Zwack Unicum Likoripari es Kereskedelmi Nyrt. (ZWACK) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Zwack Unicum Likoripari es Kereskedelmi Nyrt. stock HUF 22,380, price HUF 32,300, that is 30.7% below the price, quality 81 out of 100. Rating: overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range 12,328 HUF – 40,400 HUF · fair‑value band 15,528 HUF – 31,339 HUF · the 32,300 HUF price screens above the 22,380 HUF fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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Zwack Unicum Likoripari és Kereskedelmi Nyilvánosan Muködo Részvénytársaság manufactures, distributes, and sells alcoholic beverages in Hungary, Europe, and internationally.
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It offers its products under the Unicum, Whistler, William, St. Hubertus, KALINKA, CHAIN BRIDGE, Kosher, Famous, PUERTO RICO, and Zwack Izabella Wine Shop; and distributes various international brands, including BAILEYS, BLACK VELVET, BULLEIT, CAOL ILA, CAPTAIN MORGAN, CIROC, KETEL ONE, EVIAN, GORDON'S, DON JULIO, JOHNIE WALKER, THE SINGLETON, SMIRNOFF, TALISKER, TANQUERAY, and ron ZACAPA. The company was founded in 1989 and is based in Budapest, Hungary.
Zwack Unicum Likoripari és Kereskedelmi Nyilvánosan Muködo Részvénytársaság operates as a subsidiary of Peter Zwack & Consorten HAG.
Stock analysis
Zwack Unicum Likoripari es Kereskedelmi Nyrt. (ZWACK) currently trades at 32,300 HUF, while our model-based Fair Value estimate is 22,380 HUF, 31% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 29,323 HUF per share, and 3 of the 26 models we run sit above the 32,300 HUF price.
Bear case: the Asset-Based group reads lowest at 2,524 HUF, and 23 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: 15,528 HUF (bear) to 31,339 HUF (bull), the price of 32,300 HUF sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 81/100 (high quality), in the Consumer Defensive sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Zwack Unicum Likoripari es Kereskedelmi Nyrt. reported revenue of 24.4B HUF in FY2026 versus 17.7B HUF in FY2022, a compound +8.4%/yr. Reported net income was 3.2B HUF in FY2026, compounding −0.2%/yr from FY2022.
Key figures
Market cap 64.6B HUF (≈ $199M) Micro · P/E ratio 19.3 · P/S ratio 2.64 · EPS (TTM) 1,677 HUF · Dividend yield 4.8% · Net margin 13.0% · Return on equity 35.1% · Return on assets (EBIT) 24.2% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 74 out of 100 (medium confidence).
What moves the price
The share trades about 20% below its 52-week high and 15% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Defensive peers we cover trades at 14% fair-value upside, at −31%, ZWACK screens richer than that median.
Fair Value models
Bear15,528 HUFFair Value 22,380 HUFBull31,339 HUF
Price 32,300 HUF · Downside -30.7%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 7 months old). Earnings retained since then (77.37 HUF per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.99/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+1.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.8%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.3%
Start year 2021 (pandemic)
Revenue growth 8 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−1.7%
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What shareholders gained per year (last 5 years), in HUF ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in HUF: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+18.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+13.4%
Dividend (yield on the price)4.8%
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.14% → 16%
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+18.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Hungary: IMF forecast 3.3% a year to 2030, 5.6% from 2016 to 2025) that is about +14.9% a year for the price.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Beverages - Wineries & Distilleries · 90 stocks
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Cite: Fair Value Calculator (2026). "Zwack Unicum Likoripari es Kereskedelmi Nyrt. Fair Value". https://www.fairvalue-calculator.com/stock/ZWACK
Frequently asked questions
Is Zwack Unicum Likoripari es Kereskedelmi Nyrt. (ZWACK) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of 22,380 HUF versus a price of 32,300 HUF, about 31% lower (overvalued).
What is the fair value of ZWACK?
Our model-based fair value for Zwack Unicum Likoripari es Kereskedelmi Nyrt. is 22,380 HUF (as of Nov 6, 2026), built from audited fundamentals. The current price: 32,300 HUF.
What is the quality score of ZWACK?
Zwack Unicum Likoripari es Kereskedelmi Nyrt. has a Quality Score of 81/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Zwack Unicum Likoripari es Kereskedelmi Nyrt. (ZWACK)?
Our model-based price target is the fair value of 22,380 HUF (as of Nov 6, 2026) from 26 valuation models. Cautious scenario 15,528 HUF, optimistic scenario 31,339 HUF. It is a calculation from audited fundamentals, not an analyst target.
What is the Zwack Unicum Likoripari es Kereskedelmi Nyrt. stock forecast for 2026?
Our models put fair value at 22,380 HUF, about 31% lower versus a price of 32,300 HUF (overvalued). Cautious scenario 15,528 HUF, optimistic scenario 31,339 HUF. The calculation is refreshed regularly with new filings.
What is the revenue of Zwack Unicum Likoripari es Kereskedelmi Nyrt. (ZWACK)?
Zwack Unicum Likoripari es Kereskedelmi Nyrt. reported trailing-twelve-month revenue of about 24.4B HUF (latest available figure, as of Nov 6, 2026).
Does Zwack Unicum Likoripari es Kereskedelmi Nyrt. pay a dividend?
Zwack Unicum Likoripari es Kereskedelmi Nyrt. currently shows a dividend yield of 4.80% relative to its recent price (as of Nov 6, 2026).
How much is the dividend of Zwack Unicum Likoripari es Kereskedelmi Nyrt. (ZWACK) and when is the ex-dividend date?
Zwack Unicum Likoripari es Kereskedelmi Nyrt. pays a dividend of 1,550 HUF per share a year, a dividend yield of 4.8%. The last ex-dividend date was Jul 21, 2026. A dividend has been paid every year since 2021. The payout ratio is 92.4% of earnings. Free cash flow covers the dividend 0.95 times. Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
What growth is priced into Zwack Unicum Likoripari es Kereskedelmi Nyrt. (ZWACK)?
For today's price to be fair in a discounted-cash-flow model, Zwack Unicum Likoripari es Kereskedelmi Nyrt. would have to grow free cash flow by +18.7 % per year for five years (discount rate 13.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +13.3 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of ZWACK use?
Our models discount Zwack Unicum Likoripari es Kereskedelmi Nyrt. at 13.5 %: a base by market capitalisation (micro), damped by beta 0.15, country premium for Hungary. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Zwack Unicum Likoripari es Kereskedelmi Nyrt. that is +18.7 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (13.5 %) and the same formula as our fair value.
How much growth has Zwack Unicum Likoripari es Kereskedelmi Nyrt. (ZWACK) delivered so far?
Over the past 5 years revenue at Zwack Unicum Likoripari es Kereskedelmi Nyrt. grew +13.3 % a year. The price currently implies free-cash-flow growth of +18.7 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Zwack Unicum Likoripari es Kereskedelmi Nyrt. (ZWACK) growing?
The median revenue growth in the sector is +3.6 % a year. That is the yardstick for the growth priced into Zwack Unicum Likoripari es Kereskedelmi Nyrt. (+18.7 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Zwack Unicum Likoripari es Kereskedelmi Nyrt. (ZWACK)?
The free-cash-flow yield on the price is 4.58 %: that much free cash flow Zwack Unicum Likoripari es Kereskedelmi Nyrt. produces per unit of market value. When it exceeds the discount rate of our models (13.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Zwack Unicum Likoripari es Kereskedelmi Nyrt. (ZWACK)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Zwack Unicum Likoripari es Kereskedelmi Nyrt. it is 22,380 HUF per share (as of Nov 6, 2026), against a price of 32,300 HUF. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Zwack Unicum Likoripari es Kereskedelmi Nyrt. stock overvalued or undervalued in 2026?
As of Nov 6, 2026, ZWACK trades above its calculated fair value: price 32,300 HUF, fair value 22,380 HUF, a gap of about −31% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ZWACK?
No. The price is what the market pays today (32,300 HUF); the fair value is what the company's own numbers justify (22,380 HUF). For Zwack Unicum Likoripari es Kereskedelmi Nyrt. the two are 9,920 HUF per share apart. That gap is exactly why we show both numbers side by side.
How much is Zwack Unicum Likoripari es Kereskedelmi Nyrt. worth?
The market values Zwack Unicum Likoripari es Kereskedelmi Nyrt. at about 64.6B HUF (market capitalisation, as of Nov 6, 2026). Per share that is 32,300 HUF; our models calculate a fair value of 22,380 HUF per share.
What do the bullish and bearish scenarios say about ZWACK?
Our models span a range for Zwack Unicum Likoripari es Kereskedelmi Nyrt.: cautious scenario 15,528 HUF, base 22,380 HUF, optimistic 31,339 HUF per share (as of Nov 6, 2026, price 32,300 HUF). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ZWACK?
Zwack Unicum Likoripari es Kereskedelmi Nyrt. trades at a price-to-earnings ratio of 19.3 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 22,380 HUF is built from several models across several years. Median P/E at fiscal year-end, 9 fiscal years (2018 to 2026), reported earnings: 15.6. Other multiples: P/B 7.1, P/S 2.6, EV/EBITDA 13.2.
How solid is the balance sheet of Zwack Unicum Likoripari es Kereskedelmi Nyrt. (ZWACK)?
Balance-sheet figures for Zwack Unicum Likoripari es Kereskedelmi Nyrt. (as of Nov 6, 2026): return on equity 35.1%. They feed the Quality Score of 81/100, which measures business quality independently of the share price.
How far is ZWACK from its 52-week high?
Zwack Unicum Likoripari es Kereskedelmi Nyrt. trades at 32,300 HUF, about 20% below its 52-week high of 40,400 HUF and 15% above the low of 28,200 HUF (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 22,380 HUF is for.
Which stocks are comparable to Zwack Unicum Likoripari es Kereskedelmi Nyrt.?
From the same area (Consumer Defensive) we also value Kweichow Moutai Co, Wuliangye Yibin Co, Shanxi Xinghuacun Fen Wine Factory Co, Pernod Ricard SA, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Zwack Unicum Likoripari es Kereskedelmi Nyrt. stock attractive at the current price?
The data as of Nov 6, 2026: price 32,300 HUF, calculated fair value 22,380 HUF (−31%), Quality Score 81/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ZWACK calculated?
We run Zwack Unicum Likoripari es Kereskedelmi Nyrt. through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 22,380 HUF builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Zwack Unicum Likoripari es Kereskedelmi Nyrt. itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Zwack Unicum Likoripari es Kereskedelmi Nyrt. (ZWACK)?
The closing price on Nov 6, 2026 was 32,300 HUF. Our model-based fair value is 22,380 HUF, about 31% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Zwack Unicum Likoripari es Kereskedelmi Nyrt. right now?
A high-quality business (quality 81/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety. The price sits above even our optimistic bull case (31,339 HUF). The favourable scenario is already priced in. A fairly wide model range (15,528 HUF to 31,339 HUF) leaves room in how you read the outcome.
Key figures of Zwack Unicum Likoripari es Kereskedelmi Nyrt.
How large is the market capitalisation of Zwack Unicum Likoripari es Kereskedelmi Nyrt. (ZWACK)?
The market capitalisation of Zwack Unicum Likoripari es Kereskedelmi Nyrt. is 64.6B HUF (≈ $199M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Zwack Unicum Likoripari es Kereskedelmi Nyrt. (ZWACK)?
The price-to-sales ratio of Zwack Unicum Likoripari es Kereskedelmi Nyrt. is 2.64 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Zwack Unicum Likoripari es Kereskedelmi Nyrt. (ZWACK)?
Earnings per share at Zwack Unicum Likoripari es Kereskedelmi Nyrt. are 1,677 HUF (price ÷ EPS = P/E 19.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Zwack Unicum Likoripari es Kereskedelmi Nyrt. (ZWACK)?
The dividend yield of Zwack Unicum Likoripari es Kereskedelmi Nyrt. is 4.8% (payout 92.4%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Zwack Unicum Likoripari es Kereskedelmi Nyrt. (ZWACK)?
The net margin of Zwack Unicum Likoripari es Kereskedelmi Nyrt. is 13.0% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Zwack Unicum Likoripari es Kereskedelmi Nyrt. (ZWACK)?
The return on equity (ROE) of Zwack Unicum Likoripari es Kereskedelmi Nyrt. is 35.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Zwack Unicum Likoripari es Kereskedelmi Nyrt. (ZWACK)?
On an EBIT basis the return on assets of Zwack Unicum Likoripari es Kereskedelmi Nyrt. is 24.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Zwack Unicum Likoripari es Kereskedelmi Nyrt. (ZWACK)?
The operating margin of Zwack Unicum Likoripari es Kereskedelmi Nyrt. is 15.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Zwack Unicum Likoripari es Kereskedelmi Nyrt. (ZWACK)?
Revenue at Zwack Unicum Likoripari es Kereskedelmi Nyrt. is growing +108% versus a year earlier (3y avg +4.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Zwack Unicum Likoripari es Kereskedelmi Nyrt. (ZWACK)?
Earnings per share at Zwack Unicum Likoripari es Kereskedelmi Nyrt. are growing +86.0% versus a year earlier. How much earnings per share grew versus a year earlier.
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Broad data
Nov 6, 2026