Viscofan is one of those companies whose defensive nature makes it perfect to have in the portfolio in difficult moments, as was reflected last year, when their titles scored 28%, and a not-so-good option when investors are looking for cycle and growth, as has happened in 2021 with the post-pandemic recovery.
Since the course began, his actions have yielded around 3% against the double-digit increases that the Ibex reaps. However, the manufacturer of food casings has not suffered any deterioration in its valuations in recent months, which is why it has opened a significant differential between its quotation and its target prices. Currently, the path that the consensus grants to Viscofan is around 15% looking forward to the next 12 months, something that had not happened in the last two years.
And it is that the objectives set by the company itself in its guidance have not moved, keeping the promise of revenue growth of between 3% and 4% and 3/5% in ebitda. “It has continued to improve volumes and the price mix, and in the last quarter its results exceeded market expectations, giving a good example of the continuity in the growth dynamics and efficiencies seen in 2020”, explains Ana Gómez, Income analyst 4. Based on the consensus of analysts collected by FactSet, it will close with a net profit this year of 132 million euros, 7.7% above last year. In the next two years, the profit will grow between 5% and 7%.
“In our opinion, the current listed prices make Viscofan an interesting investment opportunity if we have in count your resilience given the current turbulent macroeconomic situation “, explains Beatriz Rodríguez, analyst at GVC Gaesco Valores.
As for inflation, there is an increase in costs (both raw materials and energy and transport) of company production “but technological efficiency is serving to compensate it and, in fact, it is improving margins when others in the sector are seeing them under pressure,” they point out from Bankinter.
Recommendation improvement
Your recommendation has been improving since the beginning of the year and already occupies the twenty-seventh position of the Ibex League of elEconomista, which combines the consensus advice from FactSet and Bloomberg. Historically, it has always received one of the worst recommendations from the national selection.
“We believe that company is going to be strengthened once the macroeconomic situation returns to normal, and all this leads us to maintain our positive view of the value “, concludes from GVC Beatriz Rodríguez.
José Antonio Canales (Viscofan): “The objective is one more tenth of a margin, and then another”
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