy could strengthen capacity in key regions.
Threats
- Stricter climate regulation could raise compliance costs.
- Competition from plastic and metal packaging could reduce market share in some segments.
- Economic and political instability in countries where the company operates could affect activity.
Risks
- Energy costshigh
Glass production is energy intensive, and rising energy prices could weigh on margins.
- Climate transitionhigh
Locked-in furnace emissions could create extra costs if conversion is delayed or regulation tightens.
- Cullet availabilitymedium
A lack or variable quality of recycled glass could affect furnace stability and yield.
- Plant operational risksmedium
Manufacturing defects and furnace shutdowns for repairs could disrupt deliveries to customers.
- Emerging market exposuremedium
Activity in Russia, Ukraine and Latin America exposes the company to political and currency risks.
Investment thesis
What would need to be true (bull case)
- If climate rules favour low-emission producers, the progress in decarbonisation could become a competitive advantage.
- The network of owned plants and quality certifications can support long-term customer relationships in beverages and food.
- Greater use of recycled glass could lower raw material costs and strengthen the circular economy.
What would break the thesis
- If energy prices stay high, margins could come under pressure, especially in furnaces that still run on fossil fuels.
- Delays in converting furnaces to low-carbon technology could bring compliance costs and extra emissions.
- Competition from plastic and metal packaging could reduce volumes in some segments.
What to watch
- Start-up of the new furnaces in Brazil and Italy2025
- Progress on the Scope 1 and 2 emissions reduction against the 46 % target2030
- Pace of investment under the EUR 350 million decarbonisation plan2030
- Evolution of renewable energy share against the 65 % target2030
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Verallia designs, manufactures and supplies glass food packaging, meaning bottles and jars for beverages and food. Glass packaging protects and preserves the product and can carry information through decoration, engraving or labels 1. The group operated 35 glass plants and 64 furnaces at 31 December 2024 1. Its model rests on flexible production lines that allow quick switches between article types and on keeping furnace utilisation high 1.
Production is organised across owned sites in France, Spain, Portugal, Italy, Germany, the United Kingdom, Russia, Ukraine, Brazil, Argentina and Chile 1. The group also runs bottle decoration centres and cullet treatment centres, some through partnerships 1.
Quality and food safety are central to the model. All plants hold ISO 9001, ISO 14001 and ISO 45001 certifications, and the 35 glass plants are certified to at least ISO 22000 1. The company pursues the goal of 'towards zero critical customer claims' 1.
Segments
Glass packaging for beverages and food
The core segment produces glass bottles and jars for customers in the beverage and food industries, with plants grouped by activity such as bottles, jars or both 1.
Decoration and glass recycling services
Ancillary activities include bottle decoration centres and cullet treatment centres, where recycled glass is processed as a raw material, partly through partnerships 1.
Market context
Verallia operates in the glass food packaging market, serving beverage and food customers with an industrial presence in Europe and Latin America 1. The source gives no market share data, so the exact size of the market cannot be estimated from this document.
Demand depends on beverage and food consumption and on safety and regulatory requirements for packaging in contact with food, such as EC Regulation No 1935/2004 1.
Trends
- Decarbonising productionmixed
The company has set an emissions reduction target validated by SBTi and is investing in low-carbon furnace technology and decarbonised raw materials. These investments could become an advantage if climate rules tighten, but they require substantial capital and time 1.
- Use of recycled glasstailwind
Raising the share of cullet in production is a pillar of the climate strategy and the circular economy. It could lower raw material costs and emissions, but depends on the availability and quality of cullet 1.
- Energy and fossil fuel costsheadwind
Locked-in emissions from fossil-fuel furnaces are significant until full conversion, planned for 2045. If energy prices rise, operating costs could be affected 1.
- Food safety and environmental regulationmixed
Requirements for food contact and environmental and safety standards call for continuous controls. Compliance can be costly but strengthens the position with customers who demand certifications 1.
Competitive position
The glass packaging market is competitive, and rivals include European and international producers offering similar packaging for beverages and food. The source analysed does not provide a full list of competitors, so relative positioning remains unconfirmed from this document.
The competitive strengths the company describes are its flexible production lines, its network of owned plants and its quality standards. These are not compared with those of rivals in the source 1.
- Other European glass packaging producers
The source does not name direct competitors; regional European producers are likely rivals.
- Latin American glass packaging producers
The presence in Brazil, Argentina and Chile implies competition with regional producers; the source does not name them.
- Plastic and metal alternative packaging producers
Alternative packaging competes for the same beverage and food segments, but the source does not identify them.
- United States glass producers
Competition in the United States is not detailed in the source; a clear identification of US-listed rivals is missing.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202415 Apr 2025
- Annual report 202302 Apr 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Verallia · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.