olivLaw · European equity research
Zignago Vetro S.p.A. ZV.MI
Italy · Euronext Milan · ISIN IT0004171440 · Vertical: Listed companies from Italy
Zignago Vetro makes glass containers for beverages, food and cosmetics, mainly in Italy and with exports to Europe and other regions. In fiscal 2025 demand for beverage and food containers recovered and revenue edged up, while profit fell from the prior year.
At the close of 05 Nov 2026, Zignago Vetro S.p.A. (ZV.MI) stock was 6.81 EUR (+2.10% on the day), with market capitalisation 600.2 m EUR, P/E 22.0 on diluted EPS of 0.31 EUR over the last 12 months, dividend yield 6.62%, beta 0.75, 52-week range 6.07–8.09 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)
- 62.9
- strong (55–70)
- Bollinger (20, 2)
- 6.25 – 6.75
- above the upper band · %B 1.11 · band width 7.7%
- SMA 50 / 200
- 6.56 / 7.06
- mixed trend
- MACD (12, 26, 9)
- 0.04 / 0.00
- MACD above 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 | +8.1% | −0.6% | +8.7 pp | — |
| 3 months | −4.6% | −4.2% | −0.5 pp | — |
| 6 months | −6.2% | +4.3% | −10.5 pp | — |
| Year to date | −12.4% | +7.5% | −19.9 pp | — |
| 1 year | −8.7% | +9.9% | −18.6 pp | −6.1% |
| 3 years | −46.4% | +49.8% | −96.2 pp | +7.7% |
| 5 years | −62.3% | +42.8% | −105.1 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 67 percentile of its own 3-quarter history (min 10.3, median 16.0, max 25.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 520.0 m | 454.5 m | 444.8 m |
| Revenue YoY | unavailable | −12.6% | −2.1% |
| Net income | 122.4 m | 51.9 m | 27.3 m |
| Net income YoY | unavailable | −57.6% | −47.3% |
| Diluted EPS | 1.38 | 0.59 | 0.31 |
| Diluted EPS YoY | unavailable | −57.5% | −47.2% |
| net % | 23.5% | 11.4% | 6.1% |
| Free cash flow | 113.1 m | 65.2 m | 90.8 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 82.9 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 359.5 m EUR
- Total assets
- 734.8 m EUR
- Debt / equity
- unavailable
- Current ratio
- 1.63x
- ROE
- 7.5%
- ROA
- 3.7%
- FCF margin
- 20.4%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 520.0 m | 454.5 m | 444.8 m | esef· 07 Apr 2026verified |
| Operating income | 149.8 m | 61.2 m | 39.0 m | esef· 07 Apr 2026verified |
| Depreciation & amortisation | 54.5 m | 54.4 m | 51.8 m | esef· 07 Apr 2026verified |
| EBITDA | 204.3 m ≈ | 115.6 m ≈ | 90.7 m ≈ | esef· 07 Apr 2026derived |
| Interest expense | 12.0 m | 11.6 m | 8.1 m | esef· 07 Apr 2026verified |
| Pre-tax income | 140.8 m | 51.2 m | 31.5 m | esef· 07 Apr 2026verified |
| Income tax | 18.2 m | -312.0 k | 4.3 m | esef· 07 Apr 2026verified |
| Net income | 122.4 m | 51.9 m | 27.3 m | esef· 07 Apr 2026verified |
| Diluted EPS | 1.38 | 0.59 | 0.31 | esef· 07 Apr 2026verified |
| Dividend per share | 0.60 | 0.75 | 0.45 | esef· 07 Apr 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 68.0 m | 47.2 m | 82.9 m | esef· 07 Apr 2026verified |
| Receivables | 115.2 m | 107.1 m | 107.7 m | esef· 07 Apr 2026verified |
| Inventories | 158.0 m | 161.4 m | 138.0 m | esef· 07 Apr 2026verified |
| Current assets | 376.3 m | 344.4 m | 344.3 m | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 274.9 m | 265.8 m | 249.8 m | esef· 07 Apr 2026verified |
| Goodwill | 2.7 m | 2.7 m | 2.7 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 1.7 m | 1.5 m | 1.2 m | esef· 07 Apr 2026verified |
| Total assets | 809.2 m | 755.5 m | 734.8 m | esef· 07 Apr 2026verified |
| Current liabilities | 247.0 m | 208.0 m | 211.2 m | esef· 07 Apr 2026verified |
| Total liabilities | 419.8 m | 384.8 m | 375.4 m | esef· 07 Apr 2026verified |
| Equity | 389.4 m | 370.7 m | 359.5 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 88.7 m | 88.4 m | 88.1 m | esef· 07 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 150.2 m | 109.3 m | 123.5 m | esef· 07 Apr 2026verified |
| Capex | 37.1 m | 44.1 m | 32.6 m | esef· 07 Apr 2026verified |
| Free cash flow | 113.1 m ≈ | 65.2 m ≈ | 90.8 m ≈ | esef· 07 Apr 2026derived |
| Investing cash flow | -46.0 m | -47.4 m | -31.9 m | esef· 07 Apr 2026verified |
| Financing cash flow | -130.1 m | -83.4 m | -55.5 m | esef· 07 Apr 2026verified |
| Dividends paid | 53.3 m | 66.4 m | 39.7 m | esef· 07 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
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
- score weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 600.2 m EUR
Key indicators
Coverage and freshness
Score by group
52% · 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: 1.95 – 8.36 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 · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E1.95 – 7.08 (Mid 4.11)20 companies used · median multiple 13.3x · quartiles 6.3x – 22.9xAC5.MI, ACE.MI, ADB.MI, AEF.MI, AMP.MI, ARN.MI, ASC.MI, BC.MI, BEC.MI, CAI.MI, CIR.MI, CLF.MI, CMB.MI, COM.MI, CRL.MI, CY4.MI, DEX.MI, DIA.MI, DLG.MI, DNR.MI
- Dividend discount (DDM)6.13 – 8.36 (Mid 7.07)
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: score weight coverage: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 6.1% | 49 (vs peers) | 12% |
| FCF conversion · Quality | 332.5% | 100 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 4.8x | 51 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 1.6x | 69 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 22.0x | 32 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 15.1% | 100 (on a fixed band) | 16% |
| Shareholder yield (distributions) · Returns | 6.6% | 95 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | 43.7% | 100 (on a fixed band) | 8% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet58/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality74/100 · 2/3 factors with a value
- Returns97/100 · 2/2 factors with a value
- Valuation62/100 · 2/3 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
ZIGNAGO VETRO S.P.A. CON LA SIGLA "Z.V. S.P.A." (ZV.MI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 444.8 m EUR in 2025; YoY growth -2.1%; net margin 6.1%; ROE 7.5%.
The estimated value range is 4.04–7.72 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 5.59 EUR, the price of 6.81 EUR leaves a potential of -17.9% (value / price − 1) and a margin of safety of -21.8% (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 (score weight coverage: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 332.5%
- FCF yield: 15.1%
- Shareholder yield (distributions): 6.6%
- Payout ratio (FCF): 43.7%
What contradicts it
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Listed companies from Italy · 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 | |
|---|---|---|---|---|---|---|
| DLG.MIDe' Longhi S.p.a. | 6.8 bn | 21.5 | 15.4% | 8.4% | +8.7% | +24% / +60% |
| ACE.MIAcea S.p.a. | 4.6 bn | 9.6 | 18.2% | 16.6% | +0.2% | −4% / +73% |
| DIA.MIDiasorin S.p.a. | 4.3 bn | 28.3 | 9.2% | 13.0% | +0.8% | +31% / −7% |
| CRL.MICarel Industries S.p.a. | 2.9 bn | 39.5 | 16.1% | 11.7% | +8.7% | +3% / +10% |
| AMP.MIAmplifon S.p.a. | 2.7 bn | 29.9 | 8.5% | 3.8% | −0.6% | −9% / −58% |
| CMB.MICembre S.p.a. | 1.3 bn | 27.0 | 20.6% | 18.9% | +6.7% | +11% / +108% |
| COM.MIComer Industries S.p.a. | 1.3 bn | 18.6 | 12.8% | 7.1% | −23.0% | +8% / +64% |
| DNR.MIIndustrie De Nora S.p.a. | 1.1 bn | 13.4 | 8.6% | 9.4% | +1.4% | −22% / −62% |
| ARN.MIAlerion Clean Power S.p.a. In Forma Abbreviata Alerion S.p.a. | 969.2 m | 10.4 | 23.5% | 41.0% | +1.8% | −5% / −23% |
| AVIO.MIAvio S.p.a. | 883.6 m | 86.8 | 2.1% | 1.8% | +21.5% | +18% / +291% |
| CIR.MICir S.p.a. - Compagnie Industriali Riunite | 783.3 m | 6.0 | 17.1% | 7.3% | +1.6% | +4% / +72% |
| ASC.MIAscopiave S.p.a. | 646.3 m | 18.0 | 4.2% | 17.5% | +13.4% | −8% / +33% |
| ZV.MIZignago Vetro S.p.a. Con La Sigla "z.v. S.p.a." | 600.2 m | 22.0 | 7.5% | 6.1% | −2.1% | −6% / −49% |
| AC5.MIAcinque S.p.a. | 412.6 m | 19.6 | 4.1% | 3.6% | +0.2% | −6% / +8% |
| BAN.MIBasic Net S.p.a. | 348.0 m | — | -4.9% | -3.5% | +0.4% | −30% / +5% |
| ADB.MIAeroporto Guglielmo Marconi Di Bologna S.p.a. | 324.7 m | 13.1 | 11.1% | 13.7% | +9.2% | −2% / +12% |
| CAI.MICairo Communication S.p.a. | 289.2 m | 6.4 | 8.1% | 4.4% | −1.3% | −22% / +28% |
| ECNL.MIAquafil S.p.a. | 129.6 m | — | -3.2% | -0.9% | −3.9% | −1% / −52% |
| BEC.MIB&C Speakers S.p.a. | 118.7 m | 11.7 | 18.5% | 10.2% | −1.3% | −26% / −32% |
| ABT.MIAbitare In S.p.a. | 76.0 m | 276.0 | 0.4% | 0.4% | +39.8% | −6% / −47% |
| ELC.MIElica S.p.a. | 64.3 m | — | -7.8% | -2.2% | +1.9% | −34% / −48% |
| DEX.MIDexelance S.p.a. | 50.7 m | 2.8 | 11.0% | 5.4% | +12.6% | −63% / −78% |
| CLE.MIClass Editori S.p.a. | 35.1 m | — | -29.2% | -3.8% | −0.7% | −9% / +106% |
| CLF.MICaleffi - S.p.a. | 11.6 m | 5.2 | 10.9% | 3.8% | −2.5% | −4% / −10% |
| AEF.MIAeffe S.p.a. | 10.1 m | 0.5 | 21.9% | 7.7% | −21.3% | −59% / −86% |
1- and 3-year price returns: for ZV.MI 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 | 3.76 Total return -41% · Per year -41% | 6.66 Total return 2% · Per year 2% | 10.07 Total return 53% · Per year 53% |
| 3 years | 3.18 Total return -44% · Per year -18% | 6.38 Total return 7% · Per year 2% | 10.66 Total return 73% · Per year 20% |
| 5 years | 2.69 Total return -46% · Per year -12% | 6.11 Total return 11% · Per year 2% | 11.28 Total return 94% · Per year 14% |
- Exit P/E± 1.60
- Net margin± 1.12
- Annual revenue growth± 0.98
- Annual dilution± 0.09
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
Zignago Vetro makes glass containers for beverages, food and cosmetics, mainly in Italy and with exports to Europe and other regions. In fiscal 2025 demand for beverage and food containers recovered and revenue edged up, while profit fell from the prior year 1.
SWOT
Strengths
- The company has stable revenue and a high operating margin for the glass packaging industry, with a solid financial profile 1.
- The group has a consolidated customer base in Italy, where most of its sales are made 1.
- Management of production costs allowed margin recovery, and cash generation remains a priority for management 1.
Weaknesses
Opportunities
Risks
- Dependence on the Italian marketmedium
Most revenue comes from Italy, which could expose the company to local economic conditions 1. A fall in domestic demand could affect results 1.
- Falling exportsmedium
Exports fell in fiscal 2025, and weaker external demand could further reduce revenue from outside Italy 1.
- Weakness in cosmeticsmedium
Destocking and weak sell-out in cosmetics could keep volumes low for a period 1.
- Energy costshigh
The group is exposed to swings in natural gas and electricity prices, and high costs could weigh on margins 1.
- Currency risklow
The subsidiaries in the United States and Poland are exposed to exchange rate changes that can alter the euro value of revenue and results 1.
Investment thesis
What would need to be true (bull case)
What to watch
- Trend in volumes of beverage and food packaging2026
- Recovery of cosmetics demand and customer inventory levels2026
- Export developments and their share of revenue2026
- Energy and raw material costs relative to margins2026
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
The group produces and sells glass packaging, and Zignago Vetro SpA is the parent company. In fiscal 2025 the parent's revenue was 331.6 million EUR, and sales of containers and accessories were 315.9 million EUR 1. The service offered to the market includes both the containers and the accessories that accompany them 1.
The governance structure is traditional, with a board of directors and a board of statutory auditors, and day-to-day management is delegated to a chief executive 1. The group reports under the European sustainability standards ESRS, with limited external assurance 1.
Segments
Beverage and food containers
Demand for this segment recovered in fiscal 2025, with volumes above 2024, as destocking in the early months of the year normalised 1. The company kept sales close to the prior year in this area, where competition remains intense 1.
Market context
Trends
- Recovery in beverage and food demandtailwind
Demand rose in fiscal 2025 versus 2024 in the beverage and food segment, which supported revenue 1. If this trend holds, it could support volumes in the coming years 1.
- Destocking in cosmeticsheadwind
Cosmetics customers reduced inventories and rebuilt stock with smaller volumes, while sell-out was weak 1. This pressure could persist if final demand does not recover 1.
- Stabilisation of production coststailwind
Raw material and energy prices stabilised after a phase of instability, and cost control supported margins 1. The positive effect would depend on keeping this stability 1.
Competitive position
Competition in glass packaging is intense, especially in beverages and food, where price and delivery capacity matter 1. The analysed source does not explicitly name competitors, so the competitive picture stays limited 1.
In cosmetics, competitive pressure is amplified by lean customer inventories and weak final demand 1. The company must stay competitive on costs and services to keep its share 1.
- Unnamed competitors in the source
The analysed source does not name the company's direct competitors, so they cannot be identified from the text.
- European glass producers
Competition in Europe is mentioned generically in the context of a competitive market, without company names in the source.
- Alternative packaging suppliers
The source does not explicitly describe substitutes, only a general competitive market context.
- Producers serving the US market
The group has a subsidiary in the United States, but the source does not indicate competitors there.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202507 Apr 2026
- Annual report 202415 Apr 2025
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Zignago Vetro S.p.A. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.