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ZWACK Fair Value & Analysis

Consumer Defensive · HU · Market cap 74.0B HUF

Z ZWACK ZWACK · BUD
Price37,500 HUF
Fair Value31,759 HUF
Upside-15.3%
Quality81/100
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Healthy Growth
Solidly profitable · 13.8% net margin
generates free cash flow
4.05% dividend yield
Ranks above peers (8/13)
Wide moat 75/100
Evidence: High Range 21,143 HUF – 39,219 HUF Share as image

Fair value as of: Jul 19, 2026

From 24 valuation models · updated 22 days ago

Share price −2.6% over the past month.

A strong business, but screening 15% overvalued on our models.

What matters 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.
  • A fairly wide model range (21,143 HUF to 39,219 HUF) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

38,600 HUF 11,602 HUF Fair Value 31,759 HUF Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 19, 2026.

How to read this chart

60‑month range 11,602 HUF – 38,600 HUF · fair‑value band 21,143 HUF – 39,219 HUF · the 37,500 HUF price screens above the 31,759 HUF fair value. Dashed = 300-day average. As of Jul 19, 2026.

Full chart & analysis →

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Analysis

ZWACK (ZWACK) currently trades at 37,500 HUF, while our model-based Fair Value estimate is 31,759 HUF, implying the stock looks roughly 15.3% overvalued today. The Quality Score stands at 81/100 (high quality), in the Consumer Defensive sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, ZWACK generated revenue of 24.6B HUF at a net margin of 13.8%. Revenue grew 8.1% year over year. It earns a return on equity of 46.2%. The stock trades on a trailing P/E of 23.3. Fundamentals as of Jul 19, 2026

Our scenario range runs from 21,143 HUF (bear case) to 39,219 HUF (bull case); at 37,500 HUF, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 27% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at 6% fair-value upside, at -15%, ZWACK screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model 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. Evidence
Highest evidence
Residual Income 11,321 HUF 16,214 HUF 146,252 HUF 76
Growth DCF 18,907 HUF 27,001 HUF 38,546 HUF 72
Growth-Adj P/E 20,526 HUF 29,323 HUF 38,120 HUF 68
All 24 models by family
DCF Models
FCF DCF 18,600 HUF 27,701 HUF 41,501 HUF 38
Owner Earnings 19,751 HUF 29,480 HUF 44,232 HUF 31
5Y Revenue Exit 15,692 HUF 23,211 HUF 32,678 HUF 39
5Y EBITDA Exit 20,683 HUF 32,502 HUF 46,201 HUF 41
5Y P/E Exit 22,216 HUF 35,356 HUF 49,073 HUF 38
10Y Revenue Exit 16,204 HUF 23,299 HUF 32,602 HUF 36
10Y EBITDA Exit 19,768 HUF 29,733 HUF 42,878 HUF 37
10Y P/E Exit 20,743 HUF 31,710 HUF 45,060 HUF 35
Earnings-Based
Graham-Dodd 10,809 HUF 32,824 HUF 43,547 HUF 54
Lynch FV 7,021 HUF 10,030 HUF 13,039 HUF 50
PEG = 1.0 7,021 HUF 10,030 HUF 13,039 HUF 46
EPV 17,089 HUF 19,618 HUF 21,830 HUF 59
Multiples
P/E Multiple 25,035 HUF 33,380 HUF 41,724 HUF 63
P/S Multiple 14,659 HUF 19,546 HUF 24,432 HUF 58
P/B Multiple 18,862 HUF 25,149 HUF 31,436 HUF 55
EV/EBIT 26,767 HUF 35,051 HUF 43,334 HUF 53
EV/EBITDA 24,299 HUF 31,759 HUF 39,219 HUF 54
EV/Revenue 14,744 HUF 20,242 HUF 25,739 HUF 43
Asset-Based
NCAV (Graham) 2,286 HUF 3,064 HUF 4,573 HUF 50
Growth DCF
Growth DCF 18,907 HUF 27,001 HUF 38,546 HUF 72
Rev-Margin DCF 15,692 HUF 23,307 HUF 32,032 HUF 67
Economic Profit
Residual Income 11,321 HUF 16,214 HUF 146,252 HUF 76
ROIC Compounder 17,694 HUF 21,042 HUF 24,470 HUF 67
Growth Earnings
Growth-Adj P/E 20,526 HUF 29,323 HUF 38,120 HUF 68

Widest divergence: DCF Models (29,480 HUF) versus Asset-Based (3,064 HUF). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 24.6B HUF
Revenue growth (YoY) +8.1%
Net margin 13.8%
Return on equity 46.2%
Free cash flow 3.0B HUF FY2026
P/E ratio 23.3
More key figures
Operating margin 16.4%
EPS (TTM) 1,591 HUF
Dividend yield 4.1%
EPS growth (YoY) +86.0%

Figures from reported company fundamentals · as of Jul 19, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 81/100

Of which business quality 78 · Market factors (momentum, volatility) 69

Profitability 91
Margins and returns on capital today
Quality Growth 45
Are margins and returns improving?
Cashflow 59
Earnings quality: real cash, not paper profit
Fin. Strength 94
Balance sheet, leverage, solvency risk
Investment 98
Disciplined investing over empire-building
Low Volatility 97
Calm price path (market factor)
Momentum 49
Price trend over the last 3–12 months (market factor)
52W Momentum 72
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Zwack Unicum Likoripari és Kereskedelmi Nyilvánosan Muködo Részvénytársaság manufactures, distributes, and sells alcoholic beverages in Hungary, Europe, and internationally. It offers its products under the Unicum, Whistler, William, St.

Full company description

Zwack Unicum Likoripari és Kereskedelmi Nyilvánosan Muködo Részvénytársaság manufactures, distributes, and sells alcoholic beverages in Hungary, Europe, and internationally. 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.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

ZWACK 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.

Growth Quality 99/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2026)
24.4B HUF
Latest YoY
+1.6%
Avg. growth/yr (3Y) 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.
+4.8%
Avg. growth/yr (5Y) 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.
+13.3%
Avg. growth/yr (8Y) 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.
−1.7%
Revenue +8.4%/yr
FY22 17.7B HUF
FY23 21.2B HUF
FY24 22.5B HUF
FY25 24.1B HUF
FY26 24.4B HUF
Net income −0.2%/yr
FY22 3.2B HUF
FY23 3.4B HUF
FY24 2.9B HUF
FY25 3.0B HUF
FY26 3.2B HUF

ZWACK screens 15% overvalued. Compare with Kweichow Moutai Co →

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Cite: Fair Value Calculator (2026). "ZWACK Fair Value". https://www.fairvalue-calculator.com/stock/ZWACK

Peer Group

Beverages - Wineries & Distilleries · 96 stocks

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.

Quality Score 81 · Top 25%
Fair Value upside −15% · Below median
Return on equity (TTM) 46% · Top 25%
Return on assets 17% · Top 25%
Net margin (TTM) 14% · Top 25%
Operating margin (TTM) 16% · Above median
Revenue growth 8% · Top 25%
Dividend yield (TTM) 4.1% · Above median

Valuation Multiples vs Beverages - Wineries & Distilleries median · lower = cheaper

P/E (TTM) 23.3× · Pricier than median
P/B 8.09× · Pricier than 75% of peers
P/S (TTM) 3.00× · Pricier than median
P/FCF 0.1× · Cheaper than 75% of peers
EV/EBITDA 15.0× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 13 · sector 17
FUTURE 41 · sector 0
PAST 100 · sector 17
HEALTH 0 · sector 95
DIVIDEND 81 · sector 61

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Alcohol

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Beverages - Wineries & Distilleries stocks, each showing price versus our Fair Value estimate (as of Jul 19, 2026).

Stock Price Fair Value vs Fair Value
Kweichow Moutai Co 600519 ¥1,251 ¥1,238 -1%
Diageo plc DEON 1,487 MXN 1,239 MXN -17%
Wuliangye Yibin Co 000858 ¥73.69 ¥48.44 -34%
Shanxi Xinghuacun Fen Wine Factory Co 600809 ¥110.50 ¥185.80 +68%
Pernod Ricard SA RI €65.24 €76.68 +18%
Luzhou Laojiao Co 000568 ¥83.12 ¥149.17 +79%
Brown-Forman Corporation BFA $26.60 $28.15 +6%
United Spirits Limited UNITDSPR ₹1,376 ₹440.56 -68%
Thai Beverage Public Company Y92 0.4450 SGD 0.6900 SGD +55%
Jiangsu Yanghe Distillery Co 002304 ¥38.08 ¥27.82 -27%

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Frequently asked questions

Is ZWACK overvalued or undervalued?
As of Jul 19, 2026, our model estimates a fair value of 31,759 HUF versus a price of 37,500 HUF, about −15% (overvalued).
What is the fair value of ZWACK?
Our model-based fair value for ZWACK is 31,759 HUF (as of Jul 19, 2026), built from audited fundamentals. The current price is 37,500 HUF.
What is the quality score of ZWACK?
ZWACK 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 revenue of ZWACK?
ZWACK reported trailing-twelve-month revenue of about 24.6B HUF (latest available figure, as of Jul 19, 2026).
What is the net profit margin of ZWACK?
The net profit margin of ZWACK is about 13.8%, meaning it keeps roughly 13.8% of revenue as net income. Based on the latest reported figures.
Does ZWACK pay a dividend?
ZWACK currently shows a dividend yield of about 4.05% relative to its recent price (as of Jul 19, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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