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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 | 3M2019 | 3M2018 | 2018 | 2017 |
|---|---|---|---|---|---|
| Sales | M€ | 202,3 | 185,4 | 763,1 | 701,6 |
| Gross Margin | M€ | 102,7 | 100,0 | 386,5 | 373,5 |
| Gross Margin / Prodution | % | 48,1 | 52,8% | 49,2 | 52,9% |
| External Supplies | M€ | 31,7 | 29,8 | 124,1 | 116,5 |
| Staff Costs | M€ | 37,0 | 35,1 | 134,2 | 125,6 |
| Other Operating Costs (includes depreciation) | M€ | 8,4 | 6,3 | 25,4 | 27,4 |
| EBITDA | M€ | 34,8 | 36,8 | 134,0 | 133,6 |
| EBITDA / Sales | % | 17,2 | 19,9% | 17,6 | 19,0% |
| EBIT | M€ | 25,6 | 28,7 | 102,7 | 104,0 |
| Net Income | M€ | 18,6 | 18,8 | 77,4 | 73,0 |
| Consolidated Statment of Financial Position | Unit | 3M2019 | 3M2018 | 2018 | 2017 |
|---|---|---|---|---|---|
| Net Goodwill | M€ | 13,9 | 14,4 | 14,0 | 9,8 |
| Net Fixed Assets | M€ | 270,4 | 223,3 | 259,6 | 227,9 |
| Net Working Capital * | M€ | 432,8 | 374,4 | 414,5 | 361,0 |
| Other ** | M€ | 23,3 | 27,9 | 21,4 | 19,9 |
| Invested Capital | M€ | 740,4 | 640,0 | 709,4 | 618,7 |
| Net Debt | M€ | 141,7 | 85,9 | 139,0 | 92,8 |
| Share Capital | M€ | 133,0 | 133,0 | 133,0 | 133,0 |
| Reserves and Retained Earnings | M€ | 353,2 | 314,9 | 333,4 | 297,5 |
| Non Controlling Interests | M€ | 33,5 | 31,5 | 31,9 | 29,5 |
| Agreement to Acquire Non-controlling Interests | M€ | 20,5 | 19,0 | 20,4 | 19,0 |
| Taxes and Deferred Taxes | M€ | -5,3 | -8,5 | -12,6 | -17,0 |
| Provisions | M€ | 43,2 | 41,9 | 43,4 | 41,3 |
| Grants *** | M€ | 20,5 | 22,3 | 21,3 | 22,6 |
| Equity and Other Sources | M€ | 598,7 | 554,1 | 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 | 3M2019 | 3M2018 | 2018 | 2017 |
|---|---|---|---|---|---|
| Number of shares | shares | 133.000.000 | 133.000.000 | 133.000.000 | 133.000.000 |
| Earnings per share | € | 0,140 | 0,142 | 0,582 | 0,549 |
| Book value per share | € | 4,502 | 3,36 | 4,291 | 3,459 |
| Share price (period-end) | € | 10,640 | 10,4 | 9,000 | 10,300 |
| Market Capitalisation (period-end) | M€ | 1415,1 | 1383,3 | 1.197,0 | 1.369,9 |
| Debt & Ratios | Unit | 3M2019 | 3M2018 | 2018 | 2017 |
|---|---|---|---|---|---|
| Net Debt | M€ | 141,7 | 92,8 | 139,0 | 92,8 |
| Net Debt/EBITDA | X | 1,07 | 0,69 | 1,04 | 0,69 |
| EBITDA/Net Interest | X | 92,3 | 135,9 | 108,0 | 135,9 |
| Gearing | % | 27,3% | 20,2% | 27,9 | 20,2% |
| Net Working Capital (NWC) | M€ | 432,8 | 361,1 | 414,5 | 361,1 |
| NWC / Market Capitalization | % | 30,6% | 26,4% | 34,6 | 26,4% |
| NWC / Sales x 360 | X | 192,5 | 179,5 | 195,5 | 179,5 |
| Free Cash Flow (FCF) | M€ | 4,0 | 34,0 | 11,2 | 34,0 |
| Capex | M€ | 11,6 | 43,7 | 57,9 | 43,7 |
| Return on Invested Capital (ROIC) | % | 11,1% | 15,0% | 11,8 | 15,0% |
| Average cost of debt | % | 1,23% | 1,67% | 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 |
|---|---|---|---|---|
| CaixaBank |
Bruno Bessa
bruno.bessa@caixabank.com |
12,00 | Neutral | 03-06-2019 |
| Ahorro Corporación |
Beatriz Pérez, César Sánchez-Grande
bperez@ahorro.com; csbergon@ahorro.com |
11,80 | Buy | 01-04-2019 |
| 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 |
| Haitong |
Nuno Estácio
nuno.estacio@haitongib.com |
12,30 | Buy | 23-10-2018 |
| Caixa BI |
Carlos Jesus
carlos.jesus@caixabi.pt |
12,30 | Accumulate | 19-06-2018 |
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.