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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 780 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.
View Corporate VideoSales by Business Unit (2019)
Sales by Geographical Area (2019)
Sales| EBITDA | Margin EBITDA / Sales
Key Figures
| Income Statement | Unit | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|
| Sales | M€ | 781,1 | 763,1 | 701,6 | 641,4 |
| Gross Margin | M€ | 387,4 | 386,5 | 373,5 | 334,7 |
| Gross Margin / Prodution | % | 49,1 | 49,2 | 52,9 | 53,2% |
| External Supplies | M€ | 124,8 | 124,1 | 116,5 | 103,0 |
| Staff Costs | M€ | 139,9 | 134,2 | 125,6 | 113,3 |
| Other Operating Costs (includes depreciation) | M€ | 297,8 | 25,4 | 27,4 | 22,4 |
| EBITDA | M€ | 124,7 | 134,0 | 133,6 | 122,3 |
| EBITDA / Sales | % | 16,0 | 17,6 | 19,0 | 19,1% |
| EBIT | M€ | 89,8 | 102,7 | 104,0 | 96,0 |
| Net Income | M€ | 74,9 | 77,4 | 73,0 | 102,7 |
| Consolidated Statment of Financial Position | Unit | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|
| Net Goodwill | M€ | 13,7 | 14,0 | 9,8 | 0,0 |
| Net Fixed Assets | M€ | 284,6 | 259,6 | 227,9 | 199,4 |
| Net Working Capital * | M€ | 427,4 | 414,5 | 361,0 | 286,6 |
| Other ** | M€ | 39,5 | 21,4 | 19,9 | 20,9 |
| Invested Capital | M€ | 765,3 | 709,4 | 618,7 | 507,0 |
| Net Debt | M€ | 161,1 | 139,0 | 92,8 | 35,9 |
| Share Capital | M€ | 133,0 | 133,0 | 133,0 | 133,0 |
| Reserves and Retained Earnings | M€ | 376,5 | 333,4 | 297,5 | 278,1 |
| Non Controlling Interests | M€ | 30,1 | 31,9 | 29,5 | 15,9 |
| Agreement to Acquire Non-controlling Interests | M€ | 15,0 | 20,4 | 19,0 | 0,0 |
| Taxes and Deferred Taxes | M€ | 26,1 | -12,6 | -17,0 | -1,6 |
| Provisions | M€ | 5,5 | 43,4 | 41,3 | 30,7 |
| Grants *** | M€ | 18,1 | 21,3 | 22,6 | 15,1 |
| Equity and Other Sources | M€ | 604,2 | 570,7 | 525,9 | 471,1 |
* 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 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|
| Number of shares | shares | 133.000.000 | 133.000.000 | 133.000.000 | 133.000.000 |
| Earnings per share | € | 0,564 | 0,582 | 0,549 | 0,772 |
| Book value per share | € | 4,057 | 3,746 | 3,459 | 3,210 |
| Share price (period-end) | € | 11,30 | 9,000 | 10,300 | 8,500 |
| Market Capitalisation (period-end) | M€ | 1.502,9 | 1.197,0 | 1.369,9 | 1.130,5 |
| Debt & Ratios | Unit | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|
| Net Debt | M€ | 161,1 | 139,0 | 92,8 | 35,9 |
| Net Debt/EBITDA | X | 1,29 | 1,04 | 0,69 | 0,29 |
| EBITDA/Net Interest | X | 88,2 | 108,0 | 135,9 | 108,6 |
| Gearing | % | 29,9 | 27,9 | 20,2 | 8,4% |
| Net Working Capital (NWC) | M€ | 427,4 | 414,5 | 361,1 | 286,6 |
| NWC / Market Capitalization | % | 28,4 | 34,6 | 26,4 | 25,4% |
| NWC / Sales x 360 | X | 197,0 | 195,5 | 179,5 | 160,9 |
| Free Cash Flow (FCF) | M€ | 37,5 | 11,2 | 34,0 | 86,9 |
| Capex | M€ | 58,8 | 57,9 | 43,7 | 33,6 |
| Return on Invested Capital (ROIC) | % | 10,8 | 11,8 | 15,0 | 16,9% |
| Average cost of debt | % | 1,14 | 1,09 | 1,67 | 1,8% |
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 |
|---|---|---|---|---|
| A|S Independent Research |
António Seladas, CFA
aseladas@asindependentresearch.com |
9,85 | Neutral | 26-08-2020 |
| CaixaBank BPI |
Bruno Bessa
bruno.bessa@caixabank.com |
13,00 | Buy | 05-08-2020 |
| Caixa BI |
Carlos Jesus
carlos.jesus@caixabi.pt |
11,30 | Accumulate | 14-07-2020 |
| Fidentiis Equities |
Enrique Yáguez, CFA
eya@fidentiis.com |
10,70 - 12,10 | Buy | 18-06-2020 |
| BBVA |
Álvaro Sánchez López
alvaro.sanchez.lopez@bbva.com |
11,60 | Outperform | 29-05-2020 |
| JB Capital Markets |
João Pinto
jpinto@jbcm.com |
11,30 | Buy | 12-05-2020 |
| Berenberg |
Fraser Donlon
fraser.donlon@berenberg.com |
10,00 | Buy | 26-03-2020 |
| Intermoney Valores SV |
Begoña Alcalde Polo
balcalde@grupocimd.com |
10,00 | Hold | 23-10-2019 |
| Nau Securities |
John Ferreira
johnferreira@nau-securities.com |
13,50 | Buy | 04-03-2019 |
Corticeira Amorim, SGPS, S.A.
Rua de Meladas, 380 - P.O. Box 204536-902 MOZELOS VFR - PORTUGAL
LATEST DISCLOSURES
Net profit reaches €75 million
2020-06-26- Sales in 2019 exceeded €780 million;
- The EBITDA-Sales ratio increased 139 b.p. year-on-year in the last quarter;
- The Cork Stopper BU registered strong annual sales growth (+4,7%);
- Proposal to distribute a gross dividend of €0.185 per share.