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Corticeira Amorim
Tracing its roots back to the 19th century, Amorim has become the world’s largest cork and cork-derived company in the world, generating more than Euro 763 million in sales to more than 100 countries through a network of dozens of fully owned subsidiaries.
With a multi-million Euro R&D investment per year, Amorim has applied its specialist knowledge to this centuries-old traditional culture, developing a vast portfolio of 100% sustainable products that are used by blue-chip clients in industries as diverse and demanding as wines & spirits, aerospace, automotive, construction, sports, interior and fashion design.
Amorim’s responsible approach to raw materials and sustainable production illustrates the remarkable interdependence between industry and a vital ecosystem - one of the world’s most balanced examples of social, economic and environmental development.
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Sales| EBITDA | Margin EBITDA / Sales
Key Figures
| Income Statement | Unit | 1S2019 | 1S2018 | 2018 | 2017 |
|---|---|---|---|---|---|
| Sales | M€ | 412,2 | 399,9 | 763,1 | 701,6 |
| Gross Margin | M€ | 204,2 | 207,0 | 386,5 | 373,5 |
| Gross Margin / Prodution | % | 48,0 | 49,3 | 49,2 | 52,9 |
| External Supplies | M€ | 63,2 | 61,2 | 124,1 | 116,5 |
| Staff Costs | M€ | 74,7 | 71,0 | 134,2 | 125,6 |
| Other Operating Costs (includes depreciation) | M€ | 16,1 | 13,9 | 25,4 | 27,4 |
| EBITDA | M€ | 68,3 | 77,4 | 134,0 | 133,6 |
| EBITDA / Sales | % | 16,6 | 19,4 | 17,6 | 19,0 |
| EBIT | M€ | 50,3 | 60,9 | 102,7 | 104,0 |
| Net Income | M€ | 40,4 | 41,2 | 77,4 | 73,0 |
| Consolidated Statment of Financial Position | Unit | 1S2019 | 1H2018 | 2018 | 2017 |
|---|---|---|---|---|---|
| Net Goodwill | M€ | 13,6 | 14,0 | 14,0 | 9,8 |
| Net Fixed Assets | M€ | 271,0 | 235,6 | 259,6 | 227,9 |
| Net Working Capital * | M€ | 271,0 | 388,9 | 414,5 | 361,0 |
| Other ** | M€ | 24,6 | 21,4 | 21,4 | 19,9 |
| Invested Capital | M€ | 746,1 | 659,9 | 709,4 | 618,7 |
| Net Debt | M€ | 149,9 | 102,1 | 139,0 | 92,8 |
| Share Capital | M€ | 133,0 | 133,0 | 133,0 | 133,0 |
| Reserves and Retained Earnings | M€ | 349,4 | 309,8 | 333,4 | 297,5 |
| Non Controlling Interests | M€ | 34,1 | 32,2 | 31,9 | 29,5 |
| Agreement to Acquire Non-controlling Interests | M€ | 20,2 | 20,0 | 20,4 | 19,0 |
| Taxes and Deferred Taxes | M€ | -2,1 | -1,2 | -12,6 | -17,0 |
| Provisions | M€ | 40,6 | 38,8 | 43,4 | 41,3 |
| Grants *** | M€ | 20,9 | 23,4 | 21,3 | 22,6 |
| Equity and Other Sources | M€ | 596,2 | 556,1 | 570,7 | 525,9 |
* Inventories + Accounts receivables - Accounts payables + Other operating assets/(liabilities)
** Investment property + Investments in associates + Intangible assets + Other non-operating assets/(liabilities)
*** Non interest bearing grants (reimbursable and non-reimbursable)
| Data per share | Unit | 1S2019 | 1S2018 | 2018 | 2017 |
|---|---|---|---|---|---|
| Number of shares | shares | 133.000.000 | 133.000.000 | 133.000.000 | 133.000.000 |
| Earnings per share | € | 0,303 | 0,310 | 0,582 | 0,549 |
| Book value per share | € | 3,883 | 3,571 | 3,746 | 3,459 |
| Share price (period-end) | € | 10,180 | 11,220 | 9,000 | 10,300 |
| Market Capitalisation (period-end) | M€ | 1.353,9 | 1.492,3 | 1.197,0 | 1.369,9 |
| Debt & Ratios | Unit | 1S2019 | 1S2018 | 2018 | 2017 |
|---|---|---|---|---|---|
| Net Debt | M€ | 149,9 | 102,1 | 139,0 | 92,8 |
| Net Debt/EBITDA | X | 1,20 | 0,73 | 1,04 | 0,69 |
| EBITDA/Net Interest | X | 81,8 | 136,6 | 108,0 | 135,9 |
| Gearing | % | 29,0 | 21,5 | 27,9 | 20,2 |
| Net Working Capital (NWC) | M€ | 436,8 | 388,9 | 414,5 | 361,1 |
| NWC / Market Capitalization | % | 32,3 | 26,1 | 34,6 | 26,4 |
| NWC / Sales x 360 | X | 190,7 | 189,0 | 195,5 | 179,5 |
| Free Cash Flow (FCF) | M€ | 18,3 | 25,3 | 11,2 | 34,0 |
| Capex | M€ | 23,3 | 23,4 | 57,9 | 43,7 |
| Return on Invested Capital (ROIC) | % | 11,9 | 15,3 | 11,8 | 15,0 |
| Average cost of debt | % | 1,28 | 1,40 | 1,09 | 1,67 |
Net Debt/EBITDA considering the EBITDA of the last four quarters
NWC = Inventories + Trade receivables + Other operating assets - Trade payables - Other operating liabilities
FCF = EBITDA - Non-current cash expenditures - Net financing expenses - Income tax - Capex - NWC variation
Analyst Coverage
| Entity | Analyst | Price Target | Recommendation | Date |
|---|---|---|---|---|
| Caixa BI |
Carlos Jesus
carlos.jesus@caixabi.pt |
12,30 | Buy | 08-10-2019 |
| CaixaBank |
Bruno Bessa
bruno.bessa@caixabank.com |
12,50 | Buy | 12-09-2019 |
| A|S Independent Research |
António Seladas, CFA
aseladas@asindependentresearch.com |
9,00 | Neutral | 21-08-2019 |
| Ahorro Corporación |
Beatriz Pérez, César Sánchez-Grande
bperez@ahorro.com; csbergon@ahorro.com |
11,70 | Buy | 24-07-2019 |
| Nau Securities |
John Ferreira
johnferreira@nau-securities.com |
13,50 | Buy | 04-03-2019 |
| JB Capital Markets |
João Pinto
jpinto@jbcm.com |
12,80 | Buy | 26-02-2019 |
Corticeira Amorim, SGPS, S.A.
Rua de Meladas, 380 - P.O. Box 204536-902 MOZELOS VFR - PORTUGAL
LATEST DISCLOSURES
Sales increase 9% to €763 million
2019-04-12- Cork stoppers drive growth with sales increasing 12%;
- EBITDA for stoppers and raw materials up 9%;
- Net profit increases 6% to more than €77 million;
- Stronger profit in a year of unfavourable impact from raw material prices and exchange rates.